On March 7, the Family Office Industry Forum and Family Office Industry Development Trend White Paper Press Conference (Chengdu Station), hosted by the Panhua Puyi Family Office and with intellectual support provided by 21st Century Business Herald, was successfully held. The event invited Sino-British Life Insurance and Great Wall Life Insurance, Harbor Life, Tongfang Global Life, Centennial Life, Ruizhong Life, Taikang Life, Lujiazui Cathay Life, Fuxing Prudential Life, Sino Life and many other cooperative insurance companies, as well as trust, legal, education, medical, wealth management consulting, etc. 20 Executives from many leading companies and institutions, and more than 400 elite talents from the insurance, trust, legal and taxation, family office and other industries attended this meeting. Topics discussed in the
forum include the characteristics and direction of Chinese-style family offices, interpretation of the development trends of Chinese family offices, development opportunities for service trusts, Chinese-style family offices that adhere to the buyer's stance, and the empowerment system. The "2024 China Family Office Industry Development Trend White Paper" made its debut in Chengdu, bringing new ideas and professional guidance on the development of Chinese-style family offices to the guests.
Family Office Industry Forum and Family Office Industry Development Trend White Paper Press Conference (Chengdu Station)
Chinese family offices have their own development characteristics and trends
In recent years, the development of Chinese-style family offices has shown a vigorous trend, but it also faces many challenges. . From the perspective of the market structure, although the number of domestic family offices is increasing year by year, the service level and professionalism are uneven. Many home-based service agencies face a common dilemma, which is the lack of professional talents and a "big and excellent" service system.
Zhai Lihong, director of the Institute of Trust and Financial Management of Southwestern University of Finance and Economics, said in the keynote speech "The Connotation, Practice and Prospects of Chinese Family Offices": Under China's unique cultural background and regulatory environment, rooted in China, serving China's high-end Net worth family, a Chinese-style family office that provides a package of wealth management services from family wealth and family business management to family and family tradition construction, came into being.
With the rapid growth of high-net-worth individuals, diversified needs have become increasingly prominent. The wealth creation needs of young groups and the protection and inheritance needs of mature groups have formed multiple drivers, putting forward more comprehensive and diversified requirements for the wealth allocation of family office business. In addition to traditional asset allocation, we must also propose comprehensive solutions in wealth planning, legal structure, tax optimization, global investment, etc.
Professor Zhai Lihong also proposed the development characteristics of the four major Chinese family offices: realizing the two-wheel drive of "financial investment + non-financial services" and providing comprehensive services; based on multiple factors, Chinese families currently prefer the auxiliary collaboration model and the Chinese-style family office Cooperate with each other and create flexible contractual relationships; Chinese-style family offices help high-net-worth individuals optimally allocate their wealth globally through a service concept that focuses on onshore and global allocation; create a comprehensive wealth management talent system and assist wealth management Efficient and intelligent development.
Subsequently, the "2024 China Family Office Industry Development Trend White Paper" was released at the Chengdu station. Zheng Jiayi, a researcher at the 21 Financial Research Institute, interpreted the report. She said that Chinese-style family offices have both opportunities and challenges. The opportunity lies in the fact that the first generation of entrepreneurs after the reform and opening up have completed wealth accumulation. High-net-worth and ultra-high-net-worth people have a need for wealth inheritance, and the market space is vast; the challenge lies in that, Family offices in my country still face difficulties such as uneven awareness and development speed, and little local experience, making it difficult to cope with the transfer of wealth within the foreseeable time.
"2024 China Family Office Industry Development Trend White Paper" was unveiled and released in Chengdu
Under pressure, Chinese-style family offices should proactively adapt to market changes, keep up with the times, embrace global services, esg investment, technological digitization, and pay attention to culture inherited. In terms of specific strategies, we can introduce family wealth insurance, establish an emergency rescue mechanism, and diversify risk management to ensure the stable appreciation of family wealth through comprehensive protection.
Panhua Puyi Family Office Sichuan Service Center is at the forefront of the times
Competition in the family office industry is becoming increasingly fierce. The only certainty is that the future trend points to professionalization and personalization of services.Family offices should pay more attention to cooperation with various external professional teams to provide more comprehensive and tailor-made services while strengthening risk management and compliance.
Panhua Puyi Family Office has been deeply involved in the industry for three years, focusing on serving the comprehensive needs of China's high-net-worth and ultra-high-net-worth individuals. Adhering to the buyer's advisory position, as a professional intelligence team for middle- and high-net-worth customer families, we provide advice and help Chinese families realize their aspirations for a better life and wisdom inheritance.
Panhua Puyi Family Office uses the "1+2+n" team service model to provide a full range of wealth management services including wealth protection, wealth appreciation, and wealth inheritance based on the individual needs of customers and families, and can be used in enterprises In terms of operations, family governance, family quality life, etc., we use our own resource advantages to link global cooperative institutions and experts to conveniently provide customers with high-quality solutions.
Through the construction of a professional family office team and an external expert database, Fanhua Puyi Family Office is equipped with comprehensive wealth architects in various regions across the country, and has internal and external expert consultants (trust, law, taxation, investment, education, insurance, charity, etc. ), a strong professional support team. All members of the family office professional team hold authoritative professional certificates in the industry (such as CPB, CPA, CFA) and have worked in top institutions at home and abroad.
In the past three years, Fanhua Puyi Family Office has served more than 500 client families; it has accepted more than 450 trusts, and its service assets have exceeded 5.6 billion yuan; it has helped more than 30 client families’ children arrange education plans and enter world-famous schools; in 2023, There were 18 overseas planning services transactions completed throughout the year.
Sichuan Service Center is an important part of Fanhua Puyi Family Office's layout in the southwest region. Based on its own soil and resource endowments, it is committed to providing comprehensive and personalized wealth management and inheritance solutions for Sichuan and even the southwest region. Connect with the resources of insurance, trust, banking, asset allocation, legal and taxation, medical care, education and other professional service institutions to realize the core capabilities of family offices - to ensure the safe growth and orderly inheritance of wealth around the ecosystem of family wealth management.
At the same time, in order to build a professional home office service team, the Sichuan Service Center has built a comprehensive empowerment system from the perspective of training, accompanying and tool support for home office consultants. Through the "3R (account manager ar/program manager sr/delivery manager fr) marketing model" and professional division of labor, we help practitioners achieve a professional jump from "product sales" to "family wealth advisor".
The development initiatives of Panhua Puyi Family Office have brought new enlightenment to the industry. As a pioneer, Fanhua Puyi continues to explore family office models suitable for Chinese characteristics and strives to provide customers with more comprehensive services. This kind of forward-looking thinking and innovative spirit has undoubtedly set a new benchmark for the development of China's family office industry, and has also led the industry to move in a more mature direction.
The "Letter of Cooperation Appointment" issuance ceremony of the Panhua Puyi Family Office Cooperation Agency
In addition, the Panhua Puyi Family Office and its Sichuan service agency issued cooperation letters of appointment to 5 legal, taxation and educational institutions, further strengthening the future services of both parties in the family office in-depth cooperation.
In the tide of global economic integration, China's family office industry is ushering in its own spring. The "2024 China Family Office Industry Development Trend White Paper" and the practice and exploration of Panhua Puyi Family Office will provide endless thinking and inspiration, lead the industry trend, and promote the industry to develop in a more professional, comprehensive, and localized direction.
