Zhang Rui: The competition of the family will become increasingly fierce

To this day, the family wealth management office is not only the world's top wealth management form, but also becomes a pivotal participant in the global capital market.Number effect.That's why, many countries in Europe and the United States, and Hong Kong, are constantly optimizing the policy environment to attract more people to settle in. In the future, the competition around the world is actually competition in different countries and regions.

Li Ka -shing, the eldest son of Hong Kong's richest man, Li Zezhen, the chairman of the Changhe Department Li Zezhen, said recently that he will set up the Li family wealth management office in Hong Kong.at the same time.Federated Hermes, the old -fashioned asset management giant in Switzerland, also revealed that it will open offices to provide services to the wealthy family in Hong Kong.

As the highest form of family wealth management, and organizations at the top of the financial industry chain, global competition in home will become increasingly fierce.

Family office is an institution specializing in wealth management and family services for the wealthy family.From the perspective of the belonging relationship, the households are divided into two types: built -in and independent types. The former belongs to family enterprises, and the latter is a third -party service agency. From the number of service objects, the two types of households can be distinguished into a single office.(SFO) and the Comprehensive Family Office (MFO). The former only provides services to themselves or a single family, while the latter provides smart support for multi -family members.Back to find that many rich families in history were initially enabled by SFO, but later they basically upgraded to MFO.

Generally speaking, there are five major categories of services provided by the households, including consulting services (financial planning, legal affairs, tax planning), investment services (asset allocation, traditional and non -traditional investment, risk management), administrative services), administrative services)(Physical management, bookkeeping management, archives and contract management), governance services (family charter restructuring, intergenerational and inheritance education, manager selection and supervision), social services (ritual and security services, health consultants, charity public welfare, social networking, social businessWith public relations), investment services are in the core position.

Generally speaking, while realizing the value preservation and appreciation of family assets and isolation of investment risk, the family can also use the "1+N" systemic tools to determine a clearer strategic direction for family enterprises, and successfully realize the owner of the owner smoothly.The intergenerational connection and inheritance of the intergeneration and inheritance broke the curse of "rich three generations". At the same time, through the separation management of family wealth ownership and beneficiaries, it effectively eliminates the risk of being sold and divided by the family's core assets.Essence

Fortune Management "Pearls in the Crown"

Obviously, the households are not only different from family funds and commercial funds, but also significantly different from family trusts and private financial products, and they cannot be assigned with asset management companies, commercial banks, and insurance institutions.The target appeal and interest association reflect the natural advantages of monks.Although traditional financial institutions such as banks, trusts, and asset management companies are also concerned about the realization of customer goals, they are more pursuing their own interests, and even the risk of losses for customers only bear limited liability or be completely responsible. At the same time, financial institutions, financial institutions, financial institutions.There is obvious exclusion between the distribution of interests with users.

In addition, the services of financial institutions are constrained by a clear time. As the product life cycle is over, the service is also terminated. Many of the services are still "one hammer" buying and selling.It is completely different that the family -running is based on the maximization of customer interests, and forms a close relationship with customers with a loss of damage and glory.Friendly companion.In Europe and the United States, there are not a few homes that have served the Dinghao family above the top three generations. Therefore, the household office is called the "Pearl of the Crown" of wealth management.

As a basic logic, every economic and financial turmoil will inevitably make people introspect and reflection.The global financial crisis has greatly shrunk the wealth of many families, and the awareness of worry has also increased unprecedentedly. The professional demand for wealth management of wealth management has increased day by day. The creation and embrace of the family office seem to be the standard of the actions of the Dinghao family. For example, the founder of Amazon AmazonBezos EXPEDITIONS, Facebook founder Zuckerberg's home -run iconiq Capital, LVMH founder Belner Alino's home office GROUPE ARNAULT, etc.According to economists, there are currently about 5,000 to 10,000 households worldwide, and the scale of asset management has surpassed hedge funds, reaching 6 trillion US dollars (about 7.79 trillion yuan).

Based on prediction, by 2030, a family of more than $ 5 million in net assets worldwide will have a huge intergenerational wealth transfer of $ 15.4 trillion.Hurun Gefu 2023 China ’s high net worth family cash flow management report shows that China’ s “rich families” with 6 million yuan of family net assets reached 5.18 million households, and “high net worth families” with net assets of 10 million yuan of families reached 2.11 million households., "Ultra -high net worth families" with net assets of 100 million yuan reached 138,000 households, and there is obviously there is still a lot of room for development.The current market -run market is not the Red Sea. Given that the stock market in the global household -run industry is not small, the home -run market must not be regarded as the blue ocean field. It is more objective.The purple sea is bound to further improve in the future, and it is only a matter of time to upgrade towards the Red Sea field.

From the perspective of industry structured trends, due to the particularity of service objects and the distinctive and personalized service needs, when a home office obtains the qualifications of a family corporate wealth management, it is equivalent to building a threshold for his peers;Under the premise of constituting the business of service objects differently, the concentration of the future home -run industry will not be too high. In full competition pattern, the head, waist, and rear enterprises will occur.

On the other hand, in addition to the higher requirements in the face of family -run services, family businesses will also have a stronger differentiated demand for different categories and project services, and not any single -handling enterprise can all can all be able to all of them.satisfy.Therefore, family -run enterprises with professional core competitiveness can win in service competition. In this way, in the future, there may be satellite patterns that provide different services around a family enterprise and many households.

How to achieve righteousness and benefits of family companies

Objective judgment, there are not many homes that can give comprehensive and fully responding to the needs of family corporate wealth management. The reason is that the level of demand is getting higher and higher, and the difficulty of service is getting greater.The "influence investment" indicator jointly proposed by the Rockefeller Foundation is increasingly valued by family businesses, but how to help family companies realize this investment goal of interest and benefits, public welfare and business integration, but it has been a household -running company.No solution to the problem.

Similarly, the 2024 Global Family Office report released by JPMorgan Chase shows that the largest service gap currently existing in family companies is network security, and 45%of family companies are preparing to allocate alternative assets such as virtual currency.It is far from many companies that can provide.In this regard, a more optimized approach is to seek out outsourcing of non -core business as much as possible under the premise of strengthening core business services. The industry cooperation trend of business grafting and mixed outsourcing will become more and more prominent.

Behind the family -run is the most innovative, creative and wealthy entrepreneurial group.To this day, households are not only the world's top wealth management form, but also have become pivotal participants in the global capital market. They can also lead to more real economy areas and produce huge multiplication effects.It is, many countries in Europe and the United States, and Hong Kong, are constantly optimizing the policy environment to attract more people to settle in. Singapore is to attract better homes. In the future, the competition around the world is actually a different country and region.Business environment competition.

The author is a director and professor of economics in the Chinese Market Society