Jet Calendar


Jet Asia Pacific - - Contents - By Marc Lieberman, President and Chief Executive Officer of Transamerica Life (Bermuda) Ltd.全美人寿(百慕达)有限公司总裁兼首席执行官 Marc Lieberman

Almost half of all High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals do not have a retirement plan in place. This was one of the findings from our annual survey conducted in collaboration with Asian Private Banker. Titled ‘Exploring High Net Worth Retirement Solutions’, the report further revealed that among those who have planned for retirement, a significant 73 per cent are not confident or only somewhat confident with their current plans.

This is despite what industry experts term the largest ongoing transition of wealth in history, as Asia’s first generation of billionaires and multimillionaires prime themselves to pass on upwards of US$300 billion to their younger kin by 2040 (UBS-PWC Billionaires Report, 2016).

As affluent families navigate today’s unpredictable financial markets, family wealth transfer and succession planning are the top two factors that keep them up at night, followed closely by immediate family crises. UHNW individuals in particular are concerned about potential legal complexities and bureaucratic barriers that may give rise to liquidity issues.

Our survey also revealed that almost three out of five HNW and UHNW individuals surveyed are keen to purchase life insurance for retirement purposes. Among the three most important product benefits they look for when considering life insurance as a retirement solution are: a high coverage amount, regular income pay-out, and the death benefit.

With all the financial tools at their disposal, Asia’s wealthy have begun turning to life insurance as a potential retirement tool to achieve financial security and maintain one’s lifestyle, while maximising efficiency in legacy planning. Over the last few years, they have grown to appreciate its value as a low to moderate-risk wealth tool that can deliver both protection and potential returns. This is closely linked to the benefits that life insurance policies can offer, such as asset diversification, potential for additional leverage and long-term cash value growth that is accessible when needed.

Retirement planning is a process that constantly evolves through one’s different phases in life, as one’s

needs and priorities change over the years. We found that (U-) HNW individuals in their 30s are primarily concerned about their immediate family and rising education and healthcare costs for their dependents. Succession and inheritance planning then becomes a priority for those in their 40s as they look to ensure that their wealth is successfully transferred to the next generation.

Moving into one’s 50s, the priorities of an (U-)HNW individual shift toward lifestyle preservation. They aim to secure viable sources of retirement income to maintain their lifestyle, participate in philanthropic activity and address their healthcare needs – the latter being the main concern for wealthy preretirees.

Wealthy retirees who prefer to keep their assets liquid are able to do so with retirement-focused insurance. Those who wish to secure lifetime income for retirement can also opt for retirement-focused insurance plans with guaranteed regular income pay-outs.

At present, retirement planning is not frequently seen as a reason to initiate a discussion with one’s relationship manager (RM). Many (U-)HNW individuals realise the need to start planning for retirement in the case of trigger events, for instance the passing of a family member, medical issues, childbirth or succession planning. In this light, retirement planning and life insurance are increasingly intertwined as both address the same concerns. Demand for life insurance is expected to remain robust over the next 24-36 months, with particularly positive interest in retirement-focused insurance plans.

With assets managed by Asia’s top 20 private banks climbing 6.1 per cent to US$1.55 trillion in 2016 (Asian Private Banker, 2017) , it is heartening that more than two out of three end-clients surveyed have been with their current RMS for more than five years. 76.5 per cent of them also shared that they trust their RMS to present solutions that fit their needs and wants.

As Asia continues to experience a wave of intergenerational wealth transfer in the coming years, it is key that (U-)HNW individuals actively engage their wealth managers around their changing needs and priorities. Planning ahead for retirement helps ensure prudent wealth management, and provides for financial security, legacy planning and lifestyle maintenance in one's later years.

根据我们与亞洲私人銀行家合作进行的年度调查结果显示,近半高净值人群( HNW)和超高净值人群( UHNW)没有预先制定退休计划。这份名为“探索高净值人群退休解决方案”的报告进一步指出,预先制定好退休计划的人士当中,大部分人( 73%)对目前的计划没有信心或信心不大。





随着人们在人生不同阶段有不同的需要和优先考虑事项,退休计划也会不断转变。我们发现, 30多岁高净值人群和超高净值人群主要关心自己的直系家属,并为其受养人累积教育和医疗保健资金。40多岁人士希望确保自己的财富能够成功传给下一代,因此继任和财产继承计划成为他们的优先考虑事项。






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