The pursuit of happyNEST: A guide on family wealth management
The role of trusted advisors in wealth transfers
Filipinos are innately family-centric. I often see this in parents who look to accumulate wealth over and beyond what they need because it is critical for them to leave something substantial to the children. Only a few of them, however, believe that their children are prepared to handle a huge inheritance, and even fewer have revealed their actual wealth to their heirs.
This is where trusted advisors come in in the process of asset transfers.
Usually, there is a need for an objective third party to fully unearth and understand interpersonal relationships, historical conflicts and other family needs. There are multiple providers & products available that help address specific areas of Family Management. Metrobank is well-placed to partner with independent counsellors who are experts in Family Education & Governance.
For us, the state of “health” of our families is as important as the weather-proof portfolios that we build for them. In order to ensure the family’s well-being over time, these are some things that the first generation can reflect on:
- How are the children being prepared to handle bigger responsibilities?
- Are succession lines clear and defined?
- How will the perpetuation of the family legacy be ensured?
- Is there a STEWARDSHIP mindset in the family, or just consumption?
- Is there an effective conflict resolution process in place?
Preserving legacy and family harmony with Metrobank
Preserving wealth for future generations is a complex endeavor that extends far beyond financial management. Metrobank understands that for UHNW Filipino families, family must come before wealth. By prioritizing family management alongside financial planning, families can safeguard their legacy and ensure a more financially savvy future for succeeding generations.
At Metrobank, we encourage clients to think about both Family Management & Portfolio Management because each family is unique and there is no one-size-fits-all solution for a successful wealth transfer strategy in the pursuit of a happy nest.
LIZETTE PEREZ is Head of the Private Wealth Division of Metrobank and has over 20 years experience in Private Banking. She is a B.S. Business Economics graduate of the University of the Philippines and earned her master’s degree in Economics at the University of Southern California.
This opinion article is part of Metrobank’s Financial Education campaign series.