←Back to Categories
WEALTH PLANNING & SOLUTIONS
This pillar is to recognize private banks who have gone past what the regulations require, and have taken all stakeholders at heart, including their staff, customers, shareholders and the community in general.
Sub-sets offered under this pillar as below:
ESTATE PLANNING & SUCCESSION
This category is to assess the capabilities provided by the banks advising the inheritance of significant wealth. The bank must demonstrate to the panel of jurors their following capabilities:
- Service for Individuals: Please describe the breadth of ability in the advice of the use of trusts and foundations, and particularly planning for future incapacity of an asset owner or their seniors, structures to fulfill a philanthropic/legacy endeavor.
- Service for Families: Please describe the breadth of capability in the advice of business succession, developing complex structures, taxation and legal issues for family businesses
- Value of Independence: How much does the group value independence? Does the organization have proper governance to segregate operations independently between wealth/investment management and estate planning, and whether there are two independent boards and management functions to identify and address potential intragroup conflicts of interest
- Due Diligence: If the group does not have a trustee subsidiary, how does the bank assess third-party providers, and what is the extent of due diligence on these providers before recommendations are made to the client? What is the accountability level shall remuneration arise from these transactions?
This category is to assess the capabilities provided by the banks advising families and the HNW in fulfilling their philanthropic endeavors. The bank must demonstrate to the panel of jurors their following capabilities:
- Process and Approach: What percentage of philanthropic activities come from grants, debt, and or non-financial support? What is the bank’s approach in helping wealthy families to influence for the benefits of the society? How is the bank advising, planning, developing, and structuring charitable projects, and how much capacity building do you encourage your clients to do?
- Methodology: Is there a system and method to measure the impact of the families’ giving or social return per dollar? How does the bank map the family’s philanthropic endeavor with charitable projects in the market? What is the level of due diligence that you and or your clients do before investing in a project?
- The Program: Does the bank provide philanthropy services to the full spectrum of clientele? Is there a program to assist clients at all levels – the wealthy and willing, and the wealth and less willing, to understand strategic giving and find their purpose of giving? If there is, please describe the program
- Team Strength: Please describe the team that is running the program – the experience and qualifications, and what is the ultimate objective of this program and please provide some metrics for success
This category is to assess the capabilities provided by the banks advising families and the HNW on socially responsible investments with a clear and vigorous ESG principles. The bank must demonstrate to the panel of jurors their following capabilities:
- Framework: What is the firm’s impact investing framework and how do they generate positive social impact? How do you measure impact and how do you build your models along the challenges of environmental and social problems? What instruments are being considered for capital deployment into impact investing, and what are the typically expected returns for impact assessment?
- ESG Principles: Please specify your ESG principles, investment strategy and portfolio integration that have successfully generated a positive environmental and high-value social impact alongside a financial return, and how you utilize impact investing to assist asset owners in expanding their investment choice set?
- Selection: How does the firm decide on their impact themes and whether the deciding factor is based on commercial reasons? What has been the themes for investment: – financial inclusion, combating diseases, etc…, and environmental benefits in cleantech for pollution prevention, green building, sustainable water, etc…, and whether clear metrics are measuring the capital’s social and humanitarian return per dollar.
- Skin in the Game: Does the bank partake direct investment to the projects or is it merely arm’s length advisory being offered to the clients? If co-investment is provided, is there a system to govern conflicts-of-interests between investment teams? What is the percentage of impact investment in your organization’s total portfolio?
THE NEXT GEN PROGRAM
This category is to assess the capabilities provided by the banks assisting families and the HNW, in preparing the next generation to become better stewards of family legacy and wealth. The bank must demonstrate to the panel of jurors their following capabilities:
- Objectives: Please describe the program objectives and how it is implemented? Does the program take the orientation to a broader spectrum to include the whole family as an eco-system, or is the Next Gen the only target to be trained in isolation?
- Training: Who is providing training at the program, their qualifications and experience and whether this party has a conflict of interests where business is a contingency of the program successes?
- Integration: Does the program integrate a cross-generation disciplinary approach where the content is not only restricted to real management or family constitutions but also incorporates the heart of the family businesses, i.e., the family legacy, philanthropic endeavors, family governance and social responsibilities.
This category is to assess the capabilities provided by the banks assisting families and the HNW with multiple jurisdiction exposures. The bank must demonstrate to the panel of jurors their following capabilities:
- Services: Please describe the value added cross-border services the bank provides to clients who have a complicated family situation of a country of residence, tax domiciles, business structures, currency risks, and regulatory obligations. Does the bank have country-specific regulatory knowledge and solutions and is this knowledge adequately communicated across branches?
- Digital: How is the bank using digital to serve the always-on-the-go clients, how portable is the solution and whether digital is an essential operating model to mitigate any non-compliance issues?
- Compliance: What is the bank’s cross-border customer due to diligence framework, and how does the bank deal with regulatory compliance and mitigate risks in regards to product services and products approval under international regulations, individual country requirements concerning investment suitability, cross-border regulation and tax transparency?
- Training: Whether or not every RM is qualified to offer services to clients with cross-border issues and needs? How are they trained, and how are their cross-country activities such as meeting with clients or signing a contract in the bank’s foreign branch.