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ADVERTISEMENT FEATURE


HSBC Private Banking offers bespoke solutions for clients preparing for the days ahead


‘What we focus on is not just the structures or the investments; we focus on the people. This is really important as “family office” is quite a nebulous concept. That’s why we ask clients questions such as, “What is the purpose of the wealth? How do you interact with your family businesses? Are the family structures and governance still fit for purpose?”’ Prior recalls an anecdote about how he helped one UHNW family rethink their strategies. ‘The family announced that six of the children were all going to create a common pool of money, but all wanted to do something different with it. I asked them, “What’s the one common thing you can build together?” And they thought that was a really good idea. This shows how family offices can be a great tool to generate these types of conversations within the family with help and guidance from


an external adviser.’ However, Kitidis emphasises that


no two structures are ever the same. ‘Family offices are like snowflakes. They come in different sizes, different shapes and have different needs.’ To cater to this, HSBC Private Banking has the ability to offer truly bespoke solutions. Each family office’s functionality varies across regions, too, as there is often a cross-border element to UHNW families, whether that’s children studying abroad, offshore business interests or beneficiaries in different locations. ‘We help join the dots,’ says Franks.


‘We make sure that clients consider these issues and ensure that structures and investments have the flexibility to adapt to a change in circumstances of the family members. That’s really important, and many clients have found this aspect of our collective experience invaluable.’


Clients are attracted to HSBC


Private Banking’s global infrastructure, which also means that its family office support services are spread across dedicated UHNW teams around the world, with key offices in the UK, the US, Switzerland, Singapore and Hong Kong. ‘But we provide local expertise – we can transplant and utilise our people on the ground as a collective team,’ Kitidis explains. This is indeed a ‘huge USP’ for the bank, all three advisers agree. Its focus remains on building long-term, multi-generational relationships with family businesses. The fact that one of the multi-generational global families has been doing business with the bank since the 1890s is testament to this. ‘We are proud to have been their strategic partner for many generations,’ says Kitidis. Web hsbcprivatebank.com


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