In This Article:
Hang Seng's Family-oriented Wealth Planning Tool "Wealth Master for Family"
Offers Tailored Financial Solutions for Families through
Prestige Banking Family+ Account
HONG KONG, Feb. 10, 2025 /PRNewswire/ -- Hang Seng Bank ('Hang Seng') recently interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HKD 1 million or more in a survey on family wealth management practices. The survey revealed that young affluent families set a savings goal of HKD 18 million to achieve various life objectives. However, many of the respondents lack a comprehensive financial plan. Although one-third of them indicating they have established financial strategies tailored to their family's needs, more than 50% expressed a lack of confidence in their ability to effectively execute these strategies. Notably, among respondents without a cohesive financial plan, 71% were young affluent families with children aged 12 or younger.
The survey revealed that respondents' wealth management goals encompassed a wide range of areas, including retirement preparation, securing children's futures, covering parents' daily expenses, medical insurance, and family legacy planning. Moreover, 92% of respondents said personalised wealth management and planning services will help them achieve their unique financial goals.
Rannie Lee, Head of Wealth and Personal Banking at Hang Seng Bank, said: "We recognise that affluent families today face complex financial needs, going beyond simple savings. Hang Seng is committed to providing innovative family wealth management solutions. We have launched the enhanced 'Wealth Master for Family', which supports customers with comprehensive family wealth goal analysis and asset allocation. We also offer diversified categories of investment products ranking first among local retail banks, well-curated insurance solutions and our unique Prestige Banking 'Family+ Account', to meet the evolving needs of customers at every stage of life and help them achieve their distinct family wealth goals."
1) 'Wealth Master for Family': Family Wealth Goal Analysis and Financial Planning
In order to meet the increasingly complex needs of customers regarding family wealth management, Hang Seng has launched the enhanced 'Wealth Master for Family' tool which supports comprehensive family wealth planning by understanding customers' needs for key life stages (wealth management, protection, children's education, retirement, and legacy planning). Through analysis on the asset allocation and past performance of the Current Portfolio vs the Reference Portfolio with 8 Historical Scenario comparison, customers can formulate their personalised family asset allocation strategies with the support from the Bank's team of financial experts.