发布时间：2022-03-11
传承宝典｜面向企业主和企业家的全面财富管理（下）
导读
担当家族的“财富管理人”，是家族办公室扮演的一个非常重要的角色。但是，对于那些打拼了几十年并成功建立起自己家族企业的企业家而言，要想使其认同财富管理人的投资理念、风险认知、以及在家族交接过程中的各种决策等绝非易事。这需要财富管理人拥有精湛的沟通能力和广博的知识面，并明确其作为顾问的责任。
本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。
尊重客户的观点，也要履行顾问与受托人的职责
未来的财富顾问对于客户的理解不可或缺，而同样重要的是，客户也需要理解，财富顾问的行动是受到一些条件的限制的：
1. 上述一些情况以及资产组合，与财富管理人通常所推荐的相去甚远
2. 财富顾问必须发表其观点、建议采取某项行动，并确保客户充分理解和接受采取不同行动所涉及的风险，这些是财富顾问的明确职责所在
3. 财富顾问可能要对其他方负责，包括家族成员、受托人或受益人等
此类客户所需的财富顾问，应该既能提供最高水平的传统资产管理服务，同时也具备相应的能力、经验、洞察力和灵活性，从而能够建设性地处理现有专业领域的投资项目产品组合。他/她既要有挑战与质疑精神，同时也能够在保持客观和坦诚的情况下折中让步，顾及客户的想法。这样的财富顾问将能识别出家族对于交接过渡期的需求，并在交接过渡期内作为客户的左膀右臂，有效地采取行动。
他/她还要与家族下一代建立关系，并需要准备好，在家族下一代有意愿和能力继承家族直接投资的传统（至少对于家族财富的一部分进行直接投资）时，提供支持与建议，甚至是提出质疑。
财富顾问必须对结果全盘负责，并确保其责任被明确界定，从而能够在有需要的时候，在了解全局的情况下坚定地提出挑战与质疑。有一些财富顾问会认为这种关系很难处理，于是干脆推荐采用正式的“教科书式的”家族治理方式，由家族委员会制定决策。然而，这种方式会削弱企业家创始人的控制权。对于财富顾问而言，更为明智的是去认识到，大多数创始人都很难放权，因此，有时这一过程需要循序渐进。
解决之道在于找到一个折中平衡点，而对于决策制定的责任则需要详细记录在案，并对所有相关方透明，包括受托人和受益人。
结论
金融服务业通过出售为“典型客户”设计的商品化产品，从而实现自身的延展性与成本效益。财富管理人往往会更为灵活，但在大多数情况下，其业务还是采用的相对标准化的模式，以满足所选定的目标市场的需求。其不利面在于，这种模式往往不能简洁高效地达成一些特殊客户的要求，这类客户的事务往往较为复杂，他们的财富打造与积累往往是通过依靠自己的判断和决策实现的。
面向企业家和企业主的财富管理，需要的是这样一种模式：倾听每一位客户的心声，并提供真正的定制化服务，尤其是在处理与下一代的权责交接时，更是要做到如此。这就要求财富管理人具有精湛的技能、广博的知识面，并明确其作为顾问的职责。
财富顾问必须具备广泛的经验，才能够实现全资产基础范围内的增值，才能够做到挑战企业家，甚至在企业家自己的专业领域挑战他们。许多企业家具有精明强悍的个性，质疑他们的判断还需要一些勇气。
这个工作可不适合胆小的人！
Original English Text
Total Wealth Management for Business Owners and Entrepreneurs
RESPECTING THE CLIENT PERSPECTIVE, WHILE DISCHARGING ADVISORY AND FIDUCIARY RESPONSIBILITIES
Just as it is vital for the potential adviser to understand the client, it is equally important for the client to understand the constraints within which the adviser operates:
1. The circumstances and portfolio of assets described above are far removed from anything that a typical wealth manager would normally recommend
2. The adviser has a clear obligation to express his or her opinion, recommend a course of action, and ensure that the client fully understands and accepts the risks involved in taking a different course
3. The adviser may have responsibilities to other parties including family members, trustees or beneficiaries
This type of client needs an adviser who can provide conventional asset management of the highest quality, but also has the capability, experience, insight and flexibility to deal constructively with the existing portfolio of specialist investments. The adviser needs to be challenging, but able to compromise and to take account of client views, without undermining his objectivity and frankness. Such an adviser will recognise the need for a transition period, where he is effectively operating as co-pilot, alongside the client.
He will also be building his relationship with the next generation and needs to be ready to support, advise and possibly challenge them, should they have both the will and the aptitude to continue the tradition of direct investment, at least for an element of their wealth.
The adviser must be accountable for all outcomes and ensure that his responsibilities are clearly defined, so that he puts up a robust and well informed challenge when required. Some advisers will find this type of relationship very difficult to handle, and will immediately recommend formal ‘text book’ family governance with decision making by committees. However this dilutes the control of the founder entrepreneur, and it is often wiser to recognise that most founding entrepreneurs find it very difficult to let go of the reins, so it sometimes has to be a gradual process.
The solution will lie in finding a balance, but decision making responsibilities need to be very carefully documented and transparent to all relevant parties, including trustees and beneficiaries.
CONCLUSIONS
The financial services industry builds scalability and cost efficiency by selling commoditised products, which are designed for ‘typical clients’. Wealth managers tend to be rather more flexible, but in most cases their business model relies on a relatively standardised approach which meets the needs of their chosen target market. The flip side is that such a model often cannot economically address the requirements of exceptional clients, whose affairs are particularly complex and who have built their wealth by backing their own judgment and making their own decisions.
Wealth management for entrepreneurs and business owners demands a model that is based on listening to each client and delivering genuinely bespoke services, especially in managing the transition to the next generation. It requires significant skill, broadly based knowledge and well defined responsibilities.
The adviser must have the breadth of experience to add value across the entire asset base and to challenge the entrepreneur, even within his or her own areas of expertise. Many entrepreneurs are strong personalities, and questioning their judgement can require courage.
It is not a job for the faint hearted!
本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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