传承宝典：面向企业主和企业家的全面财富管理（上）
传承宝典｜面向企业主和企业家的全面财富管理（上） 导读： 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。 在理念冲突间成功引航 “财富管理”一词，并不仅有投资组合管理的意思，而大多数财富管理人都声称，能为其客户带来各业务领域的全方位增值。对于业务相对直接、大部分资产为现金及可流通投资品的客户而言，全盘了解其全部财富或许可行。然而，当个人或家族客户的大部分财富与家族企业，或与多个由客户直接持有的其它投资品捆绑在一起时，情况则会更为复杂且难以处理。 家族企业的创始人在其核心业务之外，往往还会做大量的专业投资组合。他们属于积极的、自主型的投资人，并在很大程度上依赖于自身的知识和专业经验，可能在多年的投资过程中几乎不需要传统的投资经理人。 通常情况下，这类企业家只有在开始考虑传承问题时，尤其是在其子女或其他继承人完全不具备同等的专业知识、影响力和人际网络，或对家族企业没有兴趣的情况下，才会去考虑专业投资顾问。 只有到那时，企业家才会寻求有能力协助实现代际传承的投资顾问的帮助，并期望该投资顾问能够： 在管理家族传承的投资项目方面提供专家级的支持 协助退出至少部分此类投资，并让再投资的产品组合更为均衡 不过，要找到这样的投资经理人或顾问并非易事，原因如下： 大多数投资经理人素来习惯于依照某一特定程序或体系来管理财富，这与成功企业家的理念不符 尤其是，企业家对于风险管理采取的策略有时与职业投资经理人的策略大相径庭 由此一来的影响是，企业家采用的投资组合可能会局限于某一两个行业领域，从而与投资专业人士所推荐的充分分散的投资组合相去甚远 许多企业家并不能充分信任投资专业人士 以上疑虑在过去十年间进一步加深，大大冲击了金融服务业的受信任度 对于风险的认识不同 专业投资经理人通过采用跨越各类资产分散投资的策略来降低风险，而企业家往往仅在其理解的行业内、对其了解的人进行投资，从而使得投资组合非常集中化。其实，对于风险的判断是极为主观的事，因此不能说哪一方的观点正确或错误，只不过双方观点之间存在根本性的差异罢了。要制定前后一致的投资策略，就需要首先协调这些差异。 多资产投资经理人一般会赞成分散投资能带来好处，这是基于现代投资组合理论（Modern Portfolio Theory）以及一代诺奖桂冠学者的研究成果。在实际操作中，这意味着跨越各类资产进行广泛投资，从而让整体投资组合达到所需的风险/回报权衡点。 企业家往往采用比投资经理人更为个人化的视角，透过自己的实际经验看待风险与机遇，而非基于对全球市场的分析，综观全局。企业家是依靠自己的打拼和判断打造的企业，因此会相当自信其有能力对商业决策作出正确的判断。 在创业的早期阶段，当务之急是让企业存活，而非进行资产管理。经过一段时间后，企业运维趋稳，并最终获取可观的资本价值。 当企业进入具备较大价值的阶段，理论学派会提出进行资本分散，但是在企业家眼里，企业正在不断发展中，市场份额在增加，失败的风险在减少。伴随盈余现金的产生，一些企业家或许会投资于专业人士管理的投资组合，以实现资本分散。而另一些企业家则或许因其成功的经历而自信满满，相比于将财富交与专业投资经理人打理，他们更倾向于依靠自己的判断。企业家往往会依据第一手经验，尤其是以往的业务往来，依靠那些能力得到其认可的个人。 除了地产投资这一特例之外，大多数企业家不会在其认知专业领域以外进行投资，也往往不会信任他们没有直接打过交道的人的能力。 这种风险管理方式的有效性值得商榷，也可以说，成功的企业家在将其确信无疑的商业技巧运用于投资其没有控制权的企业时，有时可能会低估其中的风险。尤其是当他们与其他同样成功的、在多年内获得的投资回报远高于职业投资经理人的回报的企业家打交道时，其自信心往往会进一步增强。 通常，只有当核心业务成熟时，及/或当企业家开始考虑退休和传承时，更为分散的投资管理才会纳入其考虑范围。综上所述，这类人群需要被说服，财富管理人真正具备增加价值的能力。财富管理人要想取得企业家的信任，就必须处理并调和其与企业家之间在风险管理观念上的根本差异。 Original English Text Total Wealth Management for Business Owners and Entrepreneurs SUCCESSFULLY NAVIGATING A CONFLICT OF PHILOSOPHIES The term wealth management implies more than just the management of an investment portfolio, and most wealth managers claim to add value across the whole spectrum of their clients affairs. Comprehensive understanding of an individuals total wealth may be plausible for clients whose affairs are relatively straightforward, and who have the bulk of their assets in cash and marketable investments. However, this becomes more complex and challenging when a substantial proportion of an individual or familys wealth is tied up in a family business and perhaps a number of other directly held investments. It is not uncommon for a founding entrepreneur to have amassed a significant portfolio of specialist investments aside from their core business. These active, self-directed investors, who have been heavily reliant on their own knowledge and expertise, may invest for many years largely without the need for a conventional investment manager. Typically, this type of entrepreneur only begins to consider professional investment advisers when they start thinking about succession, especially where their children or other successors simply do not have their specialist knowledge, influence and contacts, or do not share their interest in business. Often, an entrepreneur will only then seek an investment adviser who can help manage the transition to the next generation: To provide expert support to the family in managing the legacy investments Probably to exit at least some of these investments and re-invest in a more balanced portfolio Finding such a manager or adviser is, however, no easy matter: Most investment managers are trained to manage wealth within a process and framework that does not match the mind-set of the successful entrepreneur In particular, entrepreneurs have an approach to risk management that sometimes differs quite fundamentally from that of a professional investment manager The impact of this is that the portfolio is likely to be confined to one or two sectors, far from the well spread portfolio advocated by investment professionals Many entrepreneurs do not readily place their trust in investment professionals These doubts have been compounded by the events of the last decade, which have substantially reduced trust in the financial services industry DIFFERENT PERCEPTIONS OF RISK The professional investment manager reduces risk through diversification across the whole spectrum of asset classes, whereas the entrepreneur tends to invest only in sectors which he understands and with people whom he knows, often resulting in a very concentrated portfolio. Risk is highly subjective and neither view is either right or wrong: they are just fundamentally different, and these differences have to be reconciled to begin developing a coherent investment strategy. A multi-asset investment manager will typically espouse the benefits of diversification, built from the tenets of Modern Portfolio Theory and the work of a generation of Nobel prize-winning academics. In practice this means investing in a range of investments across asset classes, such that the overall portfolio sits at the required point of the risk/reward trade off. The entrepreneur’s view is often far more personal than the investment manager’s because, rather than taking a holistic view, starting with analysis of the global marketplace, the entrepreneur sees risk and opportunity through the prism of his own practical experience. He or she has built a business relying on their own hard work and judgment, and has considerable belief in his or her ability to judge a business proposition. In the early stages of the business venture, the priority is survival rather than the management of an asset. After a period, the successful business begins to provide a comfortable living, and eventually acquires significant capital value. At the stage where there is significant value in the business, the theorist would argue the case for diversification, but the entrepreneur sees a growing business with increasing market share and decreasing risk of failure. As surplus cash is generated, some entrepreneurs may indeed seek to diversify by investing in a professionally managed portfolio. Others however, perhaps fuelled by the self-belief that is central to their own success, are more inclined to back their own judgment than hand money over to professional investment managers. An entrepreneur will often back individuals whose abilities he respects, as a result of first-hand knowledge, especially from past business relationships. With the exception of property, which is a special case, most entrepreneurs do not invest outside their range of perceived expertise and are not often inclined to trust the ability of people with whom they have no direct experience. The validity of this approach to risk management can be debated, and it can be argued that successful entrepreneurs may sometimes underestimate the risks in applying their undoubted business skills to investments in other ventures which they do not control. Their self-belief can be reinforced by mixing with other similarly successful businessmen, who have all generated much better returns over many years, than professional investment managers. Often it is only when the core business matures, and/or when the entrepreneur begins to contemplate retirement and succession, that a more devolved form of investment management becomes an attractive option. For the reasons touched upon above, such individuals are likely to need convincing that a wealth manager possesses competencies which can genuinely add value. The wealth manager has no hope of gaining their trust unless he or she addresses and reconciles the fundamental differences of perspective in the management of risk. 本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com
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