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《传承宝典》7影响力投资 跨越代沟 影响力投资： 在产生财务回报的同时，产生可衡量的、对于社会和环境有益影响的投资。这类对社会负责任的投资，可成为让几代人走到一起的方式。Rebecca Gooch说，虽然一些家族办公室已经接受了影响力投资，但其他家族办公室则仍旧“一无所知”。 影响力投资是一种新兴的、活跃的、处于投资前沿的投资方式。家族办公室的观念往往陈旧、传统、保守。因此，这两者之间并不是显而易见的合作伙伴，但家族办公室对影响力投资正表现出了更大的兴趣，并表示：这一策略可以为整个家族带来好处。 Campden Wealth 机构的研究主管丽贝卡•古奇(Rebecca Gooch)女士表示，家族办公室对于影响力投资的关注趋势，在过去一年有所加速。她表示，该研究集团今年与瑞银(UBS)合作对全球家族办公室进行的年度调查反映了这一点。她指出：“影响力投资正成为家族办公室行业的一个热门趋势，目前约有三分之一的家族办公室参与其中。 全球领先的多家族办公室 Stonehage Fleming 的私人资本投资团队负责人理查德•克拉克-杰沃斯(Richard Clarke-Jervoise)也表示，客户对影响力投资正越来越感兴趣。他表示:“在过去12至18个月里，我们经历了一个台阶式的变化，感觉我们已经经历了一个转折点，人们的兴趣变得更具实质性。”高盛资产管理公司的环境、社会、治理和影响力投资部门的董事总经理——约翰•戈尔茨坦说：家族办公室正在增加影响力投资的份额，从他们投资组合中的5~10%，已上升至25~50%。他补充到：甚至Impact Network 签署到了100%的案例，一些家庭办公室和其他财富投资者都已经同意将他们所有的投资资源，都集中在影响力投资之上。 影响力投资的一个显著优势是，它可以是一个有效的方式，使一个家族的几代人走到一起。理财顾问们表示，通常情况下，最初的财富创造者们，很难让子女或孙辈对家族财富的投资感兴趣。但随着年轻一代倾向于更具有社会意识，影响力投资可以成为吸引他们加入的一种方式。“两代人之间存在着巨大的分歧，很难弥合这种分歧，”克拉克-杰沃斯指出。“影响力投资，通常是两代人之间，第一次就投资而进行的有意义的对话，因此，它提供了更多的巩固作用。它在让两代人都站在同一立场上，讨论对两代人都重要的问题方面，发挥了非常微妙但非常重要的作用。” 通常是年轻的一代，首次提出影响力投资的话题。古奇表示，对于从事影响力投资的家族办公室来说，目前约有一半的资金用于教育、环保或提高能源和资源的效率。 家族办公室的另一个趋势是，随着婴儿潮一代寿命的延长，年轻一代将在晚年继承财产。父母还健在的年轻一代现在已经三四十岁了。然而，这并不意味着他们无法做出投资决策；相反，顾问们表示，他们对投资的看法之所以受到尊重，是因为他们成熟，尽管他们自己无法控制资金。 English Version Impact investing crosses generation gap Impact investing refers to investments "with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return" . Socially responsible investment can be away of bringing the generations together. Rebecca Gooch, who says while some family offices have embraced impact investing, others are ‘in the dark’. Impact investing is new, dynamic and at the frontier of investment. Family offices are often old, traditional and conservative in their outlook. The two are not obvious partners, then, but family offices are showing more interest in impact investing, and say the strategy can bring benefits for a family as a whole. The move towards impact investing by family offices has accelerated in the past year, according to Rebecca Gooch, director of research at Campden Wealth. She says the research group’s annual survey ofglobal family offices, carried out with UBS this year, and published inSeptember, reflects this. “Impact investing is becoming a heated trend in the family office community, with about a third of family offices now engaged in it,” she notes. Richard Clarke-Jervoise, head of the private capital investment team at multi-family office Stonehage Fleming, also says impact investing has become of increasing interest to clients. “There has been a step change in the past 12-18 months where it feels like we have gone through a tipping point and the interest has become more material,”he says. John Goldstein, managing director of environmental, social and governance and impact investing at Goldman Sachs Asset Management, says family offices are increasing the amount of impact investing they do, from 5-10 per cent of their portfolio to 25-50 per cent. Some, he says, have even signed up to the 100% Impact Network, a group of family offices and other wealthy investors who have agreed to put all of their resources into impact investment. A significant advantage of impact investingis that it can be an effective way to bring generations of a family together. Often, advisers say, the original wealth creator finds it difficult to interest children or grandchildren in the investment side of the family wealth. But with the younger generation tending to be more socially minded, impact investing can be a way of drawing them in. “There is a huge divide between the generations and it is very difficult to bridge that divide,” notes Clarke-Jervoise.“Impact investment is often the first time that both generations have a meaningful conversation about investment so it is providing more of a cementing role. It plays a very subtle but very important role in getting both generations on the same page and talking about matters that are important to both of them.” It is usually the younger generation that raises the topic of impact investment for the first time. Gooch says that for family offices undertaking impact investment, about half the money is currently put towards education, environmentalism or energy and resource efficiency. Another trend at family offices is that the younger generation is inheriting money later in life as baby boomers live longer. The younger generation whose parents are still alive are now in their 30s or 40s. Yet this does not mean they are not able to make investment decisions; rather, advisers say, their views on investment are respected because of their maturity, even though they do not have control of the money themselves. 该文章为搜瑞士网站原创，部分图片摘引自网络媒体的公开资源，如需转载，敬请注明出处。 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

2019年4月资产管理月度简报四月份的新高 由于美国企业（尤其是银行）的季度收益好于预期，美国股指在4月底达到新高。其他利好消息包括：穆勒对于特朗普2016年总统竞选的非定罪调查报告，以及美国财政部长姆努钦（Mnuchin）一再保证，美国和中国非常接近达成一项贸易协议。尽管美国的失业率处于历史低位，工资水平不断上升，而且由于对中国进口商品征收关税以及与墨西哥和加拿大签订的USMCA协议，美国的通胀率仍保持在1.3%的低位。美联储确认了其中立立场。我们4月1日重启投资 就在我们3月份的资管报告发布后不久，标准普尔500指数（暗色线）修正了，但仍高于此前的反弹峰值。50天移动平均线穿过200天（蓝色）线也证实了这一点。纳斯达克指数（黄线）给出了同样的信号，罗素2000中型股指数和MSCI世界指数（未显示）也给出了同样的信号。我们投资的ETF（指数基金）涵盖了IT、工业、非必需消费品和通讯（包括迪士尼和Netflix）等最强劲的板块。全球增长加快 美国第一季度的GDP增长出人意料地强劲，为3.2%，中国为6.4%。两个经济体都显示出强劲的消费支出。甚至欧洲的增长预期也略有上升。这一利好消息并没有延续中国股市4月份的超常涨势。尽管美国对伊朗石油的进口国施加压力，并在利比亚发生战斗，但油价仍见顶。由于大型企业进入页岩开采领域，美国石油产量继续增长。美国现在是世界上最大的碳氢化合物生产国，预计最早将于明年成为净出口国。我们的投资策略 如读者所知，雷梭勒家族办公室不会根据经济、行业或公司分析结果进行市场预测。我们只按照市场趋势和其它指标判断市场走势。在资产管理方面，我们遵循以下四个原则：•确定并遵循利好趋势（追逐风险）；•下跌时迅速杀跌（规避风险）；•确认触底时再次建仓（再次追逐风险）；•利用行业、国家和区域指数跟踪基金和一篮子组合进行分散投资，尽量降低投资一种股票或债券的风险。我们采用价格-概率数学建模法判断市场是否显现利好或下跌趋势，是否走强或走弱，是否有可能在下一个周期（对我们而言是一个月）继续利好或下跌行情，以此控制“摩擦性”交易成本。雷梭勒家族办公室不随股市走势而决定是否投资，尤其是在股市从触底反弹之时。回顾与展望 在下跌之后，上海（+28.4%）仍然是2019年迄今为止表现最好的国家股票指数，紧随其后的是意大利（+18.6%）、俄罗斯（+18.6%）和沙特阿拉伯（+18.0%），全部以美元计价，领先于标准普尔500指数（S&P 500）的+17%。在我们的新持仓中，80%投资于股票，其余部分为现金。James CunninghamChief Investment Officer首席投资官La Soleille Family Office (Suisse) SA瑞士雷梭勒家族办公室April 30th, 20192019年4月30日 English Version New Highs In April With better than expected quarterly earnings for American corporations, especially banks, the US stock indices reached new highs in late April. Other positive news included an inconclusive report from the Mueller investigation into the Trump presidential campaign in 2016 as well as repeated assurances from Treasury Secretary Mnuchin that the US and China were very close to an agreement on trade. Despite historically low unemployment, rising wages, and increased costs due to tariffs on Chinese imports and the USMCA treaty with Mexico and Canada, US inflation remains low at 1.3%. The Federal Reserve confirmed its neutral stance.We Reinvested On April 1st Just after our March Bulletin, the S&P 500 index (dark line) corrected but held above its previous rally peak. This was confirmed by the 50-day moving average crossing the 200-day (blue) line. The NASDAQ (yellow line) gave the same signal, as did the Russell 2000 index of mid-caps and the MSCI World (not shown). We took positions in ETFs covering IT, Industrials, Consumer Discretionary and Communications (which includes Disney and Netflix), the strongest sectors.Global Growth Picks Up US GDP growth for the first quarter was surprisingly strong at 3.2%, and China’s held at 6.4%. Both economies showed strong consumer spending. Even European growth estimates roses lightly. This positive news did not sustain the extraordinary run of the Chinese stock markets, which rolled over in April. Oil prices peaked despite US pressure on importers of Iranian oil and fighting in Lybia as American production continued to grow thanks to major companies entering the shale-extraction field. America is now the largest producer of hydrocarbons in the world, and is expected to become a net exporter as early as next year.Our Policy As our readers know, La Soleille does not make predictions based on economic, industry or company analysis. We act on market trends and other technical signals alone. In asset management we follow four principles: Identify and follow positive trends (risk on) Sell fast when they turn negative (risk off) Buy again when a bottom is confirmed (risk back on) Diversify by using index-tracking funds, thus minimizing exposure to any particular stock or bond We use mathematical modeling of prices and probabilities to determine if a trend is positive or negative, strengthening or weakening, and likely or not to continue for the next period (which for us is one month, to control trading cost “friction”). La Soleille is contrarian at the trend change, particularly when a down trend turns positive.Summary And Outlook After a retreat, Shanghai (+28.4%) remains the best-performing national stock index thus far in 2019 followed by Italy (+18.6%), Russia (+18.6%) and Saudi Arabia (+18.0%), all in US dollars and ahead of the S&P 500 at +17%. With our new positions we are 80% invested in equities, with the balance in cash. James CunninghamChief Investment OfficerLa Soleille Family Office (Suisse) SAApril 30th, 2019 该文章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

医疗度假之旅——可以很瑞士... 瑞士的医疗水准 瑞士医疗在全球范围内是名列前茅的。瑞士医疗被世界权威的《经济学人》杂志评定为西方世界最有效率的医疗体系之一，拥有世界领先的预期寿命和医疗成果。而且瑞士是世界上癌症存活率最高的国家之一。许多著名的制药企业来自瑞士，比如罗氏制药，诺华制药。相对于美国，瑞士医疗的私密性较高，患者的隐私能够得到很好的保护。所以一些名流皇室成员愿意去瑞士治疗。瑞士虽然人口仅有八百万，但曾产生过9位诺贝尔医学奖得主，正是如此专注严谨的研究精神加上得天独厚的天资，铸就了医疗行业的卓越品质。 瑞士医疗效率排在世界前列，据世界卫生组织的研究，瑞士在及时护理方面仅次于美国，世界排名第二。瑞士在医疗美容、整形手术、微创手术等方面技术也处于领先。体内排毒、细胞抗衰、医疗美容等方面，都是瑞士的医疗优势。每一年瑞士都吸引着无数名媛贵妇和影视明星从世界各国远道而来。 旖旎景色+发达医疗=瑞士健康 瑞士也是一个很早就涉足医疗旅游的国家，依靠其自身的温泉养生资源，成为赫赫有名的疗养胜地。瑞士旅游局估计，医疗旅游为瑞士每年带来50万人次的酒店入住。瑞士悠久的疗养胜地历史，让它深谙医疗游客对于定制化、高端化的需求。无论是公立医院还是私立医院，服务水平都是一流的。瑞士最大的私立医疗保健集团——哈里斯兰登（Hirslanden）有14家医院，并正在寻求在未来5年内外国患者的年增长率达到10％。客人很多是来自世界各地的富商政要，其中不乏中国朋友的身影，尤其是近几年，来到瑞士治疗的中国人越来越多，形成一股不小的“中国潮”，追求健康是人们共同的追求，不分国界和种族.瑞士的私立医院通通是用五星级酒店的标准要求自己，注重满足个人需求，从饮食、美容师、甚至报纸派送、事无巨细、高质服务自然而然地戳人们的心坎。凭借着天然的而优美的环境，瑞士的抗衰老疗养产业处于欣欣不败之地。大多数疗养中心坐落于美丽的莱蒙湖畔，依山傍水，阿尔卑斯山群峰在清澈湖水的照映下，如同翩翩起舞的少女，荡漾着美丽的大裙摆，有的屹立在生机盎然的半山腰间，展示着生命的宁静和健康的真谛。 康复与抗衰老 在瑞士进行康复的目的是使你在日常工作和家庭生活中尽可能地重新融入。一个由医生、治疗师和护理人员组成的跨学科团队为您提供个性化、全面和强化的治疗方案。由于他们的历史背景，瑞士的康复诊所坐落在这个国家最美丽和惊人的地区。瑞士以其优秀的康复中心而闻名，尤其是在神经和肺康复领域.来自蒙特勒医疗中心的著名抗衰老专家指出：衰老是一种退行性疾病，而心血管病、糖尿病、风湿与类风湿等疾病发病的低龄化恰恰是人类迅速老化的象征。衰老不是仅仅作用于身体某个系统，而是通过不同途径对整个生命系统产生综合的退行性变化过程。源于瑞士的细胞活化疗法，利用细胞修复原理，通过细胞分子萃取精华素作用于人体细胞，从根源着手，延缓衰老，更为改善亚健康带来了希望。瑞士的医疗中心可根据每个人的不同体质，制定个性化的年轻健康管理方案其中包括：身体检测，检测未来十年大病的风险几率；分析未来重大疾病风险几率和老化原因；未病先治的干预制定方案；针对个人身体状况，制定健康管理方案，包括饮食调整、生活习惯调整、营养补充剂计划及排毒注射。从本质上来说，年轻化健康管理，就是以提升人体器官功能的年轻化，增强人体免疫能力，提高机体防御能力，保持各项感官系统的敏感性为标准，降低人们患癌几率、维持或重复年轻状态为目的。 诊疗、度假、享受 每年有3万人到瑞士接受治疗，这里可以提供对贵宾们来说至关重要的私密空间。这里并不包括已经移居在瑞士的外国人。这些外国来宾每年在瑞士支出的医疗费用超过百万瑞郎。GDI研究部门的负责人Karin Frick预测，世界范围内医疗市场的增长可能会超过10%。Frick说，瑞士发展医疗旅游业的条件不错：“瑞士的私立、公立医院在诊治方面都已为此做好准备；“我们拥有优秀的医学设备和人员，希望可以满足富有外国客户的需求；这些人有能力享受一流的服务，但在本国可能难以如愿，那么就应该到瑞士来”。 那些富有的患者带来众多亲戚朋友，在温泉养生度假地，他们住在顶级酒店中，在苏黎世的火车站大街大手笔购物，拜访瑞士的名胜古迹。瑞士旅游局估计，医疗旅游为瑞士每年带来50万的宾馆住宿人次。 瑞士经济部长多丽丝・洛伊特哈尔德(Doris Leuthard)对Swiss Health的成立表示祝贺，她认为在国外对瑞士高质量的医疗服务做宣传是很重要的，健康事业市场化也有益于瑞士经济的发展。 瑞士的医疗系统数据 2007年共诊治，医院：115万起；精神病学诊所：10.7万起；专科诊所：20.9万起。 瑞士每年的医疗费用约占国内生产总值的11%。 经合组织国家的平均值为8.8%(2005年数据)。 瑞士人均医疗费用约为4000美元。 瑞士2007年共有321家医院。67%为公立医院；33%私立。 平均入院时间为10.9天。 English Version Health Care In Switzerland Switzerland has an exceptionally high density of clinics and rehabilitation centers. As acountry it is well known for its pioneering medical achievements and excellent treatment outcomes. For example, the pacemaker was invented in Switzerland and the cervical cancer vaccination was developed here. Swiss hospitals make use of leading-edge treatments and technologies and are furnished with the latest medical equipment. World-Renowned Medical Specialists Swiss physicians enjoy anexcellent international reputation and lead the world inthe research and development of new treatment methods. Continuous improvement is at the core of their work and quality is their guiding principle. Swiss physicians engage in direct dialogue with their patients and ensure that each patient is fully informed and involved in all decisions. Excellent Nursing Staff The quality of nursing training in Switzerland is outstanding, and patients profit from the superb standard of round-the-clock personal care. The nursing team’s core focus is on the individual and his or her well being. Medical Treatment In Switzerland When traveling to Switzerland for medical treatment, you cannot fail to be impressed by the strong positive influence of traditional Swiss values: Precision, Reliability, Punctuality, Kindness, Cleanliness and Discretion. You can relax here, knowing you are in the best hands. In addition, Switzerland is neutral and politically stable, and has excellent infrastructure for travel and tourism. International Patients In Switzerland Switzerland has a long history of medical tourism, dating back to the Romans when wealthy travelers came to "take the waters". In the early days, these healing mineral waters were thought to offer cures for all kinds of diseases. At the beginning of the twentieth century, patients from all over the world came to Switzerland for treatment in the Alpine clinics. The famous German author Thomas Mann incorporated his experience of this in his novel “The Magic Mountain”. Today, patients from around the world travel to Switzerland to profit from the incomparable quality and range of the medical clinics. Organization Of Your Rehabilitation The aim of Swiss rehabilitation programs is to reintegrate you in your daily work and home life to the greatest degree possible. An inter disciplinary team of physicians, therapists and nursing staff cares for you, providing individually tailored, comprehensive and intensive treatment programs. Thanks to their historical background, Switzerland’s rehabilitation clinics are situated in the most picturesque and breathtaking areas of the country. Switzerland is well known for its excellent rehabilitation centers, especially in the fields of neurological and pulmonary rehabilitation. 该文章为搜瑞士网站原创，部分图片摘引自网络媒体的公开资源，如需转载，敬请注明出处。 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

《传承宝典》6 与家族办公室主任的专访 作为 Future is Now 《传承宝典》的一部分，我们新近采访了私募股权和风险投资领域的不同参与者，也包括：大企业、初创型公司和引人注目的并购交易撮合者，乃至本期的全球知名家族办公室主任。透视他们的日常生活（day-to-day life），来为家族未来的接班人，提供创业榜样与职场借鉴。 请告诉我您在Stonehage Fleming家族办公室的角色? 2014年，我以高级顾问（Senior Associate）的身份加入公司，并于2017年成为瑞士纳沙泰尔（Neuchâtel）的家族办公室部门主管。我在Stonehage Fleming有三顶“帽子”：担任家族关系经理（relationship manager），使用我们的信托和家族办公室服务；担任我们公司的受托人/董事；并管理一个由七名信托专家组成的团队，为我们在瑞士境内的客户服务。作为一名有资质的英国律师，我审查和监督我的团队工作，同时在交易和起草方面提供指导和方向。我的任务还包括设计和实施IT的工作流程和方法步骤（workflows and procedures），以提高我们所服务家族的效率。编程和开发仍在进行中，但非常令人兴奋。 私人客户行业发生了怎样的变化? 我们现在的交易中，都在执行的反洗钱和KYC规则（即Know your Client/AML），已成为行业的驱动力。这一点在全球化的环境中更为明显：在全球环境中，您要与不同司法管辖区的许多方面打交道，尽管涉及相同的事务，并且为某一请求引用相同的理性(rational)，但是这些方面的需求常常会有显著的不同。对于“反洗钱（AML，即 anti-money laundering）”核查的贯彻实施，这一迫切需要已然对金融行业施加了积极的影响，对于未来可能产生的商誉损害，也应对会有所限制。然而，它同时创造了一个“逐项稽核”的（形式化）环境，基金、银行和其他机构必须向监管机构表明，他们已提出过了正确的问题。而有利的一面是，我们正在减少与我们所服务的家族相关的各方；允许使用可信的合作伙伴来简化流程。 您学到了什么? 我必须提出一些棘手的问题，无论是关于客户投资建议的可行性，还是关于继任的规划。避免这样的讨论可能是更简单的方法，但最终，它会为客户关系增加更多极具意义的价值。我们服务的一个家族是Stonehage Fleming 超过15年的客户，拥有一个信托机构，将家族的“储备金”资产（nest egg assets）与他们的交易业务分开管理。他们最近询问是：要将其中一名家庭成员迁往另一个国家，他们想在那里与共同投资者（co-investor）一起购买一座农场。 我们的做法如下：我们就客户拟议的迁居，征求了目的地国的意见，包括签证要求和税务状况，然后与家属讨论了各种选项，及其对信托架构的影响。在商定了今后的道路后，我们聘请了当地顾问，开始并随即完成了签证的申请程序。然后我们在不同的国家确定了两种选择。我们也从两国的法律顾问那里获得了法律和（信托）架构方面的建议；一个国家收集一次建议的做法，是为了确保不会产生不利的后果。在与该家族和共同投资者进行了数周的接触，并审阅了农作物历史、气候、运输和政治安全度之后，最终做出了收购该家农场的这一决定。我们聘请了该国的（信托）架构设计专家，与两家在当地注册的公司共同成立了一家控股公司（a holding company），以维护投资者各自的利益；并将迁居当地的家族成员，任命为董事会成员。 您的客户面临哪些挑战? 保护家族的财富和名誉是我们的职责。人们对富裕家庭的看法越来越负面，重要的是，他们要表现出他们在为社会做出了哪些帮助。我们的许多家庭都从事慈善活动（philanthropic activities），但意见或评论传播之易、速度之快都意味着：我们必须始终意识到可能会损害到更广泛家族声誉的那些活动。另外，在监管动向、接班计划和将责任移交给下一代、技术/网络犯罪等方面，我们也面临着诸多挑战。 您收到过的最好的建议是什么? 一知半解是件危险的事。作为一个多家族办公室，我们不断面临着新的挑战和经验，而能够独立地解决所有问题会更简便。作为一个集团，我们拥有广泛而深刻的知识储备，并且都是在一辈子的职业生涯中（over a lifetime of careers）所积累起来的，因此，我们会知道何时、向谁来寻求建议和帮助。 漫长的一天之后，您如何放松? 做饭、壁球、和我女儿享受在一起的生活。我也不会在晚上9点以后看手机，因为如若没有这个休息时间，我每天晚上都会把工作带到床上。——韦恩·埃利奥特（Wayne Elliott） English Version Tell me about your role at Stonehage Fleming? I joined the firm in 2014 as a Senior Associate and in 2017 became Director in the Family Office Division in Neuchâtel. I have three ‘hats’ at Stonehage Fleming; acting as relationship manager for families using our fiduciary and family office services; sitting on the board of our corporate trustee/director companies and managing a team of seven trust officers working for our Swiss administered clients. As a UK qualified Solicitor, I review and monitor my teams work whilst also providing guidance and direction on transactions and drafting. I have also been tasked with designing and implementing IT workflows and procedures to increase efficiency for our families. The programming and development are still underway but is very exciting. How has the private client industry changed? The industry has become driven by the anti-money laundering and know your client (AML/KYC) rules in which we all now transact. This is more noticeable when working in a global environment, where you are dealing with numerous parties in different jurisdictions who can often have dramatically different requirements despite being involved in the same transaction and quoting the same rational for the request.The need to ensure AML checks are properly undertaken has had a positive impact on the industry and should limit any reputational damage going forward. However, it has created a‘box ticking’ environment where funds, banks and others must show to regulators that they have asked the right questions. The upside is that we are reducing the parties with whom our families are involved; allowing processes to be streamlined with trusted partners. What lesson have you learnt? I must ask difficult questions, whether it is about the viability of client investment proposals or about succession planning. Avoiding such discussions may be the easier path but ultimately, it adds significantly more value to the relationship. Tell us about any interesting client instructions? One of our families have been clients of Stonehage Fleming for over fifteen years and have a fiduciary structure to manage the familys ‘nest egg’assets separately from their trading businesses. They recently enquired about relocating one of the family members to a different country where they wanted to buy a farm with a co-investor.Our approach was as follows: We obtained advice from the country on the proposed move including VISA requirements and tax status and then discussed the options and their impact upon the fiduciary structures with the family. Having agreed the way forward we engaged local advisers to begin and subsequently complete the VISA application process. We then identified two options in different countries. We obtained legal and structuring advice from legal advisers in both; the advice in one country was to ensure no adverse consequences arose. After weeks of engagement with the family and the co-investor and having reviewed crop history, weather, transport and political security, a decision was made to acquire a farm.We engaged structuring specialists in the country to advise and establish a holding company with two locally registered companies to maintain the investors respective interests; with the local family member appointed to the Board. What challenges do your clients face? It is our job to protect family wealth and reputations. There is an increasingly negative perception of wealthy families and it is important that they demonstrate what they are doing to help society. Many of our families undertake philanthropic activities but the ease and speed in which an opinion or comment can spread means we must always be aware of activities which may damage the wider family’s reputation. Navigating regulationSuccession planning and the transfer of responsibility to the next generation.Technology/ cyber crime. Whats the best piece of advice youve ever received? “A little bit of knowledge is a dangerous thing.” As a multi-family office, we are constantly facing new challenges and experiences and it would be easy to fix all problems independently. As a group we have a significant breadth and depth of knowledge, built up over a lifetime of careers, so it is about knowing when to reach out for advice and assistance and to whom. What was the last book youve read? I have an 11 month old baby who was struggling to sleep so “The Happiest Baby on the Block”. How do you relax after a long day? Cooking, squash and spending time with my daughter. I also don’t look at my phone after 9pm as without this break each evening I take my work to bed. ——Wayne Elliott 该文章为搜瑞士网站原创，部分图片摘引自网络媒体的公开资源，如需转载，敬请注明出处。 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