其他
亚洲财富管理行业的商业模式是否与家族办公室相兼容？
Mark Smallwood 工作于英国，主要为亚洲超高净值家族提供建议，涉及财产和继承计划的结构、持续管理与运营、家族办公室、投资流程和治理。他还担任成功私人企业业务咨询委员会的成员，该企业跨越多个司法管辖区。在金融服务领域拥有近35年的经验，包括在英国、加勒比地区、瑞士、香港和新加坡任职，并曾在全球领先的私人银行担任高级职务，马克拥有独特的见解，为超高净值家族提供独立、无利益冲突的观点，帮助他们客观评估决策过程。
智库导语
“
建立和经营家族办公室的高净值家庭需要高水平的关系视角，但服务提供商的业务性质仅仅是提供交易服务，以满足他们业务的经济指标。”
Firstly, an analogy. Having returned to the UK 5 years ago, I needed a hobby and after a trail flight, I chose gliding. To become a fully qualified glider pilot, the syllabus includes a theoretical knowledge test covering 12 key topics including subjects such as Air Law, Meteorology, Principles of Flight, Communications, Navigation etc.
首先，打个比方。五年前我回到英国，想要找一个业余爱好，试飞后，我选择了滑翔。如果要成为一名合格的滑翔员，那么课程包括理论知识考试，涵盖12个关键主题，包括航空法、气象学、飞行原理、通信、导航等科目。
What I learnt during the process was that if I had just done the theoretical test only, or if I was only an expert in one or two subjects, and then stepped into a glider on my own and attempted to take off and land successfully, I would undoubtedly not be in a fit state to write this article. Becoming a competent pilot required the patience and practical knowledge, demonstration and guidance, of a highly experienced instructor who had spent years flying, from jets and helicopters in the Royal Air Force, to 747s with British Airways.The key was to pass on his knowledge and integrate the 12 theoretical subjects into a basic ability to take off, land and thermal safely in a real glider. Even the act of flying solo is simply the end of the beginning, and ahead lie multiple further challenges in developing one’s skill set and capability, but all of this is built on a solid foundation of training, practical competence and experience. The same challenge applies to effectively managing a family office.
在这个过程中我学到的是，如果我只是完成了理论测试，而且精通一两个科目，自己上滑翔机尝试起飞和成功着陆，我可能不太适合写这篇滑翔的文章。成为一名称职的飞行员需要经验丰富的教练耐心的教导和实践，像这样的教练曾在皇家空军驾驶喷气机和直升机，在英国航空驾驶747。而且这样的教练能将他的知识传授给学生，并将这12个理论科目整合到起飞、着陆和在真实的滑翔机上安全滑翔的基本能力中。甚至在独自飞行时，也会面临着多个挑战，需要发展技能和能力，但所有这些都建立在扎实的培训、实际能力和经验的基础上。同样的挑战也适用于有效管理家族办公室。
Looking at the wealth management industry in Asia, one sees an incredible skillset that has evolved in the last 20 years or so. Whether it be lawyers, tax advisors, fiduciaries, private bankers, etc. looking at each of these pillars of the wealth management industry one can find excellence everywhere. The problem for the high-net-worth family seeking to establish a competent pilot is that this expertise is in most cases stuck in silos where it cannot meet its full potential. The reason for these silos lies with the business models that most still operate with. Fine for building simplicity and scale, but not for meeting clients’ actual needs.
可以看到，过去20年左右亚洲财富管理行业有着惊人的发展。无论是律师、税务顾问、受托人、私人银行家等，在财富管理行业的每个支柱上，都有着卓越的成就。对于寻求建立一名称职飞行员的高净值家族来说，问题在于这种专业知识在大多数情况下都固化在无法发挥其全部潜力的独立单位中。这些独立单位存在的原因和大多数人采用的商业模式有关。这些商业模式虽然对于简单性和规模性的建设来说很好，但不能满足客户的实际需求。
As with most issues, following the money explains everything. Take for example a professional such as a lawyer or tax advisor. These professionals are paid for their time, and as a result, like private bankers they become transactional – time is money…money is time. “How much is it to set up a family office?”, “How much is it to set up a trust?”, “How much is it to advise me on cross-border tax issues”. The answer reflects the time requirement, and professionals are judged on Key Performance Indicators such as hours billed last week, how many Venture Capital Companies did you sell, etc.
就像大多数问题一样，钱可以说明一切。例如，像律师或税务顾问这样的专业人士。这些专业人士按时间计费，因此，就像私人银行家一样，使他们的时间变得有交易性的就是金钱……金钱就是时间。“建立一个家族办公室需要多少钱？”“建立信托需要多少钱？”“指导我处理跨境税务问题需要多少钱？”答案反映了时间要求，而专业人员则根据小时数计费、你在风险投资公司的销售额等关键绩效指标来判断。
Private bankers will be familiar with the issues, “How much for a trust?” – any answer is normally met with “…but I have $20 million with you….please discount the fee…” or “…my other banker says he/she can do it for…” (the answer is always… not enough).
私人银行家对这些问题应该很熟悉：“建立信托需要多少钱？” —— 会有很多回答“……2000万美元……请打个折吧…”或者“…我的另一个银行家说他/她可以为我做…”（答案总是……不够）。
The issue is that whilst there are highly competent professionals and wealth managers operating within their particular skills set, few of them are being paid to think holistically or have a complete overview of the clients’ family, business, personal and liquid assets let alone the complexities of their structures, banking relationships and overall wealth management needs. Furthermore, few have the experience and training to think holistically even if they could. This of course is to be expected when the business model channels the approach into a silo.
问题在于，虽然有一些专业技能非常扎实的专业人士和财富管理者，却很少有人去全面思考或全面了解客户家族、业务、个人和流动资产，更不用说结构、银行关系和整体财富管理需求的复杂性了。此外，即使有些人有全面思考的经验和培训的经历，他们的商业模式也将这种方法限定为独立单位。
The HNW families establishing and running family offices require a high-level relationship view but the nature of the business of the service providers is that they provide a transactional service in order to meet the economic metrics of their business.
建立和运营家族办公室的高净值家庭需要一个高层次的关系视角，但服务提供商的业务性质仅仅是提供交易服务，以满足其业务的经济指标。
The solution to the problem requires two approaches. Firstly, as in learning to fly a glider, whilst theoretical knowledge will not enable you to safely fly the aircraft, it will provide you with the essential knowledge base. Secondly, the only way this theoretical knowledge base can evolve into safe practical flying is for there to be continuous oversight and guidance of the student by an experienced pilot who develops the student’s ability over time, and in due course the student themselves will advance to being an instructor.
解决问题需要两种方法。首先，就像学习驾驶滑翔机一样，理论知识并不能让您有能力安全驾驶飞机，但它将为您提供必要的知识基础。其次，唯一能将这种理论知识基础发展成为安全实践飞行的方法是，经验丰富的飞行员通过不断对学生进行监督和指导，随着时间的推移，学生自己将发展成为一名教官。
In the real world of wealth management, the theoretical knowledge base is relatively straightforward to deliver. There are several Learning and Development platforms (including the Wealtra platform of Hubbis), that are designed to and continue to evolve in their delivery of relevant theoretical content for the wealth management industry. The challenge lies in finding the pilots – bankers are very good at banking, but not so good at drafting trusts – lawyers are very good at drafting trusts but lack the intricate knowledge of banking and asset management. Worst of all of course, is that a banker is not qualified to give tax or legal advice, whilst the lawyer is not qualified to provide regulated investment advice.
在财富管理的实际世界中，理论知识基础相对来说是相对容易学习的。有几个学习和提高平台，专门设计和不断发展以提供财富管理行业的相关理论内容。挑战在于找到飞行员 ----银行家非常擅长银行业务，但不太擅长起草信托文件 ---- 律师非常擅长起草信托文件，但缺乏银行和资产管理的专业知识。最糟糕的是，银行家没有资质提供税务或法律咨询，而律师没有资质提供受监管的投资建议。
Whilst there may be a very small number of practitioners who have the necessary holistic general knowledge and experience to act as a pilot, the real quality of a competent pilot requires three critical components:
虽然有极少数的从业者具有像那样飞行员的全面的知识和技能，但一名称职飞行员的真正素质需要三个关键组成部分：
Firstly, they must, through years of experience, have a broad general understanding of the wealth management space, and must be a credible person to engage with a successful businessperson or HNW individual and their family. In other words, they are typically more experienced and older.
首先，他们必须有多年的工作经验并对财富管理领域有总体了解，并且必须是成功的商人或高净值个人及可信人士。换句话说，他们通常更有经验。
Secondly, the economics of their business model must lend itself to a transparent transactional relationship with the family. The answer here is that they need to be engaged on a retained basis, with no other sources of income directly or indirectly from the client’s activities, in order to provide impartial, objective advice.
其次，他们的商业模式经济往来必须与家庭建立透明的非交易性关系。答案在于，他们需要在有所保留的基础方式参与，不能从客户的活动中直接或间接地获得其他收入来源，以便提供公正、客观的建议。
Thirdly, they are most likely going to be a “jack of all trades, and a master of none….” – or perhaps one or two - indeed this is precisely what the family will need. What is vital is that the value proposition depends upon their ability to act as an effective “Chief Operating Officer”, co-ordinating the team of skillsets to optimise the outcome and to communicate effectively with the client and their family. This team of skillsets might be substantially internally based for the larger organisations whilst the smaller organisations will need to engage third parties exclusively.
第三，他们最有可能是“博而不精，而非一两项精通”——这正是家办所需要的。重要的是，价值主张取决于他们作为一个有效的“首席运营官”的能力，协调技能团队以优化结果，并与客户及其家人进行有效沟通。这个技能团队在较大的家办组织中可能在很大程度上是内部的，而在较小的家办组织中，他们将需要专门聘请第三方。
When one looks at most of the professional segments providing services to family offices, most are not operating under a business model that is conducive to the required holistic relationship. Siloed experts offer excellence in their field but lack the breadth of knowledge and experience; whilst they have to operate in a transactional environment, imposed by their businesses, that constrains the desire and ability to develop the close personal relationships and overview that most HNW families require.
提供服务给家族办公室的大多数专业领域，大多数都不是在符合所需全面关系的商业模式下运营。独立的专家在其领域内提供了卓越的服务，但却缺乏广泛的知识和经验；虽然他们必须在业务强加的交易性环境中运作，但这种环境限制了发展密切的个人关系和总体概况的渴望和能力，而这正是大多数高净值家庭所需要的。
For the private banks, they need to operate via a segregated entity. In effect, a multi-family office, distinct from the core private bank, which operates on a fee-only (retained basis), and by contracting out services to regulated entities (including its own private bank and investment bank) operates with a different cost basis to the main private banking operation. Clients will pay a premium to be managed by a brand name, but nevertheless for this transparent fee service, a cost model must match the economics of the business model and clearly reflect the potential for some obvious conflicts of interest.
对于私人银行，他们需要通过独立实体运作。实际上，这是一个多家族办公室，与核心私人银行有别，其以纯费用（保留基础）运作，并通过向受监管实体（包括其自己的私行和投行）外包服务来以不同的成本基础与主要私人银行业务进行操作。客户将支付溢价进行品牌管理。但尽管如此，对于这种透明的费用服务，成本模型必须与业务模型的经济相匹配，并清楚地反映出一些明显的利益冲突的潜力。
The independent asset manager or multi-family office is ideally suited to this setup, but it requires sufficient scale to enable the carry of the dedicated holistic team. If one thinks of the mass affluent financial advisory models or the registered investment advisor models of the UK or US, which are fee-based, one can see how this can be achieved. Indeed, this is being done at scale and for HNW families in these jurisdictions where holistic financial services have been operating for decades now.
So, to conclude, to meet the demands of the family office market in Asia, the service providers must adapt their service and business model and become compatible with the specific needs of the HNW families. It is by no means rocket science as a simple look at how things are done in many of the more experienced markets, illustrates the path that needs to be taken.
总的来说，为了满足亚洲家族办公室市场的需求，服务提供商必须调整他们的服务和商业模式，并与高净值家庭的特定需求相匹配。这绝非火箭科学，因为简单地看一看许多更有经验的市场是如何做事的，就能说明需要采取的路径。
The challenge as always in Asia, is to de-transition from the transactional view to the relationship view. This challenge is becoming more achievable as the evolving transparency in financial affairs, forces people to take a professionalised approach to managing their wealth.The companies that adapt their business models and economics (either within their core business or through a satellite) will achieve the significant upside potential, whilst those that do not, will have to keep chasing the next pay cheque. The key to the process is to examine the current business model under which one operates and adapt it to the changing market.
亚洲一如既往所面临的挑战是从交易视角过渡到关系视角。随着金融事务透明度的不断提高，迫使人们采取专业化的方式来管理财富，这一挑战变得越来越可行。那些调整他们的商业模式和经济模型的公司将获得巨大的上行潜力。这个过程的关键是审视自己运作的当前业务模式，并将其调整到不断变化的市场中。
当前亚洲财富管理行业的专业技能存在于各个领域，但大多数专业人士被业务模式束缚在了狭窄的范围内，难以满足客户的整体需求。解决这一问题的关键在于找到具备广泛财富管理知识和经验的“飞行员”，并通过适当的商业模式和服务方式来满足客户需求。
文章译自：Hubbis 《IS THE WEALTH MANAGEMENT INDUSTRY BUSINESS MODEL IN ASIA COMPATIBLE WITH FAMILY OFFICES?》
文章翻译：财策智库
主要作者：Mark Smallwood免责声明：“财策智库”公众号涉及的内容仅供参考，本公众号所发文章代表作者个人观点，不代表本公众号立场，同时不构成对所述产品及服务的出价、征价、要约或要约邀请，不构成买卖任何投资工具或者达成任何合作的推荐，亦不构成财务、法律、税务、投资建议、投资咨询意见或其他意见。对任何因直接或间接使用本公众号涉及的信息和内容或者据此进行投资所造成的一切后果或损失，本公众号不承担任何法律责任。公众号内的文章版权及相关权益归相关内容提供方所有，如涉及侵权等问题，请联系微信号：happykorea01推荐阅读
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