WMI's 'Succession Moment' Report: Asia's Families Navigating Legacy Through Purpose and Philanthropy
The Wealth Management Institute (WMI) has released a timely report, 'Asia's Succession Moment: Closing the Planning Gap to Safeguard Legacy', offering guidance for Asian families navigating succession. The report emphasises the importance of ongoing conversations and strategic philanthropy in strengthening family bonds across generations.
WMI treats succession not as a one-off legal or financial event, but as an ongoing journey. The institute introduces the 'Legacy Flywheel' framework, which suggests starting with purpose, building governance around it, and using philanthropy strategically. This approach enables small, intentional actions to compound into unity and resilience over time.
The report highlights eight Asian families who have successfully engaged in regular conversations about shared values and visions. However, only a third of families interviewed have had meaningful discussions about their shared purpose. To bridge this gap, WMI encourages families to view succession as a long-term, capability-building process. Philanthropy serves as a powerful bridge, uniting families around shared values and engaging the next generation.
The WMI report underscores the importance of strategic philanthropy in succession planning. Families who use giving strategically find it easier to discuss values, purpose, and responsibility. By embracing the 'Legacy Flywheel' framework, Asian families can navigate succession while strengthening their bonds across generations, safeguarding their legacy for future generations.
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