Hints and tips:
...Mr Rennell says it is important to ensure that decision-making procedures have legal effect. Family constitutions are a growth area for consultants, lawyers and wealth managers....
...“As most of these businesses are still at the first- or second-generation stage, the potential for succession-related conflict is high,” says Bernard Rennell, global head of family enterprise succession...
...When there are multiple children, the risk is that someone feels left out, notes Bernard Rennell, global head of family governance and enterprise succession at HSBC....
...Splitting assets between siblings after the death of a patriarch or matriarch seldom makes sense, Rennell believes....
...Bernard Rennell, global head of private wealth solutions at HSBC Private Bank says many markets have witnessed an unprecedented increase in wealth since the second world war, particularly in Asia....
...Bernard Rennell, chief executive of north Asia for HSBC’s Private Bank, points to Hong Kong as an example of an increasingly complex wealth market....
...“Self-made entrepreneurs – and we see plenty of these in markets such as Asia where most of the wealth has been created since the second world war – have their own particular challenges,” says Bernard Rennell...
...Bernard Rennell, chief executive, North Asia, HSBC global private banking and global head of private wealth solutions, agrees: “Often their wealth is international, with assets and family members spread...
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