Many of those who have successfully implemented succession planning worked closely with experienced and trusted advisors like brokers who can provide the necessary resources, framework and guidance on compliance, tax and risk minimisation.

These advisers are also able to provide a valuable perspective on an individual’s asset portfolio and family circumstances to identify policies that satisfy current and future needs of the family. In addition, they can also assist with transitions of control to safeguard the future of family businesses and the livelihood of its employees. It’s evident that this expertise, working in conjunction with the right insurance policies, has far-reaching benefits that extend to people beyond the members of high-net-worth families.

During its 50-year journey thus far, Charles Monat Associates has helped secure the wealth of the wider region, and witnessed the evolution of Singapore as a financial hub. The company has built intergenerational relationships with its clients to become trusted long-term advisors who protect and preserve their legacies for generations to come. It has been these close partnerships that have facilitated successful succession strategies and formed relationships with families that have transcended generations.

(Related: Singapore's Youngest Billionaire Kishin RK On How He Is Disrupting The Real Estate Industry)

Life insurance is evolving into a powerful asset for the succession planning toolbox. For life insurance opportunities to be fully realised, a tailored policy can remove uncertainty and avoid unknowns. High-net-worth individuals are a diverse segment and face specific challenges based on the source of their wealth. These challenges are well-suited to insurance solutions and there is an opportunity to increase the understanding and awareness of how insurance products can augment wealth planning.

Statistics that have been taken from professional surveys indicate that there are considerably more high-net-worth individuals in Singapore—as compared to those in other parts of Asia—who have incorporated insurance products into their wealth-planning strategies. Most of them utilise insurance for succession and legacy planning, which demonstrates their trust in the relatively high financial security of insurance companies.

Besides offering this security, a reputable insurance company like Charles Monat Associates will understand the nuances of the Asian market and can provide clients with bespoke policies that take into account individual circumstances like family dynamics and asset structures to ensure the smooth execution of wealth transfer.

(Related: KSK Group CEO Joanne Kua On Building A Successful Family Business In Asia That Can Last Generations)

It comes as no surprise that effective succession planning does require time. Insurance can play an important role in guarding against issues arising from illiquid estates or outstanding debt. It can also enable high-net-worth individuals to plan ahead and allow their beneficiaries to maintain their lifestyles.

While it is true that insurance solutions can help to diversify investment portfolio risk through stable returns and leveraging, trusted advisors must first understand individual circumstances to provide solutions that will guarantee success. Get time as well as the right professionals on your side—Charles Monat Associates can help you develop a successful strategy that will provide peace of mind and safeguard your family legacy.

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