Beyond Boundaries: Crafting the Future of Wealth

Beyond Boundaries: Crafting the Future of Wealth

In 2023, the world witnessed a return to normalcy following the worst pandemic in decades. The days of low-interest rates are now behind us, replaced by a landscape marked by higher capital costs and financial market deleveraging. Traditional asset allocation faces challenges, leading investors to either hold cash or explore alternative asset classes for diversification amid these uncertain times.

As we approach 2024, the wealth planning landscape undergoes continuous transformation amidst global economic shifts, technological disruptions, and policy changes. The world economy, marked by recent events such as regional conflicts in the Middle East, tensions between the US and China, a busy 2024 election calendar, is lumbering from one shock to another. It becomes imperative for private individuals and families to reassess their strategies for wealth protection, wealth transfer, and risk diversification.

In an era witnessing increased intergenerational transfer of family wealth, a thorough review of client portfolios is crucial. Understanding the inherent risks associated with asset classes, the locality of assets, and their ownership structure are vital questions to pose to our clients.

Life insurance, often overlooked and misunderstood by private clients, emerges as one of the most effective tools for generating cash/liquidity when it matters. The policy contract, capable of serving as collateral, enables a direct transfer of assets from the policy owner to the beneficiary in the event of a risk occurrence. The certainty of policy values offers peace of mind and financial security to loved ones. The inclusion of life insurance in a client’s portfolio not only enhances liquidity but also adds certainty to the overall portfolio.

Last October, IPG Howden has rebranded to Howden Private Wealth, showcasing expanded capabilities in servicing business risk solutions. As part of Howden, we are the largest independent insurance group outside the US, with over 15,000 employees worldwide. We look forward to working closely with partners and advising clients on life insurance-based wealth planning solutions. As we embark on this rebranded journey, we anticipate fostering stronger relationships and providing expert guidance to meet evolving financial needs.

Benjamin Cheng
Chief Executive Officer - Howden Private Wealth

A veteran in financial services industry with close to 20 years of experience, Benjamin joined the Howden Private Wealth in 2014 as Head of Hong Kong Branch. He was promoted to Chief Executive Officer, Hong Kong in 2018 and subsequently as Chief Executive Officer, Asia in 2022. As of February 2023, he concurrently serves as Deputy Group Chief Executive Officer.

Prior to joining Howden Private Wealth, Benjamin was with Citigroup for 7 years. His last held position was Head of Insurance Broker Business and Chief Executive of Citi Insurance Broker (Hong Kong) Limited. In this position, he was responsible for managing the sales and distribution as well as developing insurance broker referral across Citigroup’s entities.