How to secure your family’s financial future]

High-net-worth individuals (HNWIs) who come to Opus by Prudential for help with legacy planning typically want to ensure that their wealth can be transferred smoothly to beneficiaries with minimal tax burdens.

They ask about the tax implications of their insurance policies, protection against personal liabilities, how they can structure their wealth to ensure continuity and optimise their estate for their beneficiaries.

Often, however, they overlook the importance of regular reviews. They may also neglect to communicate their plans.

Mr Goh Theng Kiat, chief customer officer at Prudential Singapore, says: “Circumstances and priorities may change, and you want to ensure that your legacy plans are still on track and reflect your current wishes.

“Sometimes, we make plans but forget to inform others.”

But, building a successful legacy is as much about strengthening family ties as it is about safeguarding financial assets.

A holistic approach to legacy planning can help HNWIs avoid such shortcomings.

Opus by Prudential, which is the insurance company’s dedicated high net worth programme, has equipped 265 private-wealth consultants with dedicated resources and professional development opportunities that help them better serve the needs of HNWIs.

Last year, 30 of these private-wealth consultants completed a fully funded, customised course designed by the Wealth Management Institute (WMI), aimed at equipping them with expertise in asset protection, liquidity planning, wealth accumulation and wealth preservation.

WMI, founded by Singapore state investors GIC and Temasek, is a centre for wealth and asset-management education and research.

HNWIs who engage one of Opus’ private-wealth consultants receive comprehensive guidance in taking stock of everything they own – from insurance policies and bank accounts to investments and debts – to create a clear view of what needs to be done.

These consultants take their customers through a comprehensive fact-finding process to, firstly, ensure the customer has sufficient funds for retirement, and secondly, to determine what is to be left to family members or to charity.

Mr Goh says: “Prudential’s private-wealth consultants are trusted advisors to our high-net-worth customers and have a wealth of knowledge to guide customers through a comprehensive legacy planning process to meet their individual needs.

“Private-wealth consultants also facilitate expedited underwriting, dedicated case management, connections to our panel of partners and other services as part of the Opus programme to deliver a bespoke experience for customers.”

Opus’ panel of experts includes lawyers as well as tax and trust consultants, all of whom customers can tap to better navigate their legacy planning.

“Our Prudential financial representatives also work closely with these experts in engaging customers and providing advice from an insurance point of view,” Mr Goh adds.