HSBC Explores the Future of Wealth with Next Generation Family Business Leaders

The challenges of taking over a family business, managing family wealth, handling generational expectations and discovering how to navigate potentially complex familial relationships were some of the key issues recently discussed at HSBC Private Bank’s Next Generation business forums held in London and Miami on September 9-11.

In addition to the forums, called 'Exploring the Future of Wealth,’ a podcast featuring HSBC specialists Gerry Joyce on succession planning and Russell Prior on philanthropy is now available – Click to listen

"Harnessing the next generation's energy and potential is a critical component of succession planning. They are ambitious and highly talented and want to make a contribution. If the plan is designed thoughtfully, it will ensure that they develop both as people and future business partners," said speaker Gerry Joyce, US Head of Private Wealth Solutions at HSBC Private Bank.

"Philanthropy can play a really important role in developing cohesion for a family, in terms of its vision and values. A family approach to philanthropy can also be used to develop a sense of purpose, a sense of responsibility and a sense of proportion for the next generation. It provides an opportunity for participation in collective decision making or reaching consensus, as well as building a sense of trust between generations," observed Russell Prior, HSBC Private Bank European Head of Philanthropy.

Next Generation participants receive expert guidance about future wealth and investment strategies, the latest entrepreneurial trends, economic forecasts, best-practice leadership insights, sustainable business and philanthropic considerations; as well as social investing updates. Delegates also get the opportunity to network and share their thoughts with peers in similar situations, learning from the experiences of each other.

The forums, part of a series of HSBC Private Bank education and networking opportunities aimed at helping next generation family business leaders, are popular with families in generational transition, helping them to preserve the legacy of their existing family wealth and further enable future generations of success. HSBC Private Bank also hosted forums in Geneva and Macau earlier this year. HSBC Private Bank has been advising business families and assisting in preparing the next generation of family business leaders for almost 70 years.

Notes to editors:

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About HSBC Private Bank

As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Bank seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.

For more information, visit www.hsbcprivatebank.com

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,100 offices in 72 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,572bn at 30 June 2015, HSBC is one of the world’s largest banking and financial services organisations.

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