CHINA: An Introduction to Private Client/Wealth Management (PRC Firms)

2024年财富管理市场的发展趋势——底线安全与持续发展的平衡之路： 

2023年的国际环境并未得到期待的改善，虽走出了新冠，但全球经济的萎靡依然在继续，俄乌冲突的持续及巴以冲突的激发等地缘冲突，以及由此带来世界范围的深远影响，导致不确定性持续增加，而且短期内并没有看到基本面实质性变化的可能，这些都深远地影响财富管理市场的发展方向。

中国高净值人士、财富家族（“财富人群”）关于底线安全、全面合规、价值平衡、持续发展及系统传承的五个基础场景并没有改变，而且在私人财富管理、家族（企业）顶层结构设计、家族力整体提升、家族（企业）投融资与可持续发展、危机化解与争议解决等领域均存在更广泛的诉求，财富管理市场依然异常活跃，而且必然持续增长。

2024年，有以下八个重要趋势值得关注。当然这些趋势在2023，甚至2022年已初露端倪。这些趋势一定不是短期的，而是财富管理市场的长期方向。

1从财富管理到价值管理： 

在财富管理服务市场，在实现财富人群财富保值和增值服务的同时，越来越多的机构更关注家族价值、企业价值及财富价值的持续提升，开始广泛关注ESG、创新创业、可持续发展等领域，关注的目标更加长期。由此，我们注意到更多机构以价值管理作为定位开展相应的财富管理服务。

2从本土视角的加强到全球视野的生长： 

从本土视角下观察，财富管理机构普遍从系统化、数字化、生态化及定制化等方面持续提升服务能力。大型金融集团在进一步深度打通集团内各机构的协同能力；有几家律师事务所已经初步完成家族办公室服务在中国的布局。伴随着财富集团 “人、财、业” 全球布局的发展，国内各类财富管理机构正在积极布局和建设海外机构和服务能力。 与境外机构的协作服务也显着增强，力度也是空前的。

3关键场景出发的多场景整体解决方案： 

伴随着财富管理特定关键场景的凸显，家族服务与企业服务的打通、境内服务与境外服务的打通、金融服务与非金融服务的打通同时受到了前所未有的关注，财富管理机构都在努力构建多场景下的整体解决方案。基于流量获取、能力支持及共同服务等因素，财富管理机构的边界在打开，机构之间合作意愿在增强，协同与合作成为主旋律，这为财富管理整体服务方案的规划与落地创造了条件。

4家族价值、企业价值与社会价值的平衡： 

在中国式现代化的大背景下，财富人群对家族价值、企业价值与社会价值平衡的关注度在逐步提升，具体体现为更为关注如何让自己的企业成为一个负责任的企业，如何更为有效地规划慈善顶层结构，如何构建更佳的利益相关者关系等。与以往不同的是，对于价值平衡的关注，已经不仅仅是沿海的财富人群，而是所有区域财富人群的共同关注。

5所有权结构与系统治理等结构性力量的深度关注： 

财富人群对于经营性资产及重大非经营资产的所有权、控制权、经营权及收益权的配置有了全新的认识，逐步从自然人财产权、向法人财产权及信托财产权演化，以便更全面的实现财富的保护、管理与传承，这将是一个历史性的趋势。伴随着所有权结构的优化与重构，以及家族信托、家族控股公司及家族有限合伙等结构性工具的应用，家族治理、企业治理及结构性工具的治理日趋受到重视，尤为重要的是多维治理的协同成为了重中之重。

6多类型家族办公室功能与价值的发现与运用： 

单一家族办公室（SFO），联合家族办公室（MFO）及机构家族办公室（FFO）的发展趋势是确定的，SFO数量显著增加，MFO更趋活跃，FFO普遍设立，财富人群对于家族办公室的功能与价值有了全新认识，更愿意去尝试与家族办公室的合作。规范家族办公室行业的呼声也越来越高，从无序到有序的发展同样也是一个确定的趋势，这是一个行业持续发展的前提，这恰恰也是市场所特别期待的。

7财富管理服务生态的新格局： 

越来越多的主体参与到财富管理市场之中，伴随着财富管理市场的日趋成熟，更多机构在调整相应的市场战略，以全新的姿态进入财富管理市场。

比如：头部证券公司对财富管理市场的投入显著增加，纷纷成立与家族办公室功能类似的企业家办公室，这已经成为当下全新的具有中国特色的财富管理市场主体，值的观察与期待。

更多有实力的机构进入财富管理市场，必然会改变市场的竞争格局，并重构财富管理服务生态，这个迹象是非常明显的，所有的财富管理机构都在做相应的调整与优化。

同时政策的调整也会深刻的影响财富管理市场的格局。比如 “报行合一” 的执行，对于银行与保险机构的合作格局与模式会产生非常深刻的影响，未来可能的变化值的探索。

8财富管理工具的创新与完善： 

财富管理市场的更多可能性与繁荣，离不开财富管理探索、创新，这一点应当持续关注。比如：捐赠者建议基金（DAF）在国内已经受到了广泛的关注，金融机构、基金会等市场主体都在做相应的实践探索。

再如：由多家金融机构与慈善机构共同参与的慈善保险的工具创新也正在进行中。在实践中，财富管理工具功能与价值的持续优化与完善和创新同样重要。

例如：近年来，家族信托的功能价值得到了更为充分的延展，已经从归属管理、流向管理、流量管理及安全管理的功能，逐步演进为权利配置、家族治理、价值管理及系统保障的平台。

总体来看，从底线安全出发、保障胜利果实，从全面合规出发、实现价值平衡，从持续发展出发、实现系统传承，将是2024财富管理的主旋律，其中对于如何实现底线安全与持续发展的平衡将是财富管理市场的核心关注。

伴随着财富管理市场的发展，财富管理法律服务市场的变化是显而易见的。越来越多具有更大影响力的法律服务机构着手系统性地开展财富管理法律服务；越来越多的家事、税务、公司、投资、证券、金融、争议解决等不同专业背景的律师纷纷转向财富管理法律服务领域，这也是非常令市场振奋和期待的。

Development Trends of the Wealth Management Market in 2024 - The Balance between Bottom-Line Security and Sustainable Development:

Despite the fact that we have gone through the COVID-19 pandemic, the international environment has not improved as expected in 2023 and the global economic malaise remains. Geopolitical conflicts such as the ongoing Russia-Ukraine conflict and the escalation of the Israeli-Palestinian conflict, along with their far-reaching global impact, have led to increasing uncertainty. In the short term, there is no prospect of substantial fundamental change. These factors have profoundly influenced the development direction of the wealth management market.

Chinese high-net-worth individuals and wealthy families (“the wealthy group”) not only prioritise five basic scenarios of bottom-line security, comprehensive compliance, value balance, sustainable development and systematic inheritance, but also have broader demands in areas such as private wealth management, top-level structure design for families (enterprises), overall enhancement of family strength, family (enterprise) investment and financing for sustainable development, crisis resolution and dispute settlement. The wealth management market remains exceptionally active and will definitely continue to grow.

Here are eight key trends worthy of attention in 2024 which were, of course, already in their infancy in 2023, or even 2022, as the long-term direction of the wealth management market rather than the short-term direction.

1 From wealth management to value management: 

In the wealth management service market, while providing wealth value preservation and appreciation services for the wealthy group, more and more institutions are paying attention to the continuous improvement of family values, corporate values and wealth values. They are beginning to focus on areas such as ESG, innovation, entrepreneurship and sustainable development, with a longer-term goal in mind. From this phenomenon we have noticed that more institutions are positioning themselves to provide wealth management services based on value management.

2 From the reinforcement of local perspectives to the growth of global perspectives:

Observed from a local perspective, wealth management institutions generally continue to improve their service capabilities from the perspectives of systematisation, digitisation, ecology and customisation. Large financial groups are further deepening and bridging the coordination capabilities of each internal institutions; some law firms have initially completed the layout of family office services in China.

With the development of the global layout of “people, wealth and business” of the wealth group, various types of wealth management institutions in China are actively deploying and building overseas institutions and service capabilities. Collaborative services with overseas institutions have also been significantly enhanced, the intensity of which is also unprecedented.

3 Overall solutions for multiple scenarios starting from key scenarios:

With the highlighting of specific key scenarios in wealth management, the integration of family services and corporate services, the integration of domestic services and overseas services as well as the integration of financial services and non-financial services have received unprecedented attention. Wealth management institutions are striving to build overall solutions for multiple scenarios. Based on factors such as flow acquisition, capability support and common services, the boundaries of wealth management institutions are opening up, and the willingness to cooperate between institutions is increasing. Collaboration and cooperation have become the main themes, creating grounds for the arrangement and implementation of overall wealth management service solutions.

4 Balance of family value, corporate value and social value:

Against the backdrop of Chinese-style modernisation, the attention of the wealthy group to the balance of family values, corporate values and social values is gradually increasing. This is specifically reflected in a greater focus on how to make their own companies responsible, how to effectively arrange the top-level structure of charity and how to establish better stakeholder relationships. Unlike in the past, the focus on value balance is no longer limited to the wealthy group in coastal regions, but a common concern among the wealthy group in all regions.

5 In-depth concerns regarding the power of ownership structure and system governance:

The wealthy group has gained a new perception of the allocation of ownership, control, management and profit rights of operating assets and significant non-operating assets. It has gradually evolved from individual property rights to corporate property rights and trust property rights in order to comprehensively achieve the goals of protection, management and inheritance of wealth, which will be a historic trend.

Along with the optimisation and restructuring of ownership structures, the application of structural tools such as family trusts, family holding companies and family limited partnerships is increasingly valued. Family governance, corporate governance and the governance of structural tools are also increasingly valued, especially the synergies of multidimensional governance, which is of particular importance.

6 Discovery and application of functions and values of various types of family offices:

The development trend of single-family offices (SFOs), multi-family offices (MFOs) and functional-family offices (FFOs) is certain. The wealthy group has gained a new understanding of the functions and values of family offices and is more willing to cooperate with them. The number of SFOs is significantly increasing, MFOs are becoming more active and FFOs are commonly established.

There is an increasing demand for standardisation in the family office industry. The transition from disorder to order is also a definite trend, which is a prerequisite for the continuous development of the industry and is eagerly anticipated by the market.

7 A new pattern in the wealth management service ecosystem:

More and more entities are participating in the wealth management market. Importantly, as the wealth management market matures, more institutions are adjusting their market strategies and entering the wealth management market with a fresh approach.

For example, leading securities companies have significantly increased their investment in the wealth management market and have established entrepreneur offices. Entrepreneur offices, which have similar functions to family offices, have become a new type of wealth management market entity with Chinese characteristics which is worthy of observation and expectation.

The entry of powerful institutions into the wealth management market will inevitably change the market's competitive landscape and reconstruct the wealth management service ecosystem. It is clear that all wealth management institutions are making corresponding adjustments and optimisations.

At the same time, the adjustment of policies will also profoundly affect the landscape of the wealth management market. For example, the implementation of the “integration of reporting and implementation” will have a profound impact on the pattern and mode of the cooperation between banks and insurance institutions, and it is worth exploring possible changes in the future.

8 Innovation and improvement of wealth management tools:

The exploration and innovation of wealth management are essential for the potential and prosperity of the wealth management market, and this deserves continued focus.

For example, Donor-Advised Funds (DAFs) have received widespread attention domestically, and financial institutions, foundations and other market entities are conducting corresponding practical explorations.

By way of another example, the innovative tool of charitable insurance, in which multiple financial institutions and charitable organisations are involved, is currently underway.

In practice, the continuous optimisation, improvement and innovation of the functionality and value of wealth management tools are equally important. For instance, in recent years, the functionality and value of family trusts have been further extended, evolving from functions such as ownership management, flow management, cash flow control and security management to platforms for rights allocation, family governance, value management and system security.

Overall, starting from the bottom line of security and ensuring the fruits of victory, starting from comprehensive compliance and achieving value balance, starting from sustainable development and achieving systematic inheritance will be the main themes of wealth management in 2024, with how to achieve a balance between security bottom line and sustainable development being the core concern of the wealth management market.

With the development of the wealth management market, the changes in the wealth management legal services market are evident. An increasing number of influential legal service institutions are systematically engaging in legal services in the field of wealth management; more and more lawyers with different professional backgrounds in family affairs, taxation, corporate matters, investment, securities, finance and dispute resolution are transferring to the field of legal services in wealth management, which is also really exciting and promising for the market.