“Happiness and Wealth – 5th China Family Business Heritage Forum 2018 and the 7th CEIBS China Family Heritage Forum” was successfully held in Shenzhen from December 9 to 10, 2018. At the occasion, China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) took part in a special sub-forum titled “Speaking for Heritage” as a co-organizer of the event. FOTIC invited dozens of ultra-high-net-worth clients to the sub-forum as well as the “Awards Ceremony for Outstanding Business Succession Enterprises and Professional Service Institutions” for exchanging opinions with nearly 1,000 participants, including heads and successors of family businesses, experts, scholars, and representatives of peer institutions.
This year marks the 40th anniversary of China’s reform and opening-up. After a journey of 40 years of entrepreneurship and innovation, Chinese entrepreneurs have created family businesses, thereby accumulating huge wealth and making great contributions to the country’s socioeconomic development. The founders of these family businesses have all reached the crossroads where they need to handover their businesses to their successors. In this backdrop, the successors to China’s private economy – the second generation of Chinese entrepreneurs – are confronted with a common challenge: how to take over their fathers’ businesses and continue the streak of success amidst complex and ever-changing global economic and financial situation?
The special sub-form, jointly organized by Manulife-Sinochem and FOTIC on the morning of December 10, featured the stories of eight second-generation entrepreneurs, who are now responsible for taking forward their family businesses. They told their stories of inheritance and innovation through live talk shows, and shared their experiences during the course of growing up.
Wei Mengmeng, assistant to FOTIC general manager and general manager of the Wealth Management Center, addressed the event. She also served as the review guest of the talk show and held face-to-face talks with the second-generation entrepreneurs. “In providing family trust services over the years, FOTIC has established contacts with a huge number of successful families. It has come to see their problems in the course of designing heritage plans. More and more high-net-worth families are taking the initiative to approach professional institutions to cope with the complexities and uncertainties involved in inter-generation heritage. To this end, FOTIC is willing to do its best to provide a communication platform so that the younger generation of wealthy families can share their experiences and the guests present can get more help. Maintaining its drive for innovation and providing professional and comprehensive services by focusing on the clients’ peculiar personalities, FOTIC is devoted to advancing the cause of wealth heritage at home,” she said.
On the afternoon of December 10, during a parallel sub-forum titled “A New Decade for Private Banks in China”, Zhu Yuming, deputy general manager of the Wealth Management Center of FOTIC and general manager of the Family Wealth Management Department, exchanged views on the development trend of private wealth management, the path of transformation, and upgrading of wealth management institutions with representatives of peer institutions, including banks, trusts, and insurance companies. He also shared FOTIC’s innovative practices in wealth inheritance and family trusts.
As a trust company operating under a state-owned enterprise, FOTIC is among the first institutions to engage in wealth inheritance and promote the development of localized family trusts. Since the successful development of the first domestic private bank family trust service in 2013, the company has created the family trust service brand of “Wu Xing Hui Ze”, providing a full range of services, including structure design, trust management, and asset allocation, thereby making arrangements for the inheritance, protection and management of cash, financial management, insurance, equities, real estate, and other types of properties. In recent years, FOTIC has won widespread recognition from customers, experts, professional authorities, and partners with its continuous innovation abilities and scientific management system. The company has also won numerous awards. During the 5th Awards Ceremony for Outstanding Business Succession Enterprises and Professional Service Institutions held the night before, FOTIC secured the “Award for Best Insurance Trust Innovation Service” together with its sister company Manulife-Sinochem. Wei Mengmeng, assistant to FOTIC’s general manager and general manager of the Wealth Management Center, received the award on behalf of the company. The award represents the trust and affirmation in FOTIC’s trust services.
“Happiness and Wealth –5th China Family Business Heritage Forum 2018 and the 7th CEIBS China Family Heritage Forum” was jointly organized by China Family Business Review and China Europe International Business School (CEIBS). It is a branded event integrating professionalism, authority, and practice. Through exchange, exploration, and experience sharing, the event has established a platform for exchange and dialogue among family entrepreneurs, high-net-worth individuals, professional institutions engaged in wealth inheritance, experts, and scholars. FOTIC is willing to work together with people from all walks of life to contribute ideas and wisdom to the healthy and rapid development of localized family wealth management, besides helping high-net-worth clients to achieve long-lasting success in family businesses and inheritance of wealth for centuries.