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Aileen Chuang

Goldman Sachs is pushing legacy planning in Asia, including succession and philanthropy, as family offices boom and family-owned businesses continue to dominate the region.
The changing regulatory landscape, growth of family offices and high proportion of family-owned businesses in the region made it a “particularly important period” for wealthy families to engage in generational transition, manage legacies and navigate tensions, said Carra Cote-Ackah, head of legacy planning and philanthropic engagement at the bank’s private wealth-management division.
The US investment bank aimed to provide “best resources” ranging from advisory and fiduciary to philanthropy to Asia’s unique clientele, who were often first-generation wealth creators in innovative and disruptive industries, she said in an interview recently in Hong Kong.
With industry estimates showing that around 85 per cent of Asia-Pacific companies were family-owned, generational legacy planning was crucial to ensuring business sustainability, preserving family wealth and maintaining harmony across generations, according to Cote-Ackah, who was in town for Goldman Sachs’ summer series for the next generation of its wealthy clients.

“Your family legacy is what you build together, not just what you leave behind,” Cote-Ackah said. Sometimes founders are very clear on their long-term vision for the business, but have not really reflected on their long-term vision for themselves without the business, she said.
“Their legacy and identity can and should evolve,” she added. “In this case, succession planning is a process, not an event.”
The process of deciding the next leader should start early to avoid crisis-driven decisions due to illness or retirement, Cote-Ackah said. Identifying roles within the family business was critical to prevent friction, she added.
Family disagreements or tensions occur frequently in real life. One such example is the dispute among the children of Zong Qinghou, the late founder of China’s biggest beverage company, Hangzhou Wahaha Group.
Without referring to any incident, Cote-Ackah said family unity could be achieved through ongoing communication, good governance and iterative planning.
“Communication is often an area where families admit they could do a better job,” she said. “Financial wealth is only as secure as the family’s intentions.”
Some ways to foster a harmonious environment included adopting more open and iterative planning like holding family meetings and creating a family constitution that outlines expectations for family members, Cote-Ackah said.
“When families set goals aligned with their values and hold themselves accountable, they see significant improvements in family unity.”
On the broader legacy planning, preparing the next generation for wealth and inheritance was a crucial topic, as their understanding of wealth and societal messages would ultimately pass on to their children, Cote-Ackah said.
More than US$31 trillion of wealth could be passed to the heirs of affluent individuals in the next decade, with Asia accounting for about US$6.1 trillion, according to a report by research firm Altrata in June. Although Asia has more wealthy individuals than Europe, it would account for only a fifth of global wealth transfers, largely because donors were younger on average – except in Japan, the report said.
“Effective legacy planning involves mentorship rather than control, fostering a high-performing family culture that encourages communication, trust and resilience as members navigate life’s challenges,” Cote-Ackah said.
Philanthropy could be a way to teach values and unite generations in a family, she added.
Goldman observed that families in Asia were increasingly aware of societal challenges, focusing on educational support, growing demand for elderly care amid changing demographics and environmental issues, which were driving philanthropic contributions in the region.
“The incentives around philanthropy that family offices are seeing here are unique,” said Cote-Ackah. “New wealth creators are thinking about philanthropy early in their journey, unlike some families who consider it later for tax planning.”
The donations would be significant, as nearly US$18 trillion, or 15 per cent of the global wealth transfer, would go to charity up to 2048, according to research from Cerulli Associates, a consulting and analytics firm focused on the financial services industry.
“There is a common narrative that business will fail in three generations, which is not inevitable,” said Cote-Ackah. “We encourage our clients to use intentional practices that manage risk and optimise for family performance to protect and grow their family’s legacy.”


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For family-owned firms in Asia-Pacific, legacy planning is crucial to ensure business sustainability, US bank’s Carra Cote-Ackah says


For family-owned firms in Asia-Pacific, legacy planning is crucial to ensure business sustainability, US bank’s Carra Cote-Ackah says.


.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}For family-owned firms in Asia-Pacific, legacy planning is crucial to ensure business sustainability, US bank’s Carra Cote-Ackah says

For family-owned firms in Asia-Pacific, legacy planning is crucial to ensure business sustainability, US bank’s Carra Cote-Ackah says