We talk to a financial consultancy working in Asia with HNW and UHNW clients. In particular, the interview examines how forms of life insurance can offer liquidity solutions, and more.

This news service’s group editor, Tom Burroughes, recently interviewed Martin Wong, the regional CEO in Asia for Grandtag Financial Consultancy, the Hong Kong headquartered Asia-based consultancy. GFC serves high net worth and ultra-HNW clients in the region. (The group CEO and founder is Jameson Leung.)

Wong, who is based in Singapore, has been at the financial planning organisation since 2022. Prior to GFC, Wong (main picture) was group chief business development officer at Charles Monat Associates, he led Jardine Lloyd Thompson Private Client Services as CEO, and worked at Merrill Lynch, among other roles. 

GFC is a financial advisor and international broker; it works with private banks, trustees, family offices and external asset managers, providing liquidity and legacy planning solutions to HNW and UHNW individuals and families. The firm has more than 50,000 clients worldwide, including Asia-Pacific markets such a Brunei, China, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.

“Our business success combines the best of our open architecture advisory platform with access to international expertise with global insurers, wealth managers, and tax and legal advisors,” he said. 

Besides its presence in two major Asian wealth centres – Singapore and Hong Kong – it has set up its third office in Malaysia, which was officially opened in November 2023.

Tom Burroughes: I saw that the firm is marking its 25th anniversary this year. In your view, what has been the largest change that has taken place in Grandtag's sector, and what core business has stayed the same? 
Wong: Over the past 25 years, we have remained true to our motto, "A Passion to Go Beyond," emphasising our commitment to providing exceptional service and helping high net worth clients secure their legacies across generations.

What has changed is the overall awareness level of the critical need to plan ahead in light of the Covid-19 pandemic that affected every client segment, including the wealthy. The global risk environment escalated significantly, and discerning clients began adopting protective solutions to safeguard and mitigate their families, businesses and portfolios.

In addition, we have transformed our wealth advisory approach by adopting a high-tech, high-touch model. This modernises the traditional face-to-face, relationship-driven model with digital enhancements. Our clients now have 24/7/365 access through a unified digital platform, improving both customer experience and operational efficiency.

Social media is this generation's lingua franca and more so moving forward. "We are leveraging social media astutely and creatively to remain relevant and connect with our clients."

Burroughes: Let's talk about "jumbo" insurance and what it can be used for by HNW clients. Can you describe its value proposition to clients in Asia and elsewhere, why do you think this sort of product is in demand?
Wong: Jumbo life insurance offers powerful wealth planning solutions for high net worth clients. Designed for HNW and UHNW families, these life policies provide high coverage levels and a cash value component that grows over time. This combination offers flexibility, allowing policyholders to access funds or to protect and grow their legacy with liquidity.

For clients with substantial businesses, jumbo life insurance supports business continuity and family wealth preservation. The cash value can provide liquidity for estate taxes, business succession, or inheritance equalisation without liquidating core assets.

The surge in demand for jumbo life insurance stems from Asian entrepreneurs' growing focus on succession planning and legacy preservation. Economic uncertainty has heightened interest in such solutions, while premium financing and premium-in-kind payment options appeal to sophisticated clients seeking to optimise their assets and wealth transfer solutions. Additionally, it helps global families with cross-border interests, addressing international tax requirements and providing a tax-efficient means of wealth transfer.

For Grandtag, as a specialist partner to private banks, trustees, family offices, and external asset managers, jumbo life insurance is more than a product; it is a strategic tool integrated into wealth preservation and transfer strategies for our most sophisticated clients. Its substantial coverage aligns with the wealth transfer needs of our ultra-high net worth clientele.

Burroughes: Can you elaborate on the consultative work that Grandtag does with clients when considering such policies?
Wong: We take a holistic approach to wealth planning, consulting closely with our clients' private bankers, trustees, lawyers or tax advisors on using life insurance contracts to strategically help clients achieve their goals while managing risks. Our process starts with deep listening to understand each client's unique circumstances, goals, and concerns. 

A key element of our approach is our strong partnerships with a diverse network of wealth experts. We work closely with these partners to craft solutions that align with each client's tailored plan for themselves, their family, or their business interests. Our solutions address critical areas such as wealth transfer, liquidity planning, asset protection, tax optimisation, and philanthropic giving.

Another key development is the growing emphasis on technology, particularly among the younger generation of HNW and UHNW clients. In today's fast-paced financial markets, clients need rapid access to information and decision-making tools. Modern Asian clients expect real-time portfolio visibility and insights via digital channels. Accredited investors also rely on technology to evaluate investments, monitor performance, and explore diversified strategies.

Burroughes: How many of your clients are internationally mobile individuals with cross-border concerns and interests, and does this raise particular challenges?
Wong: A significant portion of our clients are internationally mobile individuals with families and business interests across the Asia-Pacific region and globally. As a result, their wealth portfolios have become increasingly complex, spanning multiple jurisdictions, asset classes, and currencies. This adds complexity to legacy planning, requiring our advisors to develop comprehensive plans that consider all aspects of each portfolio while navigating cross-border financial and regulatory considerations.

Burroughes: How do you interact with private banks, external asset managers and other parties in the wealth management ecosystem?
Wong: We collaborate closely with private banks, trustees, family offices, and external asset managers by extending their service offerings to include wealth and legacy planning solutions. 

We have also established deep, trusted relationships with global top-rated insurance carriers. These partnerships are strategic alliances that give us access to a diverse range of world-class insurance solutions, which we use to design sophisticated legacy plans with favourable terms that are truly bespoke and tailored to our clients' diverse needs.  

We also maintain active collaborations with best-in-class professionals across the wealth management spectrum. This carefully curated network allows us to offer comprehensive solutions through a single, integrated platform. 

Burroughes: How do you go about raising awareness of your brand and getting the word out? 
Wong: Professional relationships and word-of-mouth referrals are key to our growth. As we mark our 25th anniversary, our track record in providing sophisticated insurance solutions for complex wealth planning needs leads to referrals from partners and satisfied clients. These authentic endorsements from trusted sources – such as private bankers, family offices, and external asset managers – carry significant weight in our high net worth segment.

Given the confidential nature of our work and our sophisticated clientele, we build our brand through demonstrated expertise. This includes sharing thought leadership on wealth planning topics and participating in industry events for partners and prospective clients. These platforms allow us to showcase our understanding of wealthy clients' challenges and our innovative solutions.

We are also pioneering new ways to engage with the next generation of wealthy Asians. As the first among our peers to establish a strong social media presence, including an active TikTok channel, we connect with digital clients where they are based. Our digital content strategy presents complex wealth planning concepts in accessible, engaging formats, complementing our traditional strength in relationship building. 

Burroughes: How can the toolkit of insurance-driven solutions, in your view, be given more exposure in the wealth management sector, given its value in dealing with matters such as critical illness, structuring and protecting wealth, including inheritance, etc? What would you like to see change so that the insurance angle can flourish even more?
Wong: The key to expanding the visibility of insurance-driven solutions lies in fundamentally reshaping how these tools are positioned within legacy and wealth planning conversations. Rather than treating insurance as a secondary consideration, it should be elevated as a cornerstone of strategic planning discussions, particularly when addressing intergenerational wealth transfer, business succession, and estate preservation. The sector needs to move beyond viewing insurance merely as protection and instead recognise it as a sophisticated planning instrument.

To do so, relationship managers, wealth advisors, and partners need continuous education to have a better understanding of how insurance can be strategically deployed beyond its traditional risk management role for optimal legacy planning outcomes. At Grandtag, we are particularly focused on enhancing advisor expertise in leveraging insurance solutions for complex wealth structuring challenges. Our professionals are trained to identify opportunities where insurance can provide unique advantages – whether in tax-efficient wealth transfer, business succession planning, or providing liquidity for estate settlements. We also share knowledge among our network, helping our strategic partners to have a better understanding of the value that insurance brings to clients and its potential to meet legacy planning goals.