The pandemic has radically changed the way people and businesses work and behave. Specifically, high-net worth individuals (HNWIs) in China have been looking for alternative ways to manage their assets in the face of travel bans and overseas lockdowns.
In Sherrie's recent interview with Asian Private Banker, she points out that this is a prime moment for corporate service providers who can adapt and become a 'one stop shop' for clients, who are finding it increasingly difficult to liaise with multiple, and sometimes overseas, service providers. As such, the corporate service providers who can ensure digital connectivity while maintaining a local presence close to their clients will win out in these pandemic-stricken conditions.
Sherrie commented,
"It is important to stay closely connected to clients
during these challenging times. Some clients who may have managed
their assets located in multiple jurisdictions by themselves in the
past, are now turning to us for local support and assistance
— especially if they have encountered difficulties reaching
their overseas financial institutions,"
"Due to the travel restrictions in force globally, it has
become harder to start new client relationships because we
don't have the personal interactions. Likewise, clients are
less eager to look for new service providers during this
time."
In addition to proactive client relationship management, strong internal communication is also key. As Sherrie points out in the piece, more HNWIs have requested help to consolidate their business overseas, and Vistra teams across the world have responded to client needs by collaborating together to streamline documentation preparation processes.
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