Alex Wong, Head of Trust and Corporate Services at Sovereign Hong Kong
Meet Alex Wong, Head of Trust and Corporate Services at Sovereign Hong Kong. With over a decade of experience in wealth succession planning and corporate structuring, Alex brings invaluable expertise to high-net-worth clients navigating the complexities of international business and family wealth management. In this edition of 5 Questions With, Alex shares insights into his role, approach to client relationships, and the evolving landscape of trust and corporate services.
- Can you share a bit about your background and areas of expertise?
For over ten years, I have specialised in providing high-net-worth clients with family wealth succession planning and strategic guidance on offshore corporate structures within the trust and corporate services sectors. In addition to holding the full member qualification from STEP (Society of Trust and Estate Practitioners), I will be granted Associate Membership with the Hong Kong Chartered Governance Institute as a Chartered Secretary and Chartered Governance Professional. My expertise lies in assisting clients with the management and restructuring of sophisticated private corporate structures, facilitating the systematic transition of family wealth to future generations.
- You were recently promoted to Head of Trust and Corporate Services. What is your vision for leading the team?
The use of trusts can be intricately linked to corporate structures, as a comprehensive trust framework almost invariably involves corporate structures to hold various asset types. Over the past ten years, I have come to understand that being a reliable trust adviser requires broad-based professional knowledge to meet the dynamic demands of global regulatory and tax reporting requirements. I look forward to leading Sovereign Hong Kong’s Trust and Corporate Services team, allowing us to provide clients with even more specialised and extensive advisory services, fully tailored to meet their evolving needs.
- How do you introduce the concept of trustee services to your clients?
The first impression many people have of a “trust” or “trust fund” may be that it is something only high-net-worth individuals need, or they might perceive it as an investment product. However, under common law, a trust is a legally structured fiduciary relationship. Simply put, anyone with personal assets might have a potential need for a trust. An appropriately structured trust can protect assets, achieve tax deferral or reduction, and, most importantly, facilitate the seamless transfer of wealth across generations.
For those considering setting up a trust, choosing a trust company with deep expertise is essential. Trusts are long-term arrangements, making “trust” itself a critical foundation when selecting a provider. I always advise clients to look into the background of the trust company. Sovereign, a multi-jurisdiction corporate service company with 37 years of experience, is dedicated to providing clients with trust and corporate solutions to meet their unique needs. Beyond a trust company’s history, the ability to understand client goals and deliver comprehensive expertise and personalised solutions is highly valuable, particularly for high-net-worth individuals.
- What advice would you give to someone looking to plan for wealth succession?
I recommend that clients first review their current personal and family circumstances and types of assets before setting up a trust. Key factors to consider include: personal and family health conditions (does any family member require special care?), the ages of children and their capacity to manage family assets, the tax residency status of both the client and family members, and which assets are intended to be transferred into the trust.
Establishing a trust structure is much like building a house; a strong foundation is essential. The number of floors and rooms depends on the family’s needs—more children might mean more rooms, requiring deeper foundations. Trust assets are like the furniture and equipment within the house, symbolising how trust assets are utilised to ensure wealth is passed down through generations.
As a professional trustee, I work closely with clients to conduct a comprehensive review of their family circumstances and asset types, guiding them step by step through the trust establishment and asset transfer process to ensure a well-structured and sustainable plan for future generations.
With the rise of wealth in the ASEAN region, we also look forward to exploring new markets and identifying where we can assist.
- How do you embody Sovereign’s values in your work, particularly in maintaining strong client relationships and delivering excellent customer service?
As a professional in trust services, I believe that building a relationship of trust with clients is just as important as having expertise. Over a decade of experience in planning trust arrangements has shown me that delivering an effective trust solution depends on genuinely understanding the client’s needs. Patiently listening and fully understanding the client’s circumstances and objectives are the most crucial steps in establishing a trust.
Sovereign’s core values—Listening, Understanding, Planning, and Delivering—align perfectly with my approach to trust services and my commitment to client-centred solutions.
