Legacy Trustee Ltd, an established Asian private trustee with a Digital Asset Infrastructure Platform, has recently signed a Memorandum of Understanding (MoU) with multiple well-known financial institutions and organizations in Labuan International Business and Finance Centre (Labuan IBFC) on Wealth Management Portfolio. This strategic partnership aims to provide clients with an integrated and comprehensive wealth preservation plan, enhancing convenience and safeguarding the best interests of settlors and beneficiaries.
Integrated Wealth Preservation Plan
The primary objective of Legacy Trustee Ltd and its partners is to offer clients an integrated wealth preservation plan. By leveraging their expertise and resources, these institutions aim to deliver comprehensive solutions to protect and grow clients’ wealth. This integrated approach ensures a seamless experience for clients while safeguarding their financial future.
Role of Trusts in Wealth Management
Trusts play a pivotal role in realizing a spectrum of wealth management objectives. They offer individuals and families flexibility in financial planning for asset growth and preservation, while providing a mechanism to segregate power over managing, owning, and benefiting from trust assets. This flexibility allows clients to tailor their financial plans to their specific needs and objectives.
Labuan IBFC and Labuan Foundations
Labuan IBFC is renowned for offering a wide range of financial products and services. One such mechanism that has gained significant popularity is Labuan Foundations. These foundations provide asset protection, confidentiality, flexibility, and tax efficiency. With Labuan Foundations, clients can benefit from a robust and secure structure for wealth management, ensuring that their assets are protected and their privacy is maintained.
Partnership with Bank Islam Trust Company (Labuan) Ltd
Legacy Trustee Ltd, in partnership with Bank Islam Trust Company (Labuan) Ltd, aims to offer an innovative and attractive option of the Labuan Foundations structure for high-net-worth individuals and families as part of their wealth management plan. This collaboration combines the strengths and expertise of both institutions, ensuring clients receive the highest level of service and benefit from tailored solutions that meet their unique financial requirements.
Malaysian Government’s Commitment
The Malaysian government, through its regulatory body, Labuan Financial Services Authority, is committed to developing Labuan as a world-class and sustainable financial center. This commitment provides a strong foundation for the growth and development of Labuan IBFC and positions it as an attractive destination for businesses and investments.
Importance of Collaboration
Mr. Nelson Goh, Principal Officer and Managing Director of Legacy Trustee, emphasizes the importance of collaboration among digital trustee companies, asset managers, and regulators in today’s rapidly evolving digital age. By working together, these stakeholders can ensure the industry’s adaptability, innovation, and integrity, ultimately benefiting clients and the financial industry as a whole.
Enriching Wealth Management and Estate Planning
The signing of the MoU between Legacy Trustee Ltd and Labuan IBFC marks a significant milestone in enriching wealth management, estate planning, cross-financial institutional collaborations, and legacy academy collaborations. This partnership will pave the way for enhanced services, expertise, and solutions in managing and preserving wealth for the mutual benefit of all parties involved.
Economic Benefits for Labuan
This initiative is believed to attract new businesses and investment to Labuan, thus benefiting the Malaysian economy. The collaborative efforts between Legacy Trustee Ltd, Labuan IBFC, and other financial institutions will create a thriving ecosystem for wealth management, attracting both local and international clients seeking secure and efficient financial solutions.
In conclusion, the MoU signed between Legacy Trustee Ltd and Labuan IBFC reflects the commitment to enrich wealth management, estate planning, and foster collaboration among financial institutions. This partnership not only marks a milestone for Legacy Trustee Ltd and Labuan but also contributes to the growth and development of the Malaysian financial industry. Witnesses of this MoU include representatives of Labuan IBFC Incorporated Sdn Bhd, representatives of Bank Islam Trust Company (Labuan) Ltd, and the President of the Malaysian Institute of Estate Planners, highlighting the importance of collaboration and the promotion of trusts and foundations in wealth management and estate planning.