The PreceptsGroup is the new brand name of the Rockwills Singapore Group with effect from 28 January 2020. Mr Lee Chiwi, CEO, PreceptsGroup International, shares with Asia Advisers Network his vision and why financial practitioners should partner the Group to deliver holistic solutions to clients.
The PreceptsGroup Brand
The PreceptsGroup name was chosen because it is an enterprise with many stakeholders, particularly the team of 6-700 Estate and Success Practitioners (ESPs) who work with the organisation to serve their clients in their estate planning and legacy requirements, he said.
“By definition, a ‘precept’ refers to a rule, directive or principle that guides one’s actions. So, the choice of name is very apt for the business that we are in and it’s a connotation that as an organisation, we stand for strong principles and built-in trust values,” he added.
We are PERSONAL. Every legacy is distinctive, every solution is unique.
We are PERCEPTIVE. Understanding your core goals and helping you to navigate the diverse aspects of your legacy.
We are PREPARED. Leveraging in technology for a seamless and effective experience.
The vision is to be the natural partner for financial intermediaries in estate planning. While there are will-writing companies in the market, Mr Lee said what sets the Group apart is its ability to offer holistic services. For example, assisting clients who need to appoint professional executors and trustees to take charge of their estates which many of the other will-writing companies cannot offer.
Other than the mass affluent clients from Singapore, the Group will also be serving high net worth individuals from across the region who are looking to set up substantial multi-generational family trusts, private trust companies, and family offices, he shared.
The Rockwills heritage
Notwithstanding the brand change following the management buy-out in September 2019, the business continues strongly as usual, with Precepts taking over the mantle from its former Rockwills heritage.
“We started the Singapore Rockwills companies way back in 2008. We had many good years of partnering Rockwills Malaysia. Twelve years on, with the growing demands for senior management’s attention in both countries, came the opportunity for the Malaysian management and shareholders to exit on their investment here and for us to invest in our own growth,” said Mr Lee.
“The impetus to buy the business was that we believe our growth is still in its infancy and there is tremendous value in the companies. Being independent will enable us to carve out our own brand and directions for the future.”
Partnering financial practitioners to deliver holistic solutions
One thing is clear, today’s financial and insurance planners cannot operate in a silo without looking at the overall holistic needs and solutions that clients seek. It is not only about helping clients to grow their wealth but to look at the legacy aspects, and this involves the holding, distribution and putting in multi-generational succession wealth solutions.
He said, “We have worked with many professionals for more than a decade and we can identify with them what the clients require. Our platform not only provides the implementation and execution of the solutions that we provide but also the education required to grapple with and understand the multi-faceted aspects of will-making, setting up of trusts, dealing with asset protection, and mental incapacity etc.”
Estate planning and wealth succession expertise in demand
Mr Lee said that there will be growing demand for expertise in estate planning and wealth succession.
People are getting older and leaving a lot more money behind. There’s a lot of wealth to be passed on to their children and the next generations, and the future is very uncertain. So it augurs well for anyone who sets up a fund for a rainy day in the future for their family members.
He said, “Estate planning, wealth succession is certainly something that everybody needs to look into because with what you’ve built up over the lifetime, all the money, all the investments, your properties, your overseas assets; they have to be dealt with meaningfully in a certain way, and nothing better than to look for a professional to help the client to do these things.”
“We look forward to continuing to build our relationship with financial practitioners as our business partner and to grow the estate planning industry together,” he concluded.
Join the PreceptsGroup to provide Estate Planning services to your clients as an Estate and Succession Practitioner (ESP) here.
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