Ms. Svetlana Ryabokon, Head of Wealth Structuring and Fiduciary Services at Oracle Capital Group, spoke at the Jumeirah Carlton Tower in London, April 22nd, on the topic of “The generational change and demands around wealth and investments” with a focus on “Advising and planning for a next generation of wealth”.
During the round table and panel discussion, where the attendees included senior decision makers from Single Family Offices, Multi Family Offices and Pension Funds as well as High-Net-Worth Individuals, Ms Ryabokon spoke about trends in the private client sector and the increasing importance of succession planning and business inheritance.
She explained that as the new generation of wealth in Russia reaches middle age, it moves from wealth accumulation and a united complex of assets towards advising the next generation of wealth.
Ms Ryabokon said that while the concept of business succession in Russia is not as developed as in the West, in the last five to ten years, as the children of the newly-wealthy grow up and often move to Western Europe, their first-generation-wealth parents are beginning to want to plan in advance and involve their children in inheriting businesses. The increasing popularity of succession planning can also be seen in that private banks in Russia are offering special courses in bank accounting for this new generation.
Ms Ryabokon also noted that wealth succession planning can pre-empt difficulties should an accident or other disability befall the head of a family business where in such cases, without forward planning, there can be a marked wealth decline.
Also in April, and for the third year in a row, Oracle Capital Group participated in the Adam Smith Conference in Moscow on Wealth Management and Private Banking: Russia and CIS where Ms Ryabokon spoke on “Exploiting Asian Growth Opportunities”. Ms Ryabokon also participated at the ninth annual Legal Forum Russia in Moscow, which brought together leading businessmen and members of the legal community in order to discuss matters of law which affect business development.
