Life can be unpredictable, but a positive attitude and careful planning makes all the difference. Even tragedy can have a bittersweet ending, and a client who was once a stranger can become a lifelong friend.
“I’ve known my late client’s son since he was very young, so I get sentimental every time I visit him. It always reinforces my faith in what we do,” says Randolph Chou, Senior Vice President of DBS Private Bank, Hong Kong, recalling the story of the family’s trust fund. To Randolph and his private bank team, their priority is safeguarding their client’s lifetime of wealth and carrying out his wishes for his family’s future.
Randolph Chou, Senior Vice President of DBS Private Bank, Hong Kong (R)
Jonah Fan, Assistant Vice President of DBS Private Bank, Hong Kong (L)
“He was a loyal client of DBS Private Bank for many years. As soon as I heard about his health problems in 2017, I flew to Taiwan to see him.” During that visit, Randolph learnt that his client had little time left. “He was the family’s breadwinner and decision maker. Though we tried to stay positive, it was our duty to prepare for the worst, for his sake and that of his wife and son, who was just five at the time. So we suggested a family trust, hoping to ease his financial worries so he could focus on his health.”
Jonah Fan, Assistant Vice President of DBS Private Bank, Hong Kong, adds, “It was an urgent situation. His wife didn’t fully understand his assets, and his health was taking a turn for the worse. Carrying out his wishes meant making special arrangements and expediting the necessary legal procedures.”
The two solemnly recount the passing of their client.
“He was still in good shape at our first meeting, detailing family expenses and planning milestones for his son,” says Randolph. “He wanted to encourage his son to start a family, so he set up bonuses for marriage and childbirth by a certain age.” Reassured that his client seemed stable, Randolph returned and had the family trust proposal quickly drafted for the client’s approval.
By their next meeting however, the client was losing his ability to move and speak. “It was deeply sobering. Things were changing fast, and we couldn’t risk any more delays,” recalls Randolph. He and Jonah immediately reached out to their manager and the relevant departments, pulling together the bank’s resources to fast-track this case. They even engaged the help of their colleagues in Singapore, who understood the weight of the circumstances despite the distance and were quick to offer support.
“Together with the execution, asset management and compliance departments, we worked more quickly than ever before. In just two or three months, we had established a fully compliant family trust that accounted for all of the client’s wishes,” says Jonah, lowering her head. “By our final meeting, our client was no longer able to speak. He passed away just one week after we had fulfilled his requests.”
After all these years, Randolph still checks in regularly with his client’s family.
“Beyond his financial legacy, he had also entrusted DBS with the care of his family,” says Randolph. “We honoured his trust by ensuring that the terms of the trust fund covered every imaginable scenario.” Randolph still visits the family every six months, wanting to ensure that the trust continues to meet the family’s needs and support the child’s childhood and education expenses.
Jonah is grateful for her own growth through this experience. Life can be unpredictable, but a positive attitude and careful planning makes all the difference. Even tragedy can have a bittersweet ending, and a client who was once a stranger can become a lifelong friend.