Yu Qiaoqin
National first-level financial planner
Ph.D. in International Life Insurance Management, LOMA
Vice President of Ping An Group Summit
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In her conversation with Yu Qiaoqin, she repeatedly mentioned the concept of being an insurance family office in the future.
As a senior practitioner in the insurance industry and a Ping An insurer who has served many high-net-worth clients, her plan has been conceived for a long time.
She is a Ph.D. in LOMA International Life Insurance Management and a National Level 1 Financial Planner. From Fujian to Hong Kong to Shanghai, she keenly saw the market demand of Shanghai, an international metropolis.
On June 11, we met in one of her studios in Yangpu District, and Yu Qiaoqin was making tea while talking to me about her career and vision.
Her private studio, unlike the general workplace, is a comfortable and secluded place. As a Fujianese, she likes to work in such an environment, drinking tea and communicating with customers.
Yu Qiaoqin said that the insurance family office model she understands is different from the family office of the structure school, the investment school and other types of family offices, she is taking whole life insurance and annuity insurance as the core, and extending to financial products such as wealth management products, family trusts, and financial investments that can solve the needs of middle and high net worth customers.
In her view, whether it is an insurance agent or a broker, it is from the customer's position to provide a set of solutions to meet the needs of customers. Any one independent financial product cannot meet all the wealth management needs of customers, but multiple products can be met by combined design. Any medium and high net worth customer is not a one-time completion of future wealth planning, but needs to fully grasp the customer's family structure, asset territory, nationality identity, family risk and other information through in-depth understanding, and then tailor-made design, which is the value that the insurance family office can provide to customers.
Here are some of our conversations.
1.
Wang Xiaobo:
You've reached out to so many entrepreneurial clients, what do you think they're most worried about?
Yu Qiaoqin:
I used to do nothing for a while, and every time I saw these high net worth clients, I asked them, what do you care about the most? As a result, many people say that what they are most afraid of is the pension.
I once spoke to the wife of the chairman of a well-known company, and she said that our generation is doomed to die alone. Both of her children are excellent, and after studying abroad, they are now doing very well in a very good company, and my husband is also very busy.
The lady recalled that once when she was sick, she told her husband that she was going to see a doctor, but when he came back from a business trip, he asked her where you were. This matter has a great impact on her, and she feels that in the future, when she is old, she really needs a pension place to take care of her at a high end, and also needs a certain amount of high money for her to get pension services.
This kind of nursing home is best located in a more central location, because if it is too far away, it may be difficult for the child to visit her frequently, and the medical environment is not necessarily good.
Entrepreneurs are high-net-worth individuals with more wealth, why are they so worried about pensions?
When people reach a certain age, there are not so many sources of funds. I can make money now because there are a lot of information and channels, etc. What is the state after the age of 70 is not clear. Many entrepreneurs worry about the future, so they need to have a certain amount of money, preferably a certain amount of guardianship. That's safe for them.
The second thing they care about is high-end medical treatment. When I am sick, can someone take me to the doctor, or if it is not a phone call, someone will help me arrange all the medical treatment, or I can leave after seeing the doctor, and there is no need to check out, this simple model is what they hope to get.
2.
From the perspective of insurance awareness and planning, what advice do you have for these high-net-worth individuals?
My current feeling is that many business owners are often not divided into home enterprises, and often the company's money and family money are mixed together. A generation of business owners is now also beginning to consider whether their children can take over the assets that will be handed to them in the future.
Entrepreneurs in different places are not the same. We entrepreneurs in Fujian, many people have money in the hands of their wives. Because he thinks that this is something that the wife should take care of, so now that I have in-depth communication with many entrepreneurs, the next thing I want to do is to give these wives a series of courses and lectures to tell them what things are very important to the family.
Since the personal and family money is in the hands of the wife, we have to tell the wives that many things are very important, such as the marriage of the second generation of children, and the money you leave for the children may not belong to the children in the end. How to carry out a quarantine in a second-generation marriage requires advance planning.
Regarding Mr. Company's business, many wives don't really know much about it or attach great importance to it now, so we now want to give these wives a series of lectures every Thursday afternoon, telling them what to do and planning for the future of the business and the family, which will be of great help to the family.
3.
Is there a difference between male and female clients serving the family, especially mrs. and mrs.?
I know a lot of male entrepreneurs, and my wife met later because of my husband. My husband and I communicate more about ideas, that is, why do you want to do this, but he does not have the energy to manage specific affairs, and how to do it is the wife's business. So I will talk to my husband about the concept, why do the architectural isolation, why do the basic planning, including the planning of future taxes. The most we talk to entrepreneurs about is the word isolation, which is what they care about.
There is a typical case is the rich bird, our Fujian enterprise, because the chairman died, his family finally gave up inheriting trillions of assets, why? Because he owes a lot of debt. If he had made an insurance plan for himself, the insured was himself, and he had made a whole life insurance or annuity insurance with leverage for the insured, in this case, after his death, he agreed to give this money to his future children, then he did not need to pay off the debt. There is a provision in insurance that the right to benefit is greater than the claim. There are a lot of people who don't understand, so we have to communicate these risks with male entrepreneurs, but he may leave the specific matters to his wife, the company's finances, or the relevant lawyers.
What hope do you have for yourself and your customers?
The first hope is to grow together. In fact, we all need to improve and grow, I think the customer is our best teacher, I also hope to become the customer's best friend, in this process we can help him to do better planning. Growing up with my customers is one of the things I want to do the most.
Second, I hope that in this process, I can help them expand more life-oriented services to help their families solve the problems encountered in life. This is also an intangible service that I want to do more value-added to customers in the future outside of planning. I hope to be a good partner in the life of my clients.
Carmela Parlor
（TALK WITH CARMELA）
One with wealth management, asset management institutions
Dialogue with financial elites such as the financial community
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Written by Wang Xiaobo, Dake