The Wealth Management Institute (WMI) has unveiled a groundbreaking report, “Asia’s Succession Moment: Closing the Planning Gap to Safeguard Legacy,” at the WMI Global-Asia Family Office Summit 2025. The report challenges traditional views on succession, presenting it as a continuous journey rather than a singular legal or financial event. This approach, termed the Legacy Flywheel, emphasises small, consistent actions that foster family unity and resilience over time.
The research underscores the importance of treating succession as a long-term process anchored in shared purpose. According to WMI CEO Foo Mee Har, “Unlike traditional succession models that focus on single moments of transition, the flywheel represents succession as an ongoing cycle where shared purpose guides governance structures.” This method transforms succession from a source of anxiety into an opportunity for deeper family connection and stronger stewardship capabilities.
Philanthropy is identified as a crucial element in this process, acting as a bridge-builder that unites families around shared values. By engaging in philanthropic activities, families can develop trust and communication skills essential for successful transitions. The report suggests that philanthropy provides a low-conflict environment for different generations to collaborate and practise leadership skills.
The Legacy Flywheel proposes three actionable steps for families: starting with purpose, building governance around purpose, and using philanthropy strategically. These steps aim to create a sustainable legacy and strengthen family bonds across generations. As Foo Mee Har notes, “This research shows that when families approach succession as a living practice, they create momentum that can sustain their legacy.”
The study, enriched by insights from the Family Firm Institute, combines interviews with a comprehensive literature review and case analysis, offering a fresh perspective on family succession planning in Asia.
