Interview with Jessica Cutrera, President of Leo Wealth on Global Citizens & Americans in Asia
The 2021 Private Wealth Series
How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion?
The 2021 Private Wealth Series is a special coverage on private wealth in Asia. Hear from leading private wealth experts, institutes, banks, private banks, fund managers, investment managers, insurers, tax, legal, risks, regional and international experts and many more.
Learn about private wealth in Asia, how to manage $3 million to $300 million of assets, where to find private wealth services, how key financial centres such as Hong Kong and Singapore play a role in managing assets, should assets be managed regionally or globally. Find out where the wealth is growing fastest, how the biggest wealth transfer is taking shape, how managing traditional wealth and new wealth is different and many more. If you are a financial professional, professional investor or institutional investor, how do you advise clients and how do you manage $20 million to $3 billion of assets?
Interview with Jessica Cutrera, President of Leo Wealth on Global Citizens & Americans in Asia
The 2021 Private Wealth Series: Jessica Cutrera, President at Leo Wealth
We speak to Jessica Cutrera, President at Leo Wealth, who shares her valuable insights on Global Citizens and Americans in Asia in The 2021 Private Wealth Series.
Leo Wealth is a leading independent global wealth advisor, formed by the merger of three powerhouse firms: The Capital Company, LeoGroup and BFT Financial Group. With offices in Hong Kong, New York, New Jersey and Dallas, our wealth professionals provide comprehensive expertise and personal guidance to support both private clients and companies. We support global citizens through their journey to achieve wealth creation and protection across borders. Our bespoke offerings include holistic wealth management, global tax planning, cross border estate planning, alternative investments and global portfolio strategies.
We are 100% independent, owned and operated by a diverse group of equity partners who came together over shared values of providing trusted advice, international expertise, and personal commitment to do better for clients. We believe our independence is one of our strongest assets, and our people are what make us special. Every day we commit our energy, expertise, and initiative to the preservation of wealth, the growth of capital and the creation of value. We work together on a foundation of trust, transparency, and accountability.
Highlights from Interview
- On Tax: “A lot of speculation and concern over the potential tax law changes under the Biden administration”
- On Wealth: “Fixing poor planning is often time consuming and costly”
- Horror Story: “Families who got advice from someone who wasn’t qualified”
- “Bad advice provided to international Americans as it relates to tax, estate and investments is rampant”
- HNW clients: “Some clients with a very high net worth may only have a small amount of liquidity”
- Hot topic: “How to manage their global interests sustainably to mitigate risks and safeguard their wealth, especially in cross-border situations”
- “Clients are interested in both public markets and alternative investments”
- Chinese families: “Seeking on-the-ground support for tax and legal expertise in both the US and China”
- On Global Citizens: “Challenging and it can take months to onboard a new client and structure services”
- Leo Wealth: “Expertise in United States-Asia link, work with Americans, the British, Australians and global citizens”
- Likely first travel destination: Singapore and Japan
” Fixing poor planning is often time consuming and costly “
Introduction:
Who are you and what do you do?
Jessica: I am Jessica Cutrera, President at Leo Wealth, based in Hong Kong. Together with my team of wealth advisers in Hong Kong and the US, our company provides comprehensive wealth management and planning services in tax, financial, and estate planning for global citizens, specializing in serving Americans living in Asia.
- President at Leo Wealth
- Founding Parter of Capital Company in 2017
- Co-founded EXS Capital Asia in 2008
- Member of Society of Trusts and Estate Practitioners (STEP)
Prior to Leo Wealth, I was the Founding Partner at The Capital Company, an independent asset management firm formed at the beginning of 2017. Before that, I co-founded EXS Capital Asia Limited in 2008 and served as a Responsible Officer and head of Operations and Compliance until 2016.
On United States Citizens & Global Citizens
1. You have a focus on United States Citizens & Global Citizens. Why US & Global Citizens? What do they need? Is advising US citizens more complicated due to disclosure, declaration & tax issues? Do you also have Asian clients?
Jessica: Arguably, the greatest gaps in the market and the greatest opportunities for us is to offer a seamless, integrated cross-border wealth solution for global citizens. It is more important than ever to support them through uncertain market conditions and help them manage the tax and accounting implications across multiple jurisdictions.
- Integrated cross-border wealth solution for global citizens
- Manage tax & accounting implications across multiple jurisdictions
- Serve over 500 global citizens, HNWs and families
- Expertise in United States-Asia link
- Chinese families seeking on-the-ground support for tax and legal expertise in both the US and China
As a US citizen living in Asia, I understand the challenges you would face in managing your wealth. My team at Leo Wealth and I service over 500 global citizens and high-net-worth individuals and families around the world, many of whom we have been servicing for several years, to support them in managing their wealth and estate. Many clients come to us as our expertise in the US-Asia link is one of our major strengths. We understand the differences and interactions between the US tax system and various other jurisdictions to manage tax challenges.
We provide global citizens with a truly comprehensive wealth management platform with an investment portfolio that is closely aligned with their interests and appetite. We are already seeing inbound Chinese families seeking on-the-ground support for tax and legal expertise in both the US and China, with this trend likely to continue in the years to come.
” Serve over 500 global citizens, HNWs and families “
2. You have many years of experience managing assets & advising HNW clients & global citizens, do you have any interesting or horror stories to share?
Jessica: Most of the horror stories we see are related either to families who got advice from someone who wasn’t qualified or families who didn’t get proper planning in place and then experienced a family tragedy.
- Families who got advice from someone who wasn’t qualified
- Families who didn’t get proper planning in place
- Bad advice provided to international Americans as it relates to tax, estate and investments is rampant
- Fixing poor planning is often time consuming and costly
- Domestic practitioners while well-meaning, were simply unprepared to handle complex cross border situations and the standard onshore advice produced a variety of bad outcomes for international families
- Worst-case scenario to support a client through a prolonged and painful IRS dispute or audit
For the first category, bad advice provided to international Americans as it relates to tax, estate and investments is rampant and fixing poor planning is often time consuming and costly. In many cases, we find that domestic practitioners while well-meaning, were simply unprepared to handle complex cross border situations and the standard onshore advice produced a variety of bad outcomes for international families. In a worst-case scenario this can mean having to support a client through a prolonged and painful IRS dispute or audit (United States Internal Revenue Service). These are costly and stressful and can take years to resolve. In the case of a tragedy, we work to find ways to help families navigate sometimes disastrous legal, personal, and financial outcomes of failing to plan.
” Families who got advice from someone who wasn’t qualified “
3. What are some of the hot topics for clients today?
Jessica: Our clients are always concerned about what is happening around the world and in markets where they are living in or have exposure to. They know the world of tomorrow will look very different from what they are experiencing today, and they want to be on their front foot in preparing for these changes. For them, the hottest topic has been how to manage their global interests sustainably to mitigate risks and safeguard their wealth, especially in cross-border situations.
- How to manage their global interests sustainably to mitigate risks and safeguard their wealth, especially in cross-border situations
- Navigate the complexity of cross border tax issues, estate planning and retirement planning
- A lot of speculation and concern over the potential tax law changes under the Biden administration
- Regulations are starting to take shape, critical that families who wish to use provisions of the current law before year end act quickly
This has never been an easy process, as unique considerations arise when planning and investing for an individual with exposure in various countries. We help our clients navigate the complexity of cross border tax issues, estate planning and retirement planning, with a personalized approach to devising an ideal plan of action based on the clients’ goals and needs.
Recently there has been a lot of speculation and concern over the potential tax law changes under the Biden administration. Those new regulations are now starting to take shape, and it’s critical that families who wish to use provisions of the current law before year end act quickly.
” A lot of speculation and concern over the potential tax law changes “
On Leo Wealth
4. Recently, you merged The Capital Company, Leo Group & BFT Financial Group to create Leo Wealth and collectively manage $4.3 billion. Why the merger? What can clients look forward to with the new Leo Wealth?
Jessica: My team has been working with Leo Group and BFT Financial Group for many years prior to the merger. We see a synergy in our services and how they could shape the private wealth advisory industry. This strategic merger brings together the strengths of LeoGroup’s experience in tax and accounting and The Capital Company’s and BFT Financial Group’s skills in estate planning and investment portfolio construction, enabling Leo Wealth to become a truly global independent wealth advisor.
- Working with Leo Group and BFT Financial Group for many years prior to the merger, synergy in our services
- Strengths of LeoGroup’s experience in tax and accounting and The Capital Company’s and BFT Financial Group’s skills in estate planning and investment portfolio construction
- One of the few wealth advisory firms in the world that provide comprehensive investment management, estate planning, tax and accounting solutions, with the ability to effectively service clients with ties to the United States
Being licensed in the US and Hong Kong allows us to offer our expertise to clients across multiple jurisdictions. We are one of the few wealth advisory firms in the world that provide comprehensive investment management, estate planning, tax and accounting solutions, with the ability to effectively service clients with ties to the US.
” One of the few wealth advisory firms with the ability to effectively service clients with ties to the United States “
5. What are the most common or popular financial or investment services clients look for?
Jessica: Different clients come to us for different things. In general, most of our clients are looking for a holistic wealth offering that includes a combination of wealth management, tax and estate, investments, cross-border and insurance. Their goals, however, are usually similar, with the objective to safeguard and grow their wealth across time, borders and generations.
- Most of our clients are looking for a holistic wealth offering that includes a combination of wealth management, tax and estate, investments, cross-border and insurance.
- Clients are interested in both public markets and alternative investments
- Cross border families want integrated solutions that handle everything from their Venture Capital and Private Equity allocations and capital calls to their local and international tax filing and disclosures.
- Many firms offer investments, asset management and banking but very few address all of a family’s needs in a cohesive way.
On the investment side, clients are interested in both public markets and alternative investments. The merger has consolidated our investment management offerings, bringing together The Capital Company’s strong public market background and LeoGroup’s expertise in alternatives.
Holistic planning and support are the most common need we see that families aren’t getting met by their bank or investment advisors. Cross border families want integrated solutions that handle everything from their Venture Capital and Private Equity allocations and capital calls to their local and international tax filing and disclosures. Many firms offer investments, asset management and banking but very few address all of a family’s needs in a cohesive way.
” Clients are interested in both public markets and alternative investments “
6. Do clients go to you for investments or for comprehensive wealth management advisory & services? What are your clients’ profile?
Jessica: Clients usually come to us looking for an integrated wealth solution that works for their particular situation across different markets. Many of the existing solutions on the market may not have the flexibility, comprehensiveness, or coverage they need. We work closely with our clients to holistically look at what makes the most sense. This may range from investment to achieve better tax efficiency or advisory on estate and tax planning for future generations.
We are building and expanding our wealth advisory services to include a full suite of offerings. They include portfolio management, tax and estate planning and philanthropic advisory for our family offices, HNWIs and mass affluent clients in a way that can be accessible to them wherever and whenever they need.
We will continue to provide integrated wealth solutions to family offices and high-net-worth clients, the mass affluent, the second generation and the generation seeking “aspirational wealth” around the world. All our clients share a common desire to have a holistic, well-coordinated wealth and tax solution that helps them achieve wealth creation and protection.
” an integrated wealth solution that works for their particular situation across different markets “
7. What is the typical asset size or amount clients allocate to you? Do your clients also have multiple private banks etc.?
Jessica: We don’t have a typical asset size. Some clients with a very high net worth may only have a small amount of liquidity. Some younger clients are at the early stages of building wealth. We are able to offer services and solutions to a broad range of asset sizes.
Many clients come to us with multiple banking relationships, but over time we typically see these consolidate to a few that are strategic in the overall goals and planning. For most families, regardless of their net worth, having relationships with a wide range of banks, advisers, and brokerage firms does not add any value in terms of meeting their overall needs. In some cases, it makes it harder for the family to plan in a comprehensive way.
” Some clients with a very high net worth may only have a small amount of liquidity “
8. Many boutique advisory firms or multi-family offices for HNW clients are low profile. How do you find new clients and how do clients find you? What profile of clients would find Leo Wealth most relevant for them?
Jessica: We have been advising many of our clients for decades and they trust our integrated approach to wealth management. Many of them have become our true advocates over the years and introducing us to their contacts and network. For us, this is the best testament to the work that we do. We also often get referrals from the industry, like from private banks, as some clients might not meet the threshold requirements and need a more tailored solution to their unique situation.
- Many of them have become our true advocates over the years and introducing us to their contacts and network.
- We also often get referrals from the industry, like from private banks
- We specialize in helping global citizens who are living, earning, and investing across borders.
- We regularly work with Americans, the British, Australians, and global citizens.
We specialize in helping global citizens who are living, earning, and investing across borders. Our niche is our expertise in understanding and navigating the complex tax, legal, and regulatory landscape, especially in the US and Asian markets. Our clients are diverse and global, from affluent investors beginning to save in earnest, to entrepreneurs and business owners making their mark, to high-net-worth investors focused on wealth preservation. We regularly work with Americans, the British, Australians, and other global citizens to ensure that their wealth strategies are in line with the latest international tax rules and regulations that meet their needs.
” We regularly work with Americans, the British, Australians, and global citizens “
9. Are you also hiring HNW wealth managers, advisors, investment specialists etc.?
Jessica: We are always looking for good talent to support our global growth, with a focus on delivering quality and personable client service, wealth management, and investments.
Given our holistic approach to wealth management, we are looking for talent across client servicing, investments and tax planning who could add a new perspective to our efforts. Our company culture is collaborative and passionate about client service. We are always excited for the opportunity to grow our team with people who share our passion.
” We are always looking for good talent to support our global growth “
Final Word
10. You have many years of experience managing investments and advising UHNWs & HNWs. How is the journey for you so far? What are some of the most common problems / issues / mistakes you have seen?
Jessica: It’s been a fantastic journey both in the client relationships we’ve developed and the team and talent we’ve been able to build. Working with cross border clients is challenging and it can take months to onboard a new client and structure services to meet their needs in a holistic way, but the process allows us to really get to know the people we serve and build relationships that we hope will last for generations.
- Working with cross border clients is challenging and it can take months to onboard a new client and structure services
- Personal side of our team is much more important
I’ve also been incredibly fortunate to have some amazing partners who share the same vision and passion for excellence and client service. Early on I think we made mistakes in looking only for technical competency and talent but what we’ve learned over time is that the personal side of our team is much more important. We now have a greater focus on the holistic nature of our talent and how team members fit with our existing team and clients.
” it can take months to onboard a new client and structure services “
Everyone is hoping the pandemic will end soon. Do you look forward to travel again? What is your first likely destination once travel opens up again?
Jessica: We have a global client base that I am anxious to spend time with again. Zoom is a great tool, but it doesn’t replace relationships. I’ve had some travel to the United States but have been unable to see clients in Singapore and Japan, so those would be some of my first stops.
Thank you Jessica for sharing your valuable insights on Global Citizens and Americans in Asia in The 2021 Private Wealth Series.
Jessica Cutrera, President at Leo Wealth
Jessica Cutrera is the President at Leo Wealth, an independent global wealth advisor. Based in Hong Kong. She provides comprehensive wealth management and planning services in several areas including tax, financial, and estate planning and specializes in serving Americans living in Asia.
Prior to Leo Wealth, Jessica was the Founding Partner, Responsible Officer and Compliance Officer at The Capital Company, an independent asset management firm formed in the beginning of 2017. Before this, she co-founded EXS Capital Asia Limited in 2008, and served as a Responsible Officer and head of Operations and Compliance until 2016. She and her team built a substantial asset management and financial planning practice at EXS.
Before she moved to Asia, Jessica worked as a Registered Representative for Charles Schwab. Her cross border expertise in trust and estate planning is recognized by her acceptance into the Society of Trusts and Estate Practitioners (STEP).
Leo Wealth
Leo Wealth is a leading independent global wealth advisor, formed by the merger of three powerhouse firms: The Capital Company, LeoGroup and BFT Financial Group. With offices in Hong Kong, New York, New Jersey and Dallas, our wealth professionals provide comprehensive expertise and personal guidance to support both private clients and companies. We support global citizens through their journey to achieve wealth creation and protection across borders. Our bespoke offerings include holistic wealth management, global tax planning, cross border estate planning, alternative investments and global portfolio strategies.
We are 100% independent, owned and operated by a diverse group of equity partners who came together over shared values of providing trusted advice, international expertise, and personal commitment to do better for clients. We believe our independence is one of our strongest assets, and our people are what make us special. Every day we commit our energy, expertise, and initiative to the preservation of wealth, the growth of capital and the creation of value. We work together on a foundation of trust, transparency, and accountability.
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