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A timeless classic in a new way

Yan from Owner.One

81.6% of capital owners do not share details about assets with their family members. They view early disclosure as risky, while understanding that late disclosure is simply impossible. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In the event of an emergency, conveying all necessary details to family members can be challenging or impossible. Many believe that existing methods are either unreliable or cumbersome. However, the solution can be simple: grab a sheet of paper and a black marker. Write down a list of your assets, capital, and their locations. Make several copies of this document. Use a black marker to obscure different parts of the information on each copy (this can also be done digitally in MS Word). To ensure the information cannot be read through the redactions, photocopy these documents again. Distribute the lists to different family members. Now, your family has crucial information that they can use in a critical moment, but they will need to come together to combine the pieces of the puzzle. Risks: this method is not perfect, but is certainly better than having no plan at all. It works best if the family members are in reasonably good relationships with each other.

Expand

Playing by one side’s rules

Yan from Owner.One

42.8% of wealth owners are not aware of KYC risks and issues related to banks’ KYC (Know Your Client) procedures. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. Don’t get complacent, if you pass bank compliance when opening an account. Banks regularly conduct reviews of their clients and send requests for additional documentation. They may ask for statements or recommendation letters. Get ready for it in advance; otherwise, you may not have sufficient time to gather the necessary documents, leading to the refusal of transactions. To stay ahead, request recommendation letters, annual, and semi-annual statements from all banks where you hold accounts every six months. Typically, bank inquiries cover the current and previous year, and recommendation letters are valid for six to twelve months. To save time, create a template that can be sent to all relevant banks. Most banks accept free-form requests, but some may require you to use their specific templates. In such cases, you’ll need to send separate requests.

Expand

Rhino running

Yan from Owner.One

A rhinoceros runs fast and sees poorly, but its weight makes it a problem for anything in its path. Banks and partners don’t listen to you; they evaluate a person based on their digital profile. Services such as World-Check or Lexis Nexis are the sources of this data. These platforms were created to check counterparties for involvement in illegal financial activities. However, in reality, they contain information on millions of people. These services are often associated with scandals and data leaks, unjust categorization of individuals as suspicious, and the inclusion of data from irrelevant sources, yet they continue to be widely used. Do not leave this issue unattended. Request information about yourself regularly, at least every six months. You don't need to have done something wrong; it's enough for the World-Check algorithm to flag you as suspicious, or for someone in your contacts to be linked to questionable transactions. There's also the risk of database errors or incorrect interpretations. World-Check is a black box that significantly impacts your capital and assets, potentially leading to loan refusals, blocked transactions, denied bank accounts, and even revocation of residence permits or citizenship. Bank compliance departments work solely with documents and digital traces, so if you face unexplained refusals or biased treatment, World-Check could be the reason.

Expand

The rearview mirror or the history of your money

Yan from Owner.One

92% of capital founders underestimate the importance of Source of Wealth Essay (SoWE) with a proof of Continuity of Ownership. They consider it to be a document of little importance. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. Recently, banking compliance procedures have become increasingly stringent, and it is likely that they will only get worse in the future. Primarily, they request documents proving the continuity of ownership. (Continuity of ownership refers to the history of the origin of your wealth). The timeframe for these requests has also changed: initially, regulators were interested in information from the past 6 months, then from the past year, and then from the past 3 years. These days, you may be required to provide data from the past 10 years. If you have not yet recovered your data, each day you wait only worsens your situation, as your data becomes outdated while the depth of bank inquiries increases. If you do not start addressing this now, eventually these two trends will intersect, and you will find yourself in an untenable situation. Start by recovering copies of documents from the past three years and then delve deeper. Recovering some documents may be difficult or impossible, but by starting this process now, you will already be ahead of many. * Continuity of ownership - the history of all your assets

Expand

Red button

Yan from Owner.One

93% of wealth owners admit that they have no understanding of how their family will act in the event of force majeure. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In the subway, on trains, and at workplaces, there is always a red button for emergencies. In human life, the variations of unexpected events are much greater. Nevertheless, statistics show that 99.2% of wealthy families do not have a precise action plan for emergencies. Have you thought about what you will do and what plan your family will follow if such an event occurs? To avoid being part of this majority statistic, prepare in advance by developing several future scenarios. Even a simple list of basic actions and assets will prepare you and your family for the most unexpected events. Remember to update the plan every six months. In the event of your sudden absence, the survival of your entire family and the preservation of assets will entirely depend on having clearly formulated and planned actions.

Expand

Ski slopes

Yan from Owner.One

Only 4.02% realize that if their bank requests verification of a frozen transaction – they will have just three days to provide the documents. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. A black slope can be easier with good snow than a blue slope with bad snow. Often, the reasons behind account freezes or bank-canceled transactions are not immediately clear. Regulatory criteria for deeming client transactions suspicious are vague. Sometimes, this judgment is made because a client has a large number of diverse transactions. This can lead to a transaction freeze and a request for additional documentation. To avoid this, separate your bank accounts by transaction types, and ideally, conduct different types of transactions through different banks. This reduces the frequency of regular and unexpected requests and helps you manage and respond to bank inquiries. For example, use separate accounts for dividends, current expenses, bonuses, and investment income. This approach saves time, is convenient, and reduces compliance risks. Of course, dividing assets among multiple accounts and banks may increase the complexity of financial planning. Additionally, if you mistakenly mix up the accounts and conduct an atypical transaction, the regulator will likely send you a request.

Expand

Follow the trail

Yan from Owner.One

Private transactions from $134 000 to $4M, often scrutinized for KYC compliance, are mostly initiated by capital founders with assets between $3M and $99M. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. You’ve sent a payment to another country, and it’s taking a long time to reach its destination — this is a common scenario. People check the status of the payment with the sending bank, not realizing that there can be at least four intermediaries involved in the payment chain. If any bank in this chain holds the payment longer than usual, it’s highly likely that you’ll be required to provide more detailed KYC (Know Your Customer) data next time, even if the payment goes through this time. To be prepared and to track your transactions, you can use services to monitor SWIFT payments. These services track the status of your cross-border transactions in real time and notify you of any delays. You can subscribe to paid versions or use free alternatives available online or through Telegram bots. If you don’t want to spend time on this, you can delegate the task to assistant, who can also monitor the transactions. However, keep in mind the risk of disclosing confidential information, as the data will show either the amount or the purpose of the transaction. Additionally, a major drawback of these services is that they provide data only in real time and do not maintain statistics for individuals.

Expand

The “Alien - Own” strategy: securing your family’s future

Yan from Owner.One

92% of additionally surveyed lawyers claimed that in many cases having detailed information about assets is more important than having documents. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In today’s world, our lives are diversified not only by types of assets, but also by the jurisdictions where these assets are located. Does ownership of an asset give you your own rights and how can we transfer this capital to heirs without causing them headaches? What rules will govern the inheritance of these assets? The simplest solution might be to draft a will for each individual foreign asset located in its respective country. To create this document, you usually don’t need to travel; in most cases, it can be done at a consulate without the other party’s presence. The key is to plan how to transfer this information to your family in the event of an emergency. Keep in mind that inheritance can be a lengthy and costly process, and until it is finalized, your heirs will have limited access to the assets. This poses a risk of improper management, potentially leading to asset loss. Additionally, inheritance may be subject to high taxes in the relevant country, adding to the financial burden.

Expand

A timeless classic in a new way

Yan from Owner.One

81.6% of capital owners do not share details about assets with their family members. They view early disclosure as risky, while understanding that late disclosure is simply impossible. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In the event of an emergency, conveying all necessary details to family members can be challenging or impossible. Many believe that existing methods are either unreliable or cumbersome. However, the solution can be simple: grab a sheet of paper and a black marker. Write down a list of your assets, capital, and their locations. Make several copies of this document. Use a black marker to obscure different parts of the information on each copy (this can also be done digitally in MS Word). To ensure the information cannot be read through the redactions, photocopy these documents again. Distribute the lists to different family members. Now, your family has crucial information that they can use in a critical moment, but they will need to come together to combine the pieces of the puzzle. Risks: this method is not perfect, but is certainly better than having no plan at all. It works best if the family members are in reasonably good relationships with each other.

Expand

Playing by one side’s rules

Yan from Owner.One

42.8% of wealth owners are not aware of KYC risks and issues related to banks’ KYC (Know Your Client) procedures. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. Don’t get complacent, if you pass bank compliance when opening an account. Banks regularly conduct reviews of their clients and send requests for additional documentation. They may ask for statements or recommendation letters. Get ready for it in advance; otherwise, you may not have sufficient time to gather the necessary documents, leading to the refusal of transactions. To stay ahead, request recommendation letters, annual, and semi-annual statements from all banks where you hold accounts every six months. Typically, bank inquiries cover the current and previous year, and recommendation letters are valid for six to twelve months. To save time, create a template that can be sent to all relevant banks. Most banks accept free-form requests, but some may require you to use their specific templates. In such cases, you’ll need to send separate requests.

Expand

Rhino running

Yan from Owner.One

A rhinoceros runs fast and sees poorly, but its weight makes it a problem for anything in its path. Banks and partners don’t listen to you; they evaluate a person based on their digital profile. Services such as World-Check or Lexis Nexis are the sources of this data. These platforms were created to check counterparties for involvement in illegal financial activities. However, in reality, they contain information on millions of people. These services are often associated with scandals and data leaks, unjust categorization of individuals as suspicious, and the inclusion of data from irrelevant sources, yet they continue to be widely used. Do not leave this issue unattended. Request information about yourself regularly, at least every six months. You don't need to have done something wrong; it's enough for the World-Check algorithm to flag you as suspicious, or for someone in your contacts to be linked to questionable transactions. There's also the risk of database errors or incorrect interpretations. World-Check is a black box that significantly impacts your capital and assets, potentially leading to loan refusals, blocked transactions, denied bank accounts, and even revocation of residence permits or citizenship. Bank compliance departments work solely with documents and digital traces, so if you face unexplained refusals or biased treatment, World-Check could be the reason.

Expand

The rearview mirror or the history of your money

Yan from Owner.One

92% of capital founders underestimate the importance of Source of Wealth Essay (SoWE) with a proof of Continuity of Ownership. They consider it to be a document of little importance. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. Recently, banking compliance procedures have become increasingly stringent, and it is likely that they will only get worse in the future. Primarily, they request documents proving the continuity of ownership. (Continuity of ownership refers to the history of the origin of your wealth). The timeframe for these requests has also changed: initially, regulators were interested in information from the past 6 months, then from the past year, and then from the past 3 years. These days, you may be required to provide data from the past 10 years. If you have not yet recovered your data, each day you wait only worsens your situation, as your data becomes outdated while the depth of bank inquiries increases. If you do not start addressing this now, eventually these two trends will intersect, and you will find yourself in an untenable situation. Start by recovering copies of documents from the past three years and then delve deeper. Recovering some documents may be difficult or impossible, but by starting this process now, you will already be ahead of many. * Continuity of ownership - the history of all your assets

Expand

Red button

Yan from Owner.One

93% of wealth owners admit that they have no understanding of how their family will act in the event of force majeure. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In the subway, on trains, and at workplaces, there is always a red button for emergencies. In human life, the variations of unexpected events are much greater. Nevertheless, statistics show that 99.2% of wealthy families do not have a precise action plan for emergencies. Have you thought about what you will do and what plan your family will follow if such an event occurs? To avoid being part of this majority statistic, prepare in advance by developing several future scenarios. Even a simple list of basic actions and assets will prepare you and your family for the most unexpected events. Remember to update the plan every six months. In the event of your sudden absence, the survival of your entire family and the preservation of assets will entirely depend on having clearly formulated and planned actions.

Expand

Ski slopes

Yan from Owner.One

Only 4.02% realize that if their bank requests verification of a frozen transaction – they will have just three days to provide the documents. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. A black slope can be easier with good snow than a blue slope with bad snow. Often, the reasons behind account freezes or bank-canceled transactions are not immediately clear. Regulatory criteria for deeming client transactions suspicious are vague. Sometimes, this judgment is made because a client has a large number of diverse transactions. This can lead to a transaction freeze and a request for additional documentation. To avoid this, separate your bank accounts by transaction types, and ideally, conduct different types of transactions through different banks. This reduces the frequency of regular and unexpected requests and helps you manage and respond to bank inquiries. For example, use separate accounts for dividends, current expenses, bonuses, and investment income. This approach saves time, is convenient, and reduces compliance risks. Of course, dividing assets among multiple accounts and banks may increase the complexity of financial planning. Additionally, if you mistakenly mix up the accounts and conduct an atypical transaction, the regulator will likely send you a request.

Expand

Follow the trail

Yan from Owner.One

Private transactions from $134 000 to $4M, often scrutinized for KYC compliance, are mostly initiated by capital founders with assets between $3M and $99M. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. You’ve sent a payment to another country, and it’s taking a long time to reach its destination — this is a common scenario. People check the status of the payment with the sending bank, not realizing that there can be at least four intermediaries involved in the payment chain. If any bank in this chain holds the payment longer than usual, it’s highly likely that you’ll be required to provide more detailed KYC (Know Your Customer) data next time, even if the payment goes through this time. To be prepared and to track your transactions, you can use services to monitor SWIFT payments. These services track the status of your cross-border transactions in real time and notify you of any delays. You can subscribe to paid versions or use free alternatives available online or through Telegram bots. If you don’t want to spend time on this, you can delegate the task to assistant, who can also monitor the transactions. However, keep in mind the risk of disclosing confidential information, as the data will show either the amount or the purpose of the transaction. Additionally, a major drawback of these services is that they provide data only in real time and do not maintain statistics for individuals.

Expand

The “Alien - Own” strategy: securing your family’s future

Yan from Owner.One

92% of additionally surveyed lawyers claimed that in many cases having detailed information about assets is more important than having documents. It is based on 'Penguin Analytics, research of 13 500 respondents from 18 countries, with Net Worth from $3 million to $99 million. In today’s world, our lives are diversified not only by types of assets, but also by the jurisdictions where these assets are located. Does ownership of an asset give you your own rights and how can we transfer this capital to heirs without causing them headaches? What rules will govern the inheritance of these assets? The simplest solution might be to draft a will for each individual foreign asset located in its respective country. To create this document, you usually don’t need to travel; in most cases, it can be done at a consulate without the other party’s presence. The key is to plan how to transfer this information to your family in the event of an emergency. Keep in mind that inheritance can be a lengthy and costly process, and until it is finalized, your heirs will have limited access to the assets. This poses a risk of improper management, potentially leading to asset loss. Additionally, inheritance may be subject to high taxes in the relevant country, adding to the financial burden.

Expand

Yan’s Notes

True Story

Analytics

How it works

About us

start using

Contacts

CLIENTS ONLY

True Story

Analytics

How it works

About us

start using

CLIENTS ONLY

$340,000 is Lost for Every $1,000,000 in Family Wealth Transfers. Why?

Image

Why Do Families Like Yours Lose Up to 34%?

 

Owner.One, a service for families worth $3M-$100M in assets, surveyed 13,500 capital founders across 18 countries. According to the research, this category of wealth owners accounts for up to 75% of all losses that occur during the transfer of assets from capital founder to the family. On average, $340,000 per $1,000,000 is lost in the process. A net worth of $3M to $100M often lasts just one generation. In 69% of cases, families experience a lifestyle decline after the transfer.

 

Three ways to lose 34% of your assets

There are three main reasons behind these potential losses. These are:

  • data gaps
  • information asymmetry
  • wrong timing 

This article will analyse this trio of possible pitfalls. We will show you how to ring-fence your hard-fought family wealth. 

 

What Are Gaps in Wealth Data?

 

Only the capital founders know the in-depth details of a family's wealth. This will include asset classes, jurisdictions, agreements, related business contacts, and other vital attributes. 

A gap in wealth data arises when relevant parties are unaware of information related to the assets. This can stall, or completely halt, the transfer process. Typically, each asset requires up to 22 attributes to complete the task seamlessly.

For example, brokers can legally refuse to respond to a family’s inquiries if critical details, such as account and contract numbers, or the specifics of the signing entity are missing. This becomes challenging as some brokers manage between 30 to 250 licensed and sub-licensed entities.

 

What Is Information Asymmetry?

Imagine your family wealth as an iceberg. Family members see only what’s above the surface - 90% of its true structure is hidden. 

This mirrors the issue of information asymmetry when family members don’t know the real structure of a family’s wealth. Typically, they will have a 3-6 month window to claim assets in most countries. Without full attributes, the family could claim only the 'low-hanging fruit', if anything at all. 


What Is Wrong Timing in Wealth Data Transfer? 

Timing in wealth data transfer answers the question: Who needs to know what and when do they need to know it?

If a family receives it too early, they might be unprepared to handle it responsibly. On the other hand, delays lead to assets becoming inaccessible or lost. For instance, 22.7% of bank deposit box rentals, worldwide, are overdue. This means that access to them is restricted. Furthermore, 16% of luxury homes have unidentified owners.


How to Fix Your Wealth Data with Owner.One
Owner.One is tailored exclusively for wealth owners with net worth between $3 million and $100 million. Our service equips them to make wealth information transfer-ready. It enables them to pre-plan its automatic transfer to the family at the right time.

Here is how Owner.One can remedy data gaps, information asymmetry, and inopportune timing. 
 

  • Data integrity. Store, manage, and transfer information on all your assets in one place with MyHub. It’s your client-owned vault for wealth data. MyHub ensures confidentiality and security. Even if you stop being an Owner.One client, you'll still retain access to MyHub.
  • Symmetry in family knowledge. Owner.One covers over 40 types of assets. It includes bank and brokerage accounts, real and commercial estate, legal entities, stocks, jewelry, and more. Each asset type comes with a specially designed template. Once filled out, these templates ensure that all necessary information is ready to pass on to family members.
  • Perfect timing. You can specify what information each person receives. Then you can set up automatic data transfer processes to convey wealth data. Designated family members will receive the information automatically - not too early, not too late, but just-in-time. No intermediaries will be involved in the process.

Final Conclusions
We analyzed 240 apps and programs used by family offices, lawyers, and consultants within the wealth industry.

Half of them are marketing apps that are aimed at directing customers to offline upsells. The remaining are software applications that support family offices' client operations.
 

However, wealth owners do seek technology-driven setups for their assets and money. Fully 71% are open to using third-party digital services that operate autonomously without human intervention. This capability is as yet not offered by institutions marketing themselves as family wealth solution providers.
 

Owner.One covers that need. Consult our product and pricing pages to learn more.

  
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