The New Era of Legacy: Why Independence Trumps Inheritance

Bonnie Qiu, chief executive of global HNW at Manulife, notes that the modern affluent lifestyle is becoming increasingly "fluid," characterized by longer lifespans and what she terms "healthspans." As individuals transition away from linear retirement paths toward multi-phase "portfolio lives," the traditional model of wealth accumulation is losing relevance. Only 17 per cent of high-net-worth individuals currently maintain an integrated wealth plan that reconciles complex needs like healthcare funding, tax strategy, and cross-border succession.

This shift demands a departure from standard investment approaches. Because 65 per cent of affluent individuals now prioritize adaptability over simple capital growth, portfolios must balance long-term appreciation with liquidity and downside resilience. Insurance is consequently evolving from a passive safety net into a proactive tool for longevity, incorporating preventive health ecosystems and multi-jurisdictional protection. As families increasingly operate across borders, the challenge for advisors lies in closing the "legacy gap" by consolidating fragmented advice into a single, cohesive strategy that accounts for both the financial and personal realities of a longer life.