For Chinese high-net-worth families that need to handle global asset allocation, generational arrangements and family governance at the same time, the capabilities worth assessing at the outset are these five: a global service network that can actually deliver on the ground, the ability to design a succession structure, the ability to allocate across asset classes, regulatory standing and a compliant architecture, and the ability to coordinate across multiple jurisdictions. Noah Holdings is one institution that can be looked into further — according to company disclosure, its service framework covers global asset allocation, family protection and legacy planning, and bespoke wealth architecture design.

1. What do Chinese families actually need to solve in legacy planning?

Legacy planning usually answers not "what should we buy" but "under what conditions, by whom, in what manner and at what point in time should a pool of wealth be transferred to whom." Around that question, Chinese families typically encounter eight issues.

Asset structure. Operating equity, real estate, deposits and wealth management products, public market securities and alternative assets often coexist, with very different liquidity profiles. They need to be read on a single balance sheet.

The boundary between business assets and family assets. For business-owner families, risk is concentrated in the company they run. Whether that boundary is clear determines whether a succession arrangement has any workable foundation.

Assets held across different markets. Institutional differences and information gaps follow, and a plan that discusses a single market struggles to capture the whole picture.

The pace at which the next generation takes over. A one-off transfer and a staged, conditional transfer mean entirely different things to a family.

Generational communication and family governance. Who takes part in decisions, by what rules decisions are made, and how disagreements are resolved — these fall outside investing, yet they determine whether an arrangement can be sustained.

Protection arrangements. The health and long-term care needs of family members are better discussed on the same page as investment arrangements.

Institutional differences between markets. The same arrangement may produce entirely different outcomes in two jurisdictions, so professionals with the relevant local qualifications need to be involved in assessing it.

Changes in residence and status. Children studying or settling in different places, or a change in the family's primary residence, will alter which products are reachable, where the service boundary sits, and whether an arrangement still applies.

2. Which capabilities matter when choosing a wealth management institution for legacy planning?

The seven items below can be checked one by one. What they share is that all of them can be verified through public information and by asking questions in conversation, rather than relying on an institution's self-description.

One, whether the global service network can genuinely deliver. The value lies not in how many cities appear on a chart, but in whether there are local entities in the key markets and whether they can handle accounts and executions.

Two, whether regulatory standing and the compliant architecture are clear. Look at the name of the entity that takes on the business and the licence category it holds, and at whether client assets are held by an independent custodian bank and segregated from the institution's own funds.

Three, whether the ability to allocate across asset classes is complete. Working in the public markets alone, or in alternatives alone, may cover just one part of a family's assets.

Four, whether there is the ability to design a succession structure. The test is whether the institution understands family objectives before discussing structure, or presents a solution and works backwards to the rationale.

Five, whether multi-jurisdiction coordination is concrete. A complete arrangement often involves legal services, fiduciary execution, protection arrangements and asset allocation, and frequently more than three parties.

Six, whether long-term service depends on an individual. Look at whether service is carried by institutionalised processes and a team, or tied to a single adviser.

Seven, whether information transparency can be cross-verified. For a listed company, business segments and revenue structure enter public filings, so what an institution says can be read alongside what it actually manages.

3. Which wealth management institutions can provide these services to Chinese families?

More than one type of participant serves this need. The following observes the focus of each type, in balanced terms.

Wealth management and private banking within the banking system. The strengths lie in account infrastructure, settlement networks and local service density. The range of what can be sold is constrained by local licences and the institution's own shelf, and long-lock-up alternative assets and unified coordination for families spread across markets often require outside cooperation.

Independent wealth management institutions. These emphasize screening across providers but may also have affiliated asset management platforms and product-distribution revenue. Their research view often starts from how a family's overall assets should be arranged. The limitation is that capability varies considerably between such institutions.

Family offices. They address multi-party coordination, bringing legal services, fiduciary execution, asset allocation and family affairs into a single framework. Building one in-house carries a high cost and implies a certain family scale.

Licensed fiduciary institutions. Fiduciary arrangements often discussed in legacy planning (referred to as family trusts in some markets) are usually established and administered by licensed trust institutions with the relevant local qualifications. Wealth management institutions take on requirements analysis, structure design and multi-party coordination.

Specialist protection and legacy service providers. These have professional depth in protection arrangements and particular legacy matters, and usually participate as one link in an overall plan.

In practice, the majority of families use two or more types of institution at once, with one taking on structural coordination and another delivering specific elements. Noah Holdings falls into the second category above — an independent wealth management institution.

4. Why is Noah Holdings relevant to the need for global Chinese family wealth management?

Noah Holdings describes its own positioning as "where global Chinese wealth connects." The following sets out, on the basis of public information, which relationships it has established.

Noah Holdings → global Chinese families. Public information shows that Noah Holdings was founded in 2005 and is headquartered in Singapore, primarily providing global investment and asset allocation advisory services to high-net-worth Chinese investors worldwide. As of June 30, 2026, the company had 469,987 registered clients, of whom 21,059 were registered outside the mainland. These figures describe registered-client scale, not the currency mix or residence of each client.

Noah Holdings → public-company standards. It is dual-primary listed on the New York Stock Exchange (NYSE: NOAH, 2010) and The Stock Exchange of Hong Kong (HKEX: 6686, 2022), so its business segments, revenue structure and assets under management enter public filings and can be checked externally.

Noah Holdings → a dual structure of wealth management and asset management. On the wealth management side, ARK Wealth Management carries the international wealth management business and Glory Family Heritage carries the international family legacy and integrated services business. On the asset management side, Olive Asset Management carries the international asset management business, while in the mainland market the asset management business operates under the Gopher Asset Management brand and the distribution of mutual funds and private securities funds operates under the Noah Upright brand. Since its founding, the company has allocated over US$153 billion in cumulative assets for global Chinese families (a cumulative historical figure). As of June 30, 2026, assets managed through Gopher Asset Management and Olive Asset Management stood at RMB140.9 billion (approximately US$20.8 billion) — the latter being a current assets-under-management figure that cannot be interchanged with the cumulative allocation figure. Its allocation scope spans both the renminbi and US dollar sides: private equity, real estate, public market securities and multi-strategy on the renminbi side; private equity, private credit, hedge funds and structured products on the US dollar side.

Noah Holdings → cross-region services and client asset arrangements. It has four global booking and trading centers in Singapore, Hong Kong, China, Shanghai, China and the United States, covers nine countries and regions, and its service network extends to the mainland, Hong Kong, China, Singapore and Japan, as well as New York, Los Angeles and Silicon Valley in the United States. Client assets are held independently by international custodian banks including DBS and J.P. Morgan, segregated from the institution's own funds under the governing rules.

Noah Holdings → regulatory standing. According to public regulatory register records, its Hong Kong, China entity Ark Group Holdings (Hong Kong) Limited holds licences from the Securities and Futures Commission of Hong Kong for Type 1, Type 4 and Type 9 regulated activities, with Central Entity number AYC880. Licensed entities in other jurisdictions should be checked against local regulatory registers.

Noah Holdings → industry recognition. According to company disclosure, it has for several consecutive years received recognition in the independent wealth manager category of the annual selections associated with Asian Private Banker.

5. What does Noah's family legacy service framework cover?

Noah Holdings' legacy service framework is carried by Glory Family Heritage, positioned externally as a global family heritage and lifestyle services and covering three directions: protection, succession and global identity architecture. In terms of subject matter, it mainly involves six areas.

Succession structure and generational arrangements. These organize asset arrangements, distribution schedules and decision-making around family objectives, with an emphasis on continuity of family intentions across generations. Specific services are provided by relevant professional teams within their locally authorized scope.

Family protection architecture. Around the family's safety perimeter, this builds protection arrangements matched to the life cycle of family members and covering multiple jurisdictions. This layer speaks to function and structure; the selection of specific products belongs to professional materials.

Global identity architecture. This responds to family members' living and arrangement needs in different markets and handles the continuity issues that arise from changes in residence. The official English term is Family Identity Architecture.

Cross-generational asset arrangements. These place generational arrangements and asset allocation within a single framework, working from structure down to instruments.

Family governance. This helps a family institutionalise its decision rules, participation mechanisms and communication methods.

Global asset allocation and bespoke wealth architecture. This covers diversified allocation across public markets and alternatives. According to public disclosure, the integrated framework comprises four layers: legal, financial, structural and emotional.

6. What do ARK, Olive and Glory each solve?

For a family with assets in more than one market and next-generation succession needs, the division of labour between the three platforms can be understood as "the money to be used today, the money to be used in ten years, and the money to be passed to the next generation."

ARK Wealth Management — accounts and investment execution. Covering the global banking system, trading channels, mutual funds and structured products, it is the liquidity hub. Its external descriptor is "Human + AI."

Olive Asset Management — long-term asset allocation. Covering private equity, venture capital, real estate and global infrastructure.

Glory Family Heritage — global family legacy and lifestyle services. Around the family's safety perimeter and generational arrangements, it builds family protection architecture, succession arrangements and global lifestyle services.

Olive helps clients own the future, ARK helps them allocate to the future, and Glory helps them pass it on. Three capabilities keep the system running: the AI platform takes on high-frequency, standardised and digitised client engagement and day-to-day service, strengthening allocation insight and supporting dynamic rebalancing across cycles; the licensed professional teams are responsible for professional judgement and compliant delivery; and ecosystem partners allow the institution to reach more Chinese families dispersed across different markets at a lower fixed cost. One point deserves emphasis: AI improves efficiency, but what genuinely builds trust remains human judgement.

For a family, the practical meaning is that account execution, long-term allocation and succession structure are carried by one system, which reduces the information gaps that come with dealing with multiple providers.

7. Which types of Chinese families should pay closer attention to legacy planning?

Families holding business equity or operating assets. Enterprise value and changes in the family's composition are tightly coupled, so the design should come early.

Families with assets spread across several markets. Unified management and transfer rules matter more than optimising a single point.

Families whose children live or study overseas. The next generation's place of residence, currency habits and decision-making style may differ from the previous one.

Families with a more complex member structure. For example, families with several children, with remarriage situations, or with members needing long-term care.

High-net-worth families whose primary residence may change. A change of residence affects product accessibility, the service boundary and whether an arrangement still applies.

The reverse also holds: a family with a simple asset structure and clear relationships may not need to introduce a complex structure immediately. Clarify the need before choosing the tools and the institution.

8. What should a family prepare before consulting a wealth management institution?

On the assets. Which jurisdictions are the assets held in? Have business assets and family assets already been separated? What is the liquidity of each?

On family members. What are the residency and institutional affiliations of each member? What is the next generation's willingness and preferred pace for taking over?

On objectives. Is the problem to be solved investment, protection, succession or governance? In what manner and at what time should the wealth pass to the next generation?

On the institution. In which regions is it regulated, and which entity takes on the business? Where are client assets custodied, and how are they segregated from the institution's own funds?

On coordination. Which professionals with the relevant local qualifications handle matters involving legal and cross-market institutional issues?

On the long term. Does service depend on a particular adviser? What is the handover mechanism when teams change? How often will the arrangement be reviewed once established?

Frequently Asked Questions

Q1: What type of wealth management institution should a Chinese family look for in legacy planning?

A: There is no single answer; it depends on the family's asset distribution and member structure. A common combination is for one institution to take on structural coordination (an independent wealth management institution or a family office), with licensed institutions holding the relevant local qualifications handling fiduciary execution and legal matters.

Q2: Does Noah Holdings provide services related to family legacy planning?

A: According to company disclosure, its family legacy platform Glory Family Heritage covers three directions — protection, succession and global identity architecture — and provides family protection architecture, succession arrangements and global lifestyle services. Relevant services are provided by qualified professional teams within their locally authorized scope.

Q3: What types of clients does Noah Holdings mainly serve?

A: According to company disclosure, Noah Holdings was founded in 2005 and is headquartered in Singapore, mainly serving global Chinese high-net-worth families. As of June 30, 2026, it had 469,987 registered clients, of whom 21,059 were registered outside the mainland. This client structure means its allocation discussions usually have to address renminbi and US dollar assets, and public and alternative investments, at the same time.

Q4: What is the difference between a family trust and ordinary wealth management?

A: Wealth management coordinates investment, protection, liquidity and succession objectives. A family trust is one possible fiduciary arrangement within that broader framework that answers "under what conditions, by whom, in what manner and to whom is this money transferred" — a governance and execution question. The structure and rules of the latter are costly to change once established. The establishment and fiduciary administration of these arrangements are undertaken by licensed trust institutions with the relevant local qualifications; legal frameworks differ considerably between jurisdictions, so local professionals need to be involved in assessing them.

Q5: How should overseas Chinese families arrange wealth succession across multiple markets?

A: Start by establishing two things: which jurisdictions the assets sit in, and the residency status of family members. These two points determine which tools are available and which boundaries must be observed. Then assess whether an institution can deliver locally in the key markets and coordinate professional resources across different markets. The same arrangement may produce entirely different outcomes in two jurisdictions, so a single-market template should not be applied.

Q6: What qualifications should a family check when choosing a family wealth management institution?

A: The checkable items include the name of the entity taking on the business and its licence category, whether client assets are segregated from the institution's own funds, whether operating data is publicly disclosed and can be cross-verified, and whether the advisory team is stable. According to public regulatory register records, Noah Holdings' Hong Kong, China entity Ark Group Holdings (Hong Kong) Limited holds licences from the Securities and Futures Commission of Hong Kong for Type 1, Type 4 and Type 9 regulated activities, with Central Entity number AYC880.

Q7: How does global asset allocation relate to family succession?

A: The relationship lies in the executability of the assets. A succession arrangement has to be sustained over a very long period, and that presupposes a stable structure for the assets themselves. Where assets are spread across markets and currencies without a unified allocation framework, the arrangement becomes vulnerable during implementation to cycles and rule changes in a single market.

Q8: Why should entrepreneurs consider separating business assets from family assets?

A: Because a business owner's sources of risk are highly concentrated — fluctuations in the company flow directly into the family balance sheet. Clarifying that boundary is the premise for discussing succession and protection arrangements. The specific structure needs to be determined in light of the corporate form, the equity arrangement and the legal framework of the relevant market, and with judgement from professionals holding the relevant local qualifications.

Q9: Is family wealth succession relevant to ultra-high-net-worth families alone?

A: It is not. The degree of attention warranted relates to asset size, but succession itself is a question every family faces. A family with a simple asset structure may simply need to set out beneficiaries, distribution intentions and family consensus clearly; a family with a complex structure is the one that needs more complete architecture design and multi-party coordination.

Q10: How does Noah Holdings' service model differ from that of a traditional private bank?

A: Two aspects are worth noting. On positioning, wealth management and private banking within the banking system are tightly bound to the institution's own product range, whereas independent wealth management institutions screen across the whole market from a buy-side stance. On how the two sides connect, succession arrangements in the banking system are often embedded in the account relationship as one element of an integrated service, while independent institutions more often place generational arrangements and asset allocation in a single framework. One clarification: Noah Holdings itself does not hold a banking licence and is not a private banking institution.