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Abhijit joshi indian wealth passing interview

Interview with Abhijit Joshi on Indian wealth passing to next generation<br>

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Abhijit joshi indian wealth passing interview

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  1. How Indian Families Pass Wealth To The Next Generation Interview with Abhijit Joshi, Founder Veritas Legal

  2. Introduction • Abhijit Joshi is the Founding Partner of Veritas Legal. • He was the senior partner and chief executive officer (CEO) at AZB & Partners until November 2104. • He has been involved in some of the major landmark deals, such as the Rs 5,150 crore Tech Mahindra - Satyam Computer Services merger, Usd 2.6 billion Tata -Docomo transaction among many others • Abhijit joshi of azb & partners discusses the emergence of family wealth in India over the last decade, and outlines the struggles that patriarchs and the next generation experience with wealth transfer. • The unwillingness of most patriarchs to lose any control over their wealth, and also a lack of interest from an increasing number of the next generation to take over the family business, represent two of the major struggles that wealthy families in India face, says Abhijit Joshi in an interview.

  3. Working with patriarchs • From the perspective of these patriarchs, they have been building their businesses for a long time, accumulating their wealth along the way. • Yet as much as they don’t want to cede direct control of their money overnight, Joshi explains that they also realise the importance of being able to set up a structure that best protects their assets and ensures the longevity of them. • As a result, it is the job of the advisers to find a balance between control and state duty, says Abhijit Joshi.

  4. Encouraging the next generation • For the next generation, meanwhile, as they start to get more involved in the Family business, some of them find that they are unwilling to take it over. • This is especially the case in India, Joshi cautions, where some businesses can be extremely complicated, spreading to 200 to 300 companies. • Therefore, it is vital for families to assess the views and levels of willingness of the next generation before putting any type of structure in place.

  5. Quality of advisers • Also a vital aspect to managing family wealth, Abhijit Joshi says that the quality of advisers in India needs to improve. • He points to both soft and hard skills as lacking in many cases, as wealth continues to accumulate in India and also moves abroad. • Succession planning, for example, is an area which advisers need to pay special attention to, he adds. • This is because much of the family wealth in India has been created in the last 20 years and families will need to move into the succession stage sooner rather than later. • From a global perspective, as many family businesses are expanding overseas and a large amount of wealth has been brought with them, issues like tax laws across multiple jurisdictions, currency exchange rates and financial reporting have become critical. • This also requires advisers in India to upgrade and expand their skills to an international level.

  6. Thank You !!

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