Since assuming the role of President of TABF at the end of 2024, much of my time has been spent discussing talent development in asset management for Taiwan’s ambition to become an Asian asset management hub. Frequently mentioned concepts include family offices, wealth succession, family constitutions, and beneficiary trusts. These discussions are all built on the fundamental assumption that clients have heirs, and require transfer and bequeathment of wealth.

At the same time, one recurring theme voiced by various advisors in discussions at the Executive Yuan’s Economic Development Commission has been deep concern over the country’s declining birth rate. These two major themes intersect to reveal an underserved and emerging service market: asset management for single individuals. As more people choose not to marry or have children, beyond supporting personal fulfillment through education, experiences, or philanthropy, their accumulated wealth must also be prepared to address future risks, including long-term care needs in the event of cognitive decline, responsibilities toward elderly parents or even pets in the event of unexpected death, as well as financial losses from investment setbacks or fraud. What is notably absent, however, is the need for intergenerational wealth transfer.

Institutions providing such services to ultra-high-net-worth single individuals effectively function as “single” family offices. This represents a different interpretation of the traditional Single Family Office (SFO) concept: here, single refers to an individual rather than a family, and family denotes a “one-generation dynasty” rather than a multi-generational lineage.

Of course, a one-generation dynasty also aspires to live a fulfilling and meaningful life, SFOs must provide the services necessary to realize that vision. This need is not limited to ultra-wealthy individuals either: many single individuals share similar financial needs not oriented toward succession. In this context, insurance, trust, and tax services take on different functions and purposes, and risk management requires broader interpretation. For example, one unique risk scenario is that a carefully planned single life may unexpectedly change with the arrival of a child, necessitating a complete reconfiguration of financial plans. From a macroeconomic perspective, such an unexpected increase in population is positive, and the government will undoubtedly play a supportive role.

The cover story of this month’s Taiwan Banker magazine explores the evolving financial service needs of single individuals, and the new markets they are creating. In addition, amid declining birth rates, talent shortages have become a shared challenge across the financing industry. In response, we are expanding our focus to include university and graduate students preparing to enter the workforce, aiming to help more young people recognize that financial services can be an engaging and highly rewarding career choice. Traditionally, TABF has focused on serving professionals already working in the sector, but this issue comprehensively reports on talent development initiatives we are undertaking together with leading universities. These efforts help strengthen the next generation of talent, allowing us to play a proactive role in bridging education and the business sector.