Publications, Presentations and Articles

The author of numerous tax and wealth management oriented publications, Philip Marcovici has also been a guest lecturer at the law school of Hong Kong University and at the Universities of Geneva, St. Gallen and Zurich. Philip has been an adviser to the Swiss Finance Institute and  a lecturer on tax issues for the institute. Philip was a founding advisor to the Cambridge Judge Business School Executive Education division in relation to its Family Business and Family Office programmes.

Philip lectures worldwide and runs training and strategic change programs for a number of the worlds’ top private banks.  Philip is also a member of the Advisory Committee of the Hong Kong University of Science and Technology’s Tanoto Center for Asian Family Business and Entrepreneurship Studies ( HKUST Tanoto Center ).

Philip has also been a guest lecturer at the Chinese University of Hong Kong, the Hong Kong University of Science and Technology and for the Tsinghua Kaifeng Family Heritage Centre in Beijing. Philip was formerly a member of the curriculum review committee for tax, trusts and wealth planning for the Singapore Wealth Management Institute, and is presently on the Editorial Board of WealthBriefing. Philip was also formerly a member of the adjunct faculties of Singapore Management University and Nanyang Technological University in Singapore (NTU) and a frequent lecturer for the Singapore Wealth Management Institute.

Philip is a consultant to the CFA Institute and a co-author of readings on private wealth management in the CFA curriculum.

Philip Marcovici’s  book, The Destructive Power of Family Wealth – A Guide to Succession Planning, Asset Protection and Wealth Management was published by  John Wiley & Sons  and is available on Amazon and through other online and retail booksellers. Order NOW at Amazon or Amazon UK

Philip wrote this book to help families navigate the increasingly complex world of succession planning and asset protection, and to share his views on the state of the wealth management industry. Philip’s book also contains his views on strategy for private banks, trust companies and others in the wealth management industry looking for success in a time of enormous change and challenge.

A blurb from Philip’s publisher:

The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family. Global taxation regimes, changing bank secrecy laws, asset protection and other critical issues are examined in depth to assist wealth owners and their advisors in planning, and the discussion includes details on essential tools for any wealth management strategy. This book also delves into the psychology of wealth, and the effect it has on different family members; wealth destroys families every day, and smart management means maintaining the family as much as it means maintaining and expanding wealth.

Some reviews of the book include: Review by Alex Scott of Sandaire

On Page 50 of Campden Family Business

The-Destructive-Power-of-Family-Wealth-Tim-Price

Review by Tim Bennett TEP

Article from Kaiser Partner Review

Review in the Society of Trust and Estate Practitioners Journal by Michael Olesnicky

 

 

Book Extracts – The Destructive Power of Family Wealth

Click Here for a Few Extracts From the Destructive Power of Family Wealth

 

Selected Articles by Philip Marcovici

Tax After Coronavirus – Evidence to UK Parliamentary Committee

Developing Global Britain as a Center for Responsible Business and Wealth Owners

Invited to provide evidence to a parliamentary inquiry examining the tax system following the reconstruction of the economy after the unprecedented economic fallout of the coronavirus crisis, this paper is a submission by Philip Marcovici. The parliamentary inquiry is reviewing what the major long-term pressures on the UK tax system are, what more the UK can do to protect its tax base from globalisation and technological change, and whether such pressures should be met with tax reform.

The paper outlines how Britain might move towards more firmly establishing itself as a forward looking center for responsible wealth and business owners and the immediate revenue raising steps that can be taken.  The paper seeks to encourage the Government of the UK to consider taking steps to reform its tax system with a view to addressing the realities of income and wealth inequality while recognizing the important value to the UK of attracting and retaining wealth and business owners as citizens, residents and investors.

 

Cooperative Compliance Program for Individuals and Trusts: A Proposal for a Compliance Passport

Proposal for a Compliance Passport

This article is being published in the Journal of Tax Administration and was written with Noam Noked of the Faculty of Law at the Chinese University of Hong Kong.

Tax and beneficial ownership transparency regimes result in substantial costs and risks for many law-abiding individuals, family trusts, and private investment vehicles. Such parties suffer from substantial direct and indirect costs, legal uncertainties, and risks to their privacy. This article develops a proposal for a voluntary program which draws upon cooperative compliance programs such as the International Compliance Assurance Programme. Under the proposed program, the authorities of the relevant jurisdictions would determine on a joint basis whether the participant is in full compliance with their tax obligations and whether there are any money laundering concerns. The proposed program would ensure the participants’ compliance while reducing the costs and risks for the participants and the relevant governmental authorities.

 

Minimizing Political Risk

Political-risk-minimisation-for-wealth-and-business-owners-April2020 (3)

This article was written with Hussein Haeri of Withers, London, and Iraj Ispahani of Ispahani Advisory, and discusses political risk minimization and the need for families and family businesses to take political risk into account when structuring investments as well as their asset ownership structures. The paper was updated in April, 2020.

Philip has been actively involved political risk minimization projects for family business and wealth owners, as well as for private and listed companies since the 1980’s and is a frequent lecturer on the topic.

Why Estate Duty Would be a Good Thing for Hong Kong: Addressing Inequality

Time for a Shake-Up: Why Hong Kong Needs Estate Duty

This article was published in the Journal of the Society of Trust and Estate Practitioners and discusses why Hong Kong should reinstate Estate and Donation Duties. Wealth owners have responsibilities to society, and growing inequality is a reality that we all share a responsibility to address. A shorter version of this article was published in the South China Morning post and co-authored with Stefano Mariani of Deacons in Hong Kong. See: South China Morning Post Article – Estate Duty and Inequality 

Global Tax Transparency and the Need for Effective Dialogue

Global moves to tax transparency are a good thing, but not all countries are ready for tax transparency. We need to consider how to deal with this as developing countries in particular will suffer under the new Common Reporting Standard and other transparency intitiatives.

In two parts, these articles appeared in the World Financial Review.

TWFR Part 1 Global Tax Transparency by Marcovici 

TWFR Part 2 Global Tax Transparency by Marcovici

 

Wealth of Wisdom – The Top 50 Questions Wealthy Families Ask – With a Contribution by Philip  Marcovici on How to Choose Trusted Advisors – Listen to the Podcast!

 

Link to a Podcast on How to Choose Trusted Advisors: Philip Marcovici on Choosing and Working with Advisors

We need advisors, but need to learn how to use them safely and efficiently!

Estate and Donation Duties in Hong Kong: Society of Trust and Estate Practitioners Hong Kong Branch Newsletter, January, 2019

 

Estate and Donation Duties for Hong Kong

More on Estate and Donation duties for Hong Kong as a step towards addressing income and wealth inequality.

 

Family Offices Become Financial Titans – Comments by Philip Marcovici – The Economist, December 13, 2018

Articles in The Economist on perceived evils of family offices – in interviews by the Economist, Philip Marcovici defended family offices, emphasizing that they are more of a force for good than generally understood. But income and wealth inequality is an issue that needs to be addressed.

Family Offices Become Financial Titans

Leader: How the 0.001% Invest

Something Different, But Important:  Qigong Meditations

 

 

 

Another book by Philip Marcovici, Qigong Meditations, published in 2007. Design by Sandra d’Auriol and photographs by award winning photographer, Almond Chu.

Qigong is a simple Chinese breathing exercise that provides health and spiritual benefits. This work features instruction on Qigong, accompanied by gorgeous black and white photography. The book provides an introduction to the subject, and sets out exercises.  Very limited availability left on Amazon, so contact Philip if you are interested in buying one of the few copies left! Contact Philip