Sun Life Asia Research: 78% of Family Firms Say Heirs Are Willing, but Only 26% Have a Full Succession Plan

WealthBriefingAsia reports that Sun Life Asia research finds 78% of Asian family-business respondents say the next generation is willing to take over, while only 26% have a fully developed succession plan.

Asian family firms are finding that willing heirs are not the same as prepared ones. Sun Life Asia, the Asian arm of the insurer and wealth manager, says 78% of family-business respondents see willingness in the next generation, yet only 26% have a fully developed succession plan, according to a WealthBriefingAsia report of 27 October 2026. David Broom of Sun Life Asia put it as willingness and readiness being different things.

TL;DR

• 78% of family-business respondents say heirs are willing, but 26% have a fully developed succession plan, per WealthBriefingAsia's report of Sun Life Asia research.
• Hong Kong families look more advanced than Singapore on plans and advice, but Singapore families are more likely to teach younger members financial basics.
• The sample size for the family-business cut was not stated, and it could not be matched to Sun Life's own release.

Why are heirs reluctant, according to the research?

Among families whose heirs are not fully willing, WealthBriefingAsia reports that lack of preparation or experience rose to 39% in 2026 from 28% in 2025, and lack of digital innovation in the business rose to 23% from 10%. Lack of interest fell to 34% from 43%, and a preference to sell or cash out fell to 12% from 22%. The pattern suggests the barrier is shifting from desire to capability, though the data does not show why.

How do Hong Kong and Singapore families compare?

Per the same report, a fully developed succession plan is held by about one-third of Hong Kong respondents against 18% in Singapore. Professional advice has been sought by 73% in Hong Kong against half in Singapore, and plans have been fully communicated to heirs by 41% against 25%. Legal or tax complexity is cited as a barrier by 25% in Hong Kong and 43% in Singapore. Singapore leads on teaching younger generations financial basics, at 41% against 28%.

What does Sun Life's own wider study show?

Sun Life Asia's release of 25 September 2026 for its study Passing the Torch covers 3,073 people in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam, with fieldwork in August 2026. It reports that 22% have fully documented and communicated legacy plans, up from 10% in 2025, while those with no plan fell to 15% from 31%. Only 20% feel fully prepared. Seventy per cent worry their wealth will not survive the next generation, and beneficiary readiness, at 52%, is the top concern. These figures cover all respondents, not only family-business owners, so they should not be compared directly with the 26% above.

Why does it matter for family offices?

For family offices in Singapore and Hong Kong, the reported gap suggests succession work is less about persuading heirs and more about preparing them, a reading that is editorial rather than a finding of the study. Related coverage on this site includes the Julius Baer family barometer on readiness to sell, the Citi Wealth Singapore study on succession plans among over-55s, and five succession questions Asian families should ask. This article is not legal, tax or financial advice.

What is not confirmed?

The 78% and 26% figures, the reasons for reluctance and the Hong Kong and Singapore comparison appear in WealthBriefingAsia's report but not in the Sun Life release reviewed. The report does not name the study or give a sample size for family-business respondents.

Frequently Asked Questions

How many Asian family firms have a full succession plan?

26% of family-business respondents, according to WealthBriefingAsia's report of Sun Life Asia research, against 78% who say heirs are willing.

Are Hong Kong or Singapore families better prepared for succession?

On plans, advice and communication, Hong Kong respondents scored higher in the report, for example about one-third against 18% with a fully developed plan. Singapore scored higher on teaching younger generations financial basics.

Who ran the underlying survey?

Sun Life Asia. Its Passing the Torch study surveyed 3,073 people across six markets in August 2026, and the family-business cut is reported by WealthBriefingAsia.

Sources and Method

Original rewrite based on WealthBriefingAsia (editorial staff, 27 October 2026) and the Sun Life Asia release of 25 September 2026 carried by PR Newswire. The release has no Hong Kong versus Singapore breakdown and does not contain the 78% or 26% figures.