Focus on Handling Family Wealth
A family office can take many forms including a single family office or a multi-family office, and is individually designed as a bespoke managerial hub that offers integrated solutions to serve ultra-high net worth individuals and families manage all aspects of their accumulated wealth.
Unlike a traditional wealth management firm, the family office provides a full suite of services to each client family’s specific needs, making each family office personal, independent, and distinct to the family it serves. In doing so, family offices are well-positioned to provide a wealth of bespoke capabilities that serve as an elegant and efficient approach to meaningfully manage long-term wealth.
“A single-family office usually only makes sense for the families with at least US$100 million (S$134 million),” noted Mr Gary Tiernan, managing partner at Golden Equator Wealth.
“Joining a multi-family office allows for economies of scale benefits for families, and also often brings greater access to experienced investment professionals without the downside of managing a separate business.”
Read the full article here in The Straits Times.
The outbreak of the pandemic back in 2020 reaffirmed the importance of going back to the basics and being objective when it comes to wealth preservation, especially in times of uncertainty and unfounded optimistic rallies.
Broaching the topic of succession planning has always been culturally sensitive, particularly in Asia. However, it remains important to approach the issue across societies, and this needs to be done with understanding and empathy to ensure the family legacy continues to be passed down.