Your Personalised Family Office
Alongside a rapid rise in wealth accumulation globally, the number of family offices worldwide have grown significantly, with the number increasing fivefold between 2017 to 2019 in Singapore alone. Aside from hosting a deeply diverse pool of wealth management talent and having a variety of attractive tax incentive schemes to benefit from, Singapore is renowned for its political and economic stability and robust legal infrastructure, making it the choice hub for ultra-high-net-worth families seeking to set up their family office.
As these families accumulate financial capital, their needs and responsibilities get more complex and challenging to address. Several forms of family office services have existed for many years, often seeing wealthy families organising an inner circle of trusted advisors to centralise the management of their wealth.
Today, the family office brings renewed relevance as it broadens its role to a more diverse landscape of financial and non-financial needs that include private wealth management, family governance, legacy planning, knowledge and cultural transfer, philanthropy, investment management, insurance, and management of family-owned businesses amidst global volatility and the emergence of new technologies. These areas must be considered in the broader context of individual members’ desires, family perceptions, as well as the macroeconomic and regulatory landscape the families operate within. Yet, family offices’ primary interests have similarities— to support wealthy families with a wide range of advisory, professional and operational capabilities to grow and preserve their wealth for generations.
What Is a Family Office?
A family office is a bespoke managerial hub that offers integrated solutions to serve ultra-high-net-worth individuals and families to manage their wealth. This can take on the form of a single family office, a multi-family office or a virtual family office.
Benefits Of Setting Up Your Own Family Office
- A consolidated and holistic approach to all aspects of intergenerational wealth.
- Strategies executed through a single point of contact.
- Engaging multigenerational families with empathy, while delivering long-term value and returns.
- Creating customised solutions while remaining aligned to their long-term vision and investment strategy.
- Immediate access to deep collective knowledge and expertise to propose personalised recommendations.
- Partnership with best-in-class service providers and financial institutions to offer the most relevant and beneficial solutions.
- Focused on building enduring relationships based on integrity, trust and transparency.
- Objective and effective advisory fully focused on your best interests.
Considerations When Setting Up A Family Office
Setting up a family office in Singapore can be an extensive process with complex considerations, and we understand the challenges families face, especially when it comes to obtaining independent advice.
Here are some things to consider when setting up a family office.