5 Things to Consider Before Setting Up a Family Office
There would be a lot of processes before any successful family businesses would produce solid legacy planning. Therefore, they reach out to companies who are expert in managing family wealth that still aligns with the family’s financial interests. If you want to know what your family should consider before setting up an account with them, read on further!
Choose a reliable multi-family office
Trust is what binds partners together, including building a relationship with a multi-family office in Singapore. It means that you should choose carefully before you settle a deal with one. So, check their credentials and read reviews of their past and current clients!
Know your objectives
To address the right issues in your family’s financial accounts, then you should know your objectives. This includes outlining an investment strategy, tax filing, or consolidation of accounts.
Your assets
When it comes to assets it could include real estate and valuable items like private planes. These could be injected into your family office and it is crucial that you do it because these will need to provide specific tax and legal advice. With that, it can produce investment strategies that you can choose from.
Match risk profile and investment strategy
If you plan on setting up a family office in Singapore, you have to allow the experts to assess your risk profile. Once they have determined it with your personal assets, they will present it to you with strategies that match your risk profile. So, expect this and give time to think it over with your family.
Does your family have a philanthropic strategy?
A lot of families take consideration of specific charities that they want to continue supporting. Thus, you would also have to express this to your chosen multi-family office because they will be the one who can formulate philanthropy objectives on your behalf!
Plan to seek family wealth management in Singapore? Consider getting the service of Golden Equator Wealth! Check out their website to know more about their other services.
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