A family office isn’t anything new. One proof is the Rockefeller family office that was founded in 1882 and which to this day is still going strong, managing about $43 billion in assets for a range of affluent families and global institutions.
What’s new, however, is the increased availability of private wealth management and family office services offered by several financial institutions worldwide in the past decade.
What’s a Family Office?
In the most basic definition, a family office is designed as a hub that assumes the administration and management of the wealth and assets of an ultra-high net worth family.
As a distinct legal entity, it also offers services including:
• Compliance & Risk Management
• Legal Advisory
• Entity Administration
• Accountancy
• Business Consultancy
• Concierge Services
• Lifestyle Asset Management
Two Types of Family Offices
There are two primary types of family office services in Singapore today: a single-family office and multi-family office.
Single-Family Office
• Advisable for a smaller family that has family business as a principal asset
• May be composed of a personal assistant who will deal with business administration and assist family members with more personal matters (e.g. paying household helpers, making travel arrangements)
Multi-Family Office
• Recommended for a large family with significant wealth
• May consist of staff including investment advisers, property managers, philanthropy directors, and lawyers.
The Benefits of a Family Office
Ultra-wealthy families can benefit from working with a family office in a number of ways. Some of them are as follows:
• Preserve wealth through effective management and strategies
• Minimise risk by diversifying assets and investments
• Assist with the transfer of wealth from one generation to the next
• Get professional advice from lawyers, accountants, etc.
• Benefit from bookkeeping, expense management, and bill paying services.
If you think you need a family office, Golden Equator Wealth can help! It offers specialised professional services that will make managing your wealth easier for you. Visit their website today.
