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Private wealth management is an investment advisory practice that incorporates financial planning, portfolio management, and other aggregated financial services for individuals, as opposed to corporations, trusts, funds, or other institutional investors.
Family offices are private wealth management advisory firms that serve high-net-worth (“HNW”) investors, offering outsourced solutions to managing the financial and investments of an affluent individual or family. For example, budgeting, insurance, charitable giving, family-owned businesses, wealth transfer, and tax services.
Setting up of family offices has long been an embedded concept in the US and Europe, and is accelerating in the Asia Pacific. Singapore has attracted its fair share of family offices due to its political stability and a transparent legal and regulatory framework. The Government is pro-business and has consistently been attracting foreign investors with its Global Investor Program that offers permanent residency status to qualifying individuals and families. As a global economic hub with a network of Free Trade Agreements and Double Taxation Agreements with many countries around the world. It is the ideal place as a launchpad into ASEAN for businesses.
Though the number of family offices has increased over the years, the concept of private wealth management remains a taboo topic for discussion as it involves transparent communication and agreed-upon decisions to be made. Some individuals are not aware of the purpose and benefits of setting up a family office.
We provide advisory and support services in the following areas:
Advise on the structuring of a family office
Set up corporate entities of the family office
Regulatory compliance advisory
Family governance
Provide on-going business support services
(covering corporate secretarial, accounting, payroll administration, and tax services)
Assist in the setting up of family foundation, including the application for charity status
What we offer
A family in business faces various challenges such as keeping harmony in the family, caring for and developing individual family member, sharing the fruits of success as well as protecting, sustaining and growing the family business. The interests of the family can be overwhelmed by the demands of running the business unless there is a structured way of viewing the family and its capital, providing overall direction and accountability.
Hence, having a strong governance framework in place will help to ensure accountability and foster open and transparent communication amongst family members.
We help business owners set up the necessary governance framework to minimise potential conflicts, protect the interests of the business founder or patriarch, and grow their businesses and preserve their wealth through generations.