It is hard to earn money, yet it is easy to diminish. Many billionaires, millionaires, magnates, and tycoons are tremendously rich because of the family wealth they have continued to boost. It is no reason why household brands and names are still thriving today despite their decades of existence. A part of the success is setting up a family office in Singapore. Family office services in Singapore help prevent the hard-earned family wealth from dwindling through proper management and conservation.
Here are the factors you should consider when setting up a multi family office in Singapore:
1. Assets
Family office services in Singapore will help manage your assets, and those include your financial investments, real estate, jewellery, vehicle, yachts, planes, and even art pieces. A multi family office in Singapore can provide services concerning assets, including management, acquisition, appraisal, taxation, and transfer.
2. Services
There are a bunch of services a family office can provide. Before setting up a family office in Singapore, it is vital to identify which services you need. It all boils down to your objectives. Some families want to take care of the transfer of assets to their children; therefore, they get legacy services. Others aim to enrich their family wealth more, hence get business consultancy and investment management services.
3. Cost
Knowing which family office to set up also affects the cost. For example, setting up an independent family office in Singapore is more cost-effective than choosing a multi-family office. It is because multi-family offices charge families more for profit.
4. Independent family office or multi-family office?
An independent family office works for one family alone. Usually, these families have an ultra-high net worth. On the other hand, a multi-family office works with multiple families with above-average net worth.
Don't let your hard-earned money dwindle over time. Conserve your wealth through a family office.
Golden Equator Wealth provides family office services in Singapore. Visit Golden Equator Wealth today.
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