When we hear the words multi family office in Singapore, what is the first thing that comes into your mind? A family leading a corporate empire? Perhaps, a household surname that holds millions and billions of generational wealth? Most people link family office services in Singapore with enormous wealth. But is this perception factual or nothing but a myth?
Here are the common myths and misconceptions about setting up a family office in Singapore.
MYTH #1: Family offices are only for the wealthy and high net worth families
The primary job of family office services in Singapore is to manage the tax, investments, financial plans, and estate planning of families. If you have an asset to manage, it only means you are rich. But the course is changing recently. A multi family office in Singapore handles multiple less wealthy families. This family service customises the fees and services according to the needs of the family.
MYTH #2: Family office services in Singapore have the same service structure for each client
The first item mentioned that a multiple family office manages more than one family. The family office can adjust their services, depending on the client's needs. For example, some families prefer focusing on real estate management, while others on succession planning.
MYTH #3: Private family offices are more private and secured than wealth management firms
Family wealth is a private matter. It is the reason why there is stringent confidentiality when accessing data regarding family wealth. Many criminals and cyber attackers target private family offices. Private family offices and wealth management firms have the same security risks.
MYTH #4: Family office services in Singapore are only for generational wealth
Many self-made millionaires and billionaires are now setting up a family office in Singapore. The other primary purpose of a family office is to preserve your hard-earned wealth for the next generation.
It is never too late to start your own family office!
Golden Equator Wealth is committed to preserving the fruits of your labour for the benefit of the next generation. Visit Golden Equator Wealth today.
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