The idea of a family office started way back in the 19th century, and it was in Europe. The United States and Asia inherited it, and it became common in dynasties. There are two family office types: single-family and multi family office. Before you preserve the wealth of your family, these are the things you need to know:
LEARN ABOUT SINGLE-FAMILY AND MULTI-FAMILY OFFICE
There are two types of family offices. The first one is single-family, which is for one family only. The family manages their wealth and properties.
Multi family office in Singapore focuses on managing the assets of several families. What you need to do is shift your single-family status to multi family. But to do it, the family must be willing to accept other families.
FAMILY OFFICE BENEFITS
Family wealth management has many benefits. Some are entity administration, estate management, legal advisory, family governance, wealth management, and more.
The benefits of a family office are endless, but always remember that each service you get has a price.
CONSULT A WEALTH ADVISER
If you want to learn more about ultra high net worth wealth management, you need help and consultation from a wealth adviser. They will be the ones to guide you to the things that you will do with your wealth and provide alternatives if they do not approve or agree with what you want.
SEE WHERE TO INVEST
Invest your money in something that will help it grow. You also need to think if it will be a short-term or long-term investment. Family wealth management could help you know your investment goals and objectives.
KNOW YOUR SUCCESSORS
The family must preserve the wealth by having a successor. The members of the family will shape them through family meetings or wealth advisers.
If you want to know more about family wealth management in Singapore, visit Golden Equator Wealth’s website. You could see all the offers and services they have there.
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