The overall goal of a single or multi family office in Singapore is to generate and transfer money across generations.
They often provide a range of family office services in Singapore that are far beyond any single stand-alone services needed by ultra-high-net-worth (UHNW) households, in addition to capital management.
But how do you know if you need to start setting up a family office? Read below to find out.
1. Complex financial requirements and demands.
The monetary needs of ultra-high-net-worth households can be highly complex, which is why a family office's comprehensive service approach adds tremendous value. Administering a massive pool of wealth can be time-consuming and challenging, so enlisting the help of an outside partner can help.
2. Getting a comprehensive perspective.
Through legal assistance and wealth management services, family offices help households best utilise assets and conserve capital. When families work with numerous professional partners, it's common for essential details to get lost in the shuffle. As a result, collaborating with a family office can provide supervision and lessen the silo effect.
3. Dedicated assistance
Family offices concentrate on a small number of clients and rely on solid relationships between family members to generate revenue. Hence, they are motivated to provide excellent service and assistance. Many financial advisory companies offer their consultants a consistent and competitive income plus a commission to gain more strategic guidance from them.
4. Trusting Relationships
Whereas financial advisory businesses have a high rate of turnover, family offices foster long-term connections. This personal touch establishes much-needed confidence for ultra-wealthy families, as the family office consultants are viewed as extensions of the family in specific ways. This trust is critical because advisers get a comprehensive understanding of the business and financial operations, allowing them to deliver more strategic advice.
Takeaway
Keep open communication channels when setting up a family office in Singapore to ensure that everyone is on the same track. As the number of stakeholders grows, it becomes increasingly critical to plan and organise communication processes and information flow for the board members, stakeholders, and household members.
Resource:
