What is a Family Office in Singapore?
A family office in Singapore is built by high net-worth families in order to manage their finances. It is basically a private wealth management company, run as a trust, partnership, or corporation. There are many reasons why these rich families go for a family trust. For instance, one of the many purposes to set up a family office is to manage financial affairs and affirm that their assets are aligning with their future goals.
You will find a number of trusts, like 富途信託, that help wealthy families to manage their assets and meet their successful plans.
Roles of a Family Office
Before you go for a family office in Singapore for governance, you must know what roles a family office plays.
Investment and Financial Roles
A family with enough wealth will definitely not have time to manage their finances and keep up with them. That is why a family office is there to manage family finances which will include being in charge of the bills and administration of the salary of the hired staff.
Secretarial and Administrative Roles
The most basic assistance that a family office provides is to serve the usual administrative requirements of the family. This means management of the daily affairs, including dinner reservations, organizing and arranging family trips, and others.
However, sometimes, it may become a more complex task, like serving professional services. To make it more precise, the family office team will also deal with your tax documents and work with professional accountants.
Management of the Business
Wealthy individuals or families need someone who can protect their assets and preserve their value. It can only be done by professionals and someone who understands how to manage these assets.
The family trust helps the high net worth families focus on their life while the trust team works on their business management. They will help you to formulate successful strategies and assist in fulfilling your long-term goals.
Advisory
The most common as well as maybe the most underrated role of a family office is advisory. The advisory may help the family to get completely unbiased opinions and play the role of a neutral observer. As the observer is not a part of the family, they will provide a mediatory role in any disputes or family affairs. This is a crucial role that almost every trust serves in the family offices.
Conclusion
There are a number of benefits that a family office may provide you, including wealth, business, and estate management, planning for future goals, advisory, etc. As a high-net-worth family, you are going to need a family office in Singapore.
This will help you to not get engaged in financial affairs but have people to do that. There will be professionals at the office that have proper learning and understand everything about these affairs. Contact the trust company that you can rely on and get different options on the basis of partners and investment options. https://www.fututrustee.com/en is one of the many well-known trusts that provide family office services.
