Managing our family’s wealth has never been easy. Fortunately, we found a multi-family office that has never failed to assist us in managing our investments, business ventures, and other financial matters. Thanks to their expertise, we continue to keep our finances in check.
Why We Decided to Set Up a Family Office
In Singapore, setting up a family office is common for Ultra-High-Net-Worth-Individuals (UHNWI). We just happen to belong to such a social bracket because our late grandfather had worked hard to make our family business successful. Now, my dad and I are the ones who are managing it. Even though we know the ins and outs of our business, our responsibilities are becoming more complex. It is too much for us the two of us to handle. We need some assistance from a family office. They could help us maximise our wealth, and at the same time, ensure our wealth will last for generations to come.
Choosing the Right Family Office
The family office would have to work closely with us, thus they should be someone we could trust. We had to disclose our financial ventures to them, so we had to be careful in choosing a company that could help us set up a family office.
It was a good thing that we did not have to look further because one of our trusted business partners recommended one to us. We learned from them that this family office is truly exceptional. Throughout the years they operate their business, the family office would always give them the support they need. Not only were they helpful in business management, but they also expertly handled their family personal affairs. Since they are one of our trusted business partners, we decided to go along with their recommendation and reached out to the said family office service provider.
How a Family Office Helped Better Manage Our Family Wealth
During the consultation meeting with them, we thought it would be a great idea to hire them as our wealth management advisors. Besides, they can do more than just giving expert advice. They could also help manage our assets and come up with an effective transition plan. We know that we would soon have to pass down our power to our children and other relatives, as soon as we retire. Although I still have a long way to go, my father would soon have to retire. Thus, we have to take care of our succession planning as soon as possible. We have to choose someone who could be my secretary and partner as I am going to be the head as soon as our father retires. We were just fortunate enough to have a family office that assisted us through the whole process. They also gave a neutral opinion regarding our succession plans, so we were confident that our decisions entail low risks.
Aside from business matters, having a family office makes it easy to take care of various family matters. Like for example, if an elderly in our family experienced serious health complications, then we must take care of the transitions. Since we are too busy with our family business, we need someone who could handle such important matters. Fortunately, our family office is someone we could trust in such things. Their people had processed all the paperwork to make sure the transition goes smoothly if the terminally ill elderly in our family passes away.
Another advantage of hiring a family office is that it would help facilitate our charity events. Part of running a business is to be involved in such activities to build a positive image. The role of a family office in this matter is providing us with legal advice whenever we have plans to build a foundation. In charitable events, we have to make sure that our activities stay legal and compliant. We would not want to further tarnish our reputation just because we had a mistake in these areas.
Recommended Multi-Family Office in Singapore
We highly recommend Golden Equator Wealth as a multi-family office in Singapore. It was thanks to them that we continue to manage our family’s assets well. They always make sure that they properly assisted and guided us with such important family decisions regarding our business, investments, and other financial concerns.
Not only did we have some reliable financial advisors when we hired Golden Equator Wealth as our family office service provider, but we also had connections with some of the reputable lawyers and skilled accountants.
