Building Legacy On Trust
CrediTrust Fiduciary Group
Credtrust
Setting Up a Family Office in Asia
Choose a Solutions Provider: Work with a solutions provider that has expertise in the desired jurisdiction and the necessary corporate and legal knowledge to navigate the complexities of business and legal regulatory frameworks.
Draft a Family Charter: Create a written record outlining family members' expectations, values, beneficial ownership, code of conduct, and legacy plans.
Identify Goals and Asset Handling: Collaborate with the family office specialists to identify each family member's goals and determine how each asset should be managed.
Develop a Business Plan: Create an effective business plan suitable for the chosen jurisdiction and aligned with the family's targets.
Family offices in Asia, particularly in financial hubs like Singapore and Hong Kong, have been growing in recent years, supported by government incentives and an increasing billionaire population. CrediTrust Group, with its strong presence in these jurisdictions, is well-positioned to help families preserve and protect their wealth for generations to come.
Expertise makes all the difference
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Why You Need A Family Office
Understanding Family Offices:
Preserving and Growing Wealth for Future Generations
A family office is a private wealth management structure that serves Ultra-High-Net-Worth Individuals (UHNWIs) by providing personalized and comprehensive solutions to preserve and grow their wealth for future generations. While the primary purpose of a family office remains the same across the globe, each family office is unique, tailored to meet the specific needs and requirements of the family it serves.
Key Differences Between Family Offices and Traditional Wealth Management
Family offices differ from traditional wealth management service providers in several ways:
Personalization: Family offices offer highly personalized services, with a team of experts from various private wealth management disciplines working together to address the unique needs of the family.
Comprehensive Services: Family offices provide a wide range of solutions, including asset management, cash management, risk management, lifestyle management, financial planning, estate planning, legacy management, tax advice, philanthropic strategies, life insurance solutions, trusts and foundation setup, and administrative support.
Dedicated Team: Family offices employ a dedicated team of professionals who focus solely on serving the family's interests.
Types of Family Offices
Single-Family Office: A single-family office is controlled by a dedicated staff serving just one wealthy family. The size of the office is relatively small, as it caters to a single client.
Multi-Family Office: A multi-family office meets the needs and provides tailored business solutions to several affluent families. This structure is particularly helpful for wealthy families who may not have the liquidity or desire to manage a family office on their own.
Benefits of Establishing a Family Office
Benefits of Establishing a Family Office
Wealth Management: A family office employs a team of experts who monitor and analyze the family's businesses, assets, and portfolio, helping them make informed decisions to preserve and grow their wealth.
Centralized Structure and Risk Assessment: Family offices consolidate all data and information related to the managed assets, providing a secure and centralized structure. This allows for efficient risk assessment and management across the family's diverse portfolio.
Integration of Professionalism: While family offices are inherently personal, they ensure that wealth is managed by a team of experts, providing professional services based on data analysis and risk assessment.