What is a Family Office
Recently, family offices are becoming popular especially in the investment circles. It can either be structured with one principal known as single family office or multiple principals which is known as multi-family office.
Family offices are private wealth management advisory that serve ultra-high-net-worth (UHNW) investors. They are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family.
Family Office (FO) is a concept of formulating a family constitution that is align with family values as well as guideline on how to run a family business which is consistently align with the family core values. CC Family Office is one of the services provided under Cheng & Co Group which is a one stop intermediary.
5 Key Reasons to Start a Family Office in Malaysia
A family that decide to start a family office has their own reasons which might be different from another family as each is unique. Therefore, we have identified 5 key reasons to start a family office:
Benefits of working with a family office
There are several reasons to join family office. Hence, you will need to appoint a trusted family office and experts to receive the best advice. With that, your family office will be added with benefits include:
Family Office Scope of Services
Family Office (FO) is a tailor-made services towards high net-worth individuals to preserve and protect their family wealth. Family Office is also able to provide succession planning in order pass their wealth to the next generation and the following generations.
The adage goes “Wealth Doesn’t Last for Three (3) Generations”. However, the objective of Family Office is to break this curse. The scope of services of Family Office are categorized into 3 main aspects: Financial Planning, Governance, and Advisory.
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Frequently Asked Questions
Who needs a family office?
While family offices are generally recommended for UHNW individuals, it can be especially helpful for individuals leading a complex life with time-consuming financial structures. It also makes life less stressful for those HNWI who travel often and have limited time to manage their financial life.
Why outsource your family office services?
Outsourcing your family office services to Cheng & Co offers:
– Tailored solutions to suit your needs.
– Provides a holistic approach to facilitate informed decisions to plan a family’s future.
– Access to the professional expertise of financial planners.
– Complete privacy.