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Business and Management

Know The Reasons For Setting Up A Family Office

Posted by Diane Mcdade on

The family office is a private asset management firm that serves ultra-high-net-worth (UHNW) investors. They differ from traditional wealth management businesses in that they provide a complete solution for handling the finance and investment side of wealthy people or families. You can also hire UBS Global family office in Hong Kong through various websites.

For example, many family offices offer budgeting, insurance, family businesses, asset transfers, and tax services. Below are some reasons to set up a family office.

Confidentiality and wisdom

High net worth people (HNWIs) are very sensitive to confidentiality for a variety of legal reasons, and setting up a handpicked Single Family Office (SFO) or Multi-Family Office (MFO) provides them with safety and security. 

Trust

HNWIs often employ professional consultants with whom they have worked for a long time and whom they trust in their work. By engaging these consultants directly in their own family offices, they can nurture this relationship of trust.

Independence

By hiring its own staff or participating in an independent MFI, HNWI can ensure that the interests of its family office are closely linked to its own without a conflict of interest.

Save time

Most wealthy families quickly realize that with great wealth comes the burden of managing it. With this in mind, time is special and the family office can be utilized to manage luxury items, private homes, arrange travel, and sometimes control sensitive tasks.