Establishing A Family Office: Is It For Your Family?
Juancho Robles teaches you the basics of a family office—not a literal office space, mind you—and whether it's the right fit for you.
Recently, I was in Singapore on a personal trip. I got in touch with a close friend, who later introduced me to the CEO of a prestigious family office catering to Ultra-high-net-worth individuals (UHNWI) and affluent families in Singapore. From there, we eventually talked about the possibilities of offering similar services in the Philippines.
We also spoke about the peculiarities of local family businesses, wherein future wealth distribution to family members is not really planned and discussed. In the Philippines, I know of a few large local family businesses that made succession plans, but they still fall short in the family governance and wealth management areas.
Part of our discussions even include how family offices can assist affluent families to better plan and manage their wealth so that their children and future generations do not squander it away—interesting topics, really.
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