Family offices are becoming increasingly popular and well-known among investment circles. Their rise was due to changing economic conditions and the increased flexibility and control that families wanted to have with their capital. You can also look for the best family offices in Hong Kong via https://www.ubs.com/global/en/global-family-office/home.html.
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Below we have mentioned some of the main reasons to set up a family office.
Confidentiality and wisdom
For a variety of legal reasons, high net worth people (HNWIs) are very sensitive to confidentiality, and setting up their own Single Family Office (SFO) or handpicked Multi-Family Office (MFO) gives them trust and security – your information and data will be treated confidentially.
HNWIs often employ professional advisors who they have worked with for a long time and whom they trust in their dealings. By engaging these counselors directly in their own family offices, they can nurture this relationship of trust.
By hiring their own employees or participating in independent MFIs, HNWIs can ensure that the interests of their family office are closely linked to their own without a conflict of interest.
Most wealthy families instantly realize that with high wealth comes the burden of managing that wealth. With this in mind, time is precious and the family office can be used to manage private homes, luxury items, organize travel, and sometimes handle sensitive tasks.