Family Office – A Necessity For The Financially Savvy

Left-wing political movements embody the post-Covid zeitgeist and raise the anxiety levels of families concerned about the generational longevity of the wealth they have created. The local Chilean press saw last month's election of 35 year-old Gabriel Boric as a reflection of growing discontent that the economy was too "investor-friendly". Such discontent augurs well neither for the local economy nor for the family offices operating in such jurisdictions or the families they serve. Chile is only the latest example.

In other regions, the entrepreneurial classes have been more concerned by the opportunity the pandemic has handed to the state to expand, whether out of benign paternalistic concern or for more menacing purposes. If ever there was a good time to consider strategic diversification and de-risking, that time is now, and the Cayman Islands, among other 'grade A' jurisdictions, is a beneficiary of this.

The family office concept soon became an exclusive domain of the wealthiest who could afford the frills and expenses of running an expensive enterprise. These houses of power controlled and directed the family dynamics and future. The head of the family usually wields the power in the structuring and allocation of the family assets for the future generations as well as the future of the family enterprises / business interests.

While it is a matter of scale and relativity, even families with a few millions in family wealth need to navigate similar complexities in relationships, businesses, governance, legal and regulatory aspects. A move over Private Banks and single family offices is the emergence of the era & vertical of Multi Family Offices. In recognition of this gap in pure play financial advisory/management provided by Private Banks and the other more important areas of structuring, an enterprise such as a Multi Family Office becomes an essential cog.

Wealthfusion’s foundation as a multifamily office rest upon principles of Emotional Intelligence, client centricity and upon values of absolute commitment, trust and respect. Providing the full suite of services, our clients can access the privileges of a team working exclusively for and in their interests.

The concept is new and it involves an enormous amount of diligence and perseverance in introducing the concept to the clients, who have long been groomed to believe that they are not entitled to expect any more than what is provided to them. As with every new idea and trend, its success will herald a flood of interest. Every aspect of client family finances needs to be given precision treatment and care in their part of the family wealth landscape.

The new vertical in private banking led by the strength of relationships owned by multi family offices is becoming a financial force that one would be ill advised to leave ignored. These enterprises provide an open architecture platform for independent and unbiased services through inhouse expertise and empaneled specialists. A franchise setup especially providing fiduciary services through a trusted single point contact is a novelty that very few financial setups today can cater for.

The new age of digitization and collaboration between professional bodies, bodes more advantages to families than ever perceived before. It is yet a well kept secret of the few who have worked hard to realize and build its potential. This perhaps is golden coming of age of the family office - educating clients of their needs, wants and privileges; building a sustainable holistic solution center for the yet to be ultra-wealthy; building the novelty of having a qualified, professional team at clients’ disposal.