For high-net-worth families, the choice between establishing a family office or relying on a private bank is a significant one. Private banks offer turnkey solutions and lower setup costs, but may lack independence in advice and customization.
A family office, though more costly and complex to establish, allows full control over investment strategy, succession planning, and even concierge services. Many families opt for a hybrid model, using banks for custody and transactions, while strategy remains internal.
Ultimately, the decision depends on asset size, family complexity, and long-term goals. A growing number of Asian families are choosing to evolve from bank-dependent models toward in-house offices as their wealth matures.
FAQs:
Q: When should a family consider starting its own office?
A: Generally when assets exceed $100 million and customized strategy becomes critical.
User Comments:
- “Having our own team gave us independence from product-pushing bankers.”
- “The hybrid approach works well—we get the best of both worlds.”
Editor's Note:
There’s no perfect model—just the one that fits your family’s needs today and into the future.
(Editors: admin)