Singapore has seen an influx of new family offices over the last few years. The upward trend reflects the perceived stability of Singapore as a wealth hub and growing focus on better governance and succession planning.
Starting and running a family office can be difficult, with challenges at every stage. The family wealth is often spread across different jurisdictions, asset types, entities, custodians, and perhaps not surprisingly, multi-generational beneficiaries. Given this complexity, not all family offices are successful in achieving their goals and ambitions.
Jointly published with Eton Solutions, our research dives deeper into the family office ecosystem across four key areas:
- Geographical ties of Single-Family Office (SFO) sponsors
- Pain points of setting up an SFO
- Challenges in day-to-day operations
- How ecosystem players can better serve family offices
Throughout our interviews and interaction with experts in 2023, we found that structured governance and efficient operation are critical for the success in the long-term – yet are often overlooked. We hope the insights from this study will spark meaningful conversations within family offices about planning for long-term success.