The global number of family offices — privately owned firms managing the fortunes of rich families — has exploded.
In Japan, family offices are on the rise as business owners and their families seek a one-stop solution to concerns ranging from protecting family assets from inflation to tax planning.
Meanwhile, some of China’s wealthy families are turning to Hong Kong as an alternative place to manage their riches as their plans to set up shop in Singapore are slowed by intense scrutiny by the city-state following a massive money laundering bust.
Meet Nigeria’s Abiola Adediran, a Family Business Advisor and Private Wealth & Family Office Expert who is passionate about supporting the conflict-free transfer of a family business or wealth assets to the next generation – something, she says, that is still not being achieved successfully by many African families.
As an ultra-high-net-worth (UHNW) family’s wealth grows, so does the complexity of managing their assets. It’s not only traditional services that are required, such as investment management, philanthropy, and legal, tax and estate planning, but also business advisory services, governance, financial education, and maybe even lifestyle management for current and next-generation family members.
Adediran understands this when she emphasises:
The ethos of a multi-family office is to provide a client with a platform from which to access independent advisers on a range of issues that affect the family’s wealth and financial wellbeing.
Families who decide to start a managed family office are typically wanting to:Â
- Maintain control of their assets and the decision-making process
- Preserve their privacy
- Benefit from collective buying power of the family’s combined assets
- Keep the family together
- Have a dedicated team devoted to providing key services and helping achieve long-term goals
Talking to Abiola Adediran might be a great way to kick things off.