Families seeking dedicated and comprehensive wealth management support often have a choice between a single-family office that is run and maintained for the sole benefit of individual families or a multi-family office that acts as an advisor and manager to multiple families. You can also look for the best single-family offices in Hong Kong through various websites.
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Each offers potential benefits based on needs and preferences. Before making a decision, we recommend that you carefully consider several factors.
Succession and continuity
A significant challenge with Single-Family Office management is the reliance on a small number of key employees who may not adequately document their activities and processes. Too often, the counselor's legacy is left unattended until it's too late, and leaving key personnel can be devastating to a family.
Multifamily offices typically use more stringent operational protocols, and their focus on ensuring consistent management across multiple families helps ensure adequate long-term focus. In both situations, layoffs and succession planning should be considered in the absence of a trusted employee.
Single-family services sometimes have difficulty retaining highly qualified and dedicated staff. Ambitious people usually have an inherent need for visible career development and intellectual stimulation that may not be common in the family office.
Larger companies usually offer greater career opportunities, and exposure to different planning situations can encourage the development and sharing of best practices with all customers, which can improve outcomes and results together.