SFO is a private wealth management organization designed and developed to meet the needs of Ultra High Net Worth Individuals (UHNWI) by providing the UHNWI family with unique solutions for wealth, finance, and many other problems. You can also know more about private-family offices in Singapore through various online sources.
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While investment management and related financial and administrative activities are primary functions, SFO may also include other activities including accounting, tax filing and compliance, charity management, family and lifestyle management, governance, risk, and inheritance planning. Generally, SFOs involve financial advisors, investment analysts, legal and tax specialists for wealth planning and operational matters.
There are various activities that the SFO performs exclusively within the company, while others are wholly or partially outsourced. The duties that are usually included in the authority of the SFO are:
-Technology is usually outsourced, with the exception of working with social media.
-Bookkeeping, accounting, budgeting, and cash flow planning are often outsourced to accounting services in Singapore.
-Tax planning and wealth planning, only compliance with regulations is carried out internally, while tax planning is carried out outsourced.
The need for proper estate planning has never been so important before a major increase in family wealth and can only be successfully addressed by outsourcing it to a professional service provider.