A family’s most valuable asset is its intellectual capital encompassing its family history and its values. It needs to make timely decisions with the advice of trusted advisors, educated service providers and, most importantly, its peers, to not only preserve but also enhance its family legacies, beyond wealth, for generations.
They need to work with independent professionals, free of conflicts of interest, who can meet their needs directly or through service providers, on a timely and customized basis.
The family-office wealth advisory world has been suffering from “too much salesmanship and too little stewardship.” In today’s new world order following a global crisis of immeasurable proportions, ultra high net worth individuals and families need to rethink and re-strategise their role and scope to make informed decisions. They also have to plan and implement well thought-out family leadership strategies, mentorship and philanthropic choices.
NQ International Pte. Ltd particularly sees its cutting-edge value-add in helping with asian family office requirements and solutions in the following key segments:
SBC-NQI operates on a highly effective tried and tested concept of linking with niche service providers globally, with a shared vision of quality collaborative services to asian family offices. We have direct out-reach to qualified professionals globally who can render the “best-in-class” solutions to even the most complex asian family office situations. This is because these esteemed specialist providers possess highly effective qualitative and quantitative skills and literally write the “book of best practices” in the UHNW asian family office arena.
This, combined with the respective “hands-on” years of relevant experience the founder, Mrs Noor Quek, working with some of the largest families in Asia, the Middle East and Europe, provide this partnership with an effective infrastructure. It enables NQI to gain insight from each family it works with, into their mindsets and issues. These relate to, amongst others, :
- Establishing an asian family office structure
- Family history and values transfer
- Family governance
- Asian family office best practices
- Family inter-generational needs
- Placement of independent senior asian family office professionals
- Realignment of wealth management needs
The legacy that one leaves is not just the wealth that one’s heirs inherit, but rather the part of one’s life that lives on in the hearts and minds of others after one is gone. So does it’s survival. It requires that families grow together, as individuals and groups, and the financial resources be applied to strengthening the group spiritually as well as intellectually, preparing each person, in turn, to give back to future generations and be relevant to society.
The defining common values by which wealth families should identify themselves, and which shape the family mission is found in it’s charitable endeavours – in the form of philanthropy; not just for its sake but in a well thought out manner commensurate with the particular circumstances of the family.
NQI has many years of experience in helping UHNI families work towards this cause, helping to define wealth management structures to it requirements (eg. trusts and foundations), collaborating with trustees in the selection of charities, and with soft-skills asian family office advisors on establishing and reaffirming family values and passing it to the next generation through collaboration with philanthropic aspirations.
We have also had (and still do) direct involvement in our personal capacities in establishing and being a representative on the board of directors of charitable causes (eg. Breast Cancer Foundation).
In so doing we have relevant and value-add experience and best-practice solutions to share, and to help define ethical standards. Multi-generation family members are linked towards a common philanthropic cause, thereby upholding the family legacy for future generations.
This is a strategic complement to our holistic family-office wealth management template.
EDUCATION AND CORPORATE GOVERNANCE
Education in asian family office advisory is an-going process involving not only the family members but also all professionals and service providers involved so that it is a concerted collaborative effort serving the interest of clients and their particular circumstances (the tailor made solution must be a sign-in by all participating entities).