{"id":12724,"date":"2024-05-16T11:10:05","date_gmt":"2024-05-16T15:10:05","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/?p=12724"},"modified":"2024-07-03T09:08:42","modified_gmt":"2024-07-03T13:08:42","slug":"understanding-the-differences-between-family-offices-and-private-trust-companies-in-asia","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/understanding-the-differences-between-family-offices-and-private-trust-companies-in-asia","title":{"rendered":"Understanding the differences between family offices and private trust companies in Asia\u00a0"},"content":{"rendered":"\n

For decades, international families have used private trust companies to manage their private wealth. <\/p>\n\n\n\n

But ever since family offices<\/a> roared into vogue in Asia amid the COVID-19 pandemic lockdowns in 2020, these two popular estate-planning structures sometimes get confused with one another.<\/p>\n\n\n\n

This can happen because the same ultra-high-net-worth family members hold key roles in both their family office and private trust company, says Octavia Liu, a wealth planner at RBC Wealth Management in Asia.<\/p>\n\n\n\n

For example, someone who heads the family office may also be sitting on the board of directors of the family\u2019s private trust company. Other times, families may need several private trust companies, and use a family office to manage them.<\/p>\n\n\n\n

\u201cFamily offices and private trust companies are not incompatible with one another,\u201d says Liu. \u201cThat’s why people see them together in a shell, and may not be able to distinguish the differences.\u201d<\/p>\n\n\n\n

Distinctions between family offices and private trust companies<\/strong><\/h2>\n\n\n\n

Research published by Singapore Management University’s Yong Pung How School of Law <\/a> offers the following comparisons between a single-family office<\/a> and a private trust company:<\/p>\n\n\n\n

Single-family office<\/strong><\/th>Private trust company<\/strong><\/th><\/tr><\/thead>
No fiduciary duty; manages the family’s assets for profit. <\/td>Serves a fiduciary duty; acts as the trustees of the family’s assets. It is not typically profit-seeking.<\/td><\/tr>
Focuses on wealth-management services, such as investment management and tax planning. <\/td>Delegates tasks \u2013 such as investment management and custody of investment assets \u2013 to service providers.<\/td><\/tr>
Functions as a central administrative facility to manage the needs of the family, both financial and non-financial. <\/td>Functions as an independent legal entity, providing family members greater protection from litigation and limiting the exposure of family assets.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Family offices: A focus on investment<\/strong><\/h2>\n\n\n\n

Asian family dynasties \u2013 often spanning three or four generations \u2013 typically lean younger than their European counterparts, where family wealth can stretch eight or more generations, says Alvin Chiam, a wealth planner at RBC Wealth Management in Asia.<\/p>\n\n\n\n

As a result, Asian families favour family offices for their emphasis on growing wealth, by centralizing and carving up portions of the family’s private wealth for family members to invest.<\/p>\n\n\n\n

\u201cThe idea of taking care of and growing the family wealth is generally much closer to the hearts of Asian families,” explains Chiam. “The European concept of being a fiduciary and acting as a trustee of the family legacy is still slightly remote at present. This is simply because of the cultural context here in Asia, the general age of family wealth and the overall growth environment in the various localities we are in. However, we are noticing that families are starting to consider the fiduciary and stewardship of family legacy based on traditional family values.”<\/p>\n\n\n\n

Private trust companies: A focus on stewardship<\/strong><\/h2>\n\n\n\n

Unlike family offices, private trust companies have long been seen as a legacy-planning<\/a> and family-governance tool. <\/p>\n\n\n\n

While some high-net-worth families seek to pass on their fortune to as many generations as possible, others set aside a sum for their descendants and give away the rest to designated beneficiaries, which can include philanthropic causes<\/a>.<\/p>\n\n\n\n

Liu says some families have a private trust company primarily because the head of the family wants to maintain control over the wealth transfer plan.<\/p>\n\n\n\n

In a private trust company, family members do not act as investment personnel, but as joint decision makers or a governing council who exercise fiduciary responsibility in distributing family wealth. <\/p>\n\n\n\n

How to choose the appropriate structure<\/strong><\/h2>\n\n\n\n

Despite the differences between family offices and private trust companies, Liu and Chiam say the process of deciding which structure to apply to manage a family\u2019s wealth is not always straightforward.<\/p>\n\n\n\n

Factors to take into account include:<\/p>\n\n\n\n

    \n
  • The type and jurisdiction of family assets<\/li>\n\n\n\n
  • The size of the family, and the complexity of their dynamics<\/li>\n\n\n\n
  • Family values, and how involved the next generation will be in managing the family wealth, whether that’s shaping the investment strategy, or simply stewarding it<\/li>\n\n\n\n
  • The purpose of the structure (e.g., ring-fencing the family business and private wealth)<\/li>\n<\/ul>\n\n\n\n

    These factors \u2013 made more complex if family members reside in different countries \u2013 necessitate assistance from experts who can assess the context and ensure the structure of each solution complies with tax laws and local requirements of the relevant jurisdictions.<\/p>\n\n\n\n

    There are also matters of confidentiality. Engaging experts enables families to put together a team of people to execute their wealth plan, yet maintain a level of control and confidentiality within a transparent legal structure.<\/p>\n\n\n\n

    \u201cA properly executed family governance model allows participation from various family members. Family members from various family branches can be involved as part of a committee. Each member brings a variety of expertise \u2013 this can create better outcomes and value to the wider family,\u201d says Chiam.<\/p>\n\n\n\n

    Other considerations<\/strong><\/h2>\n\n\n\n

    While family offices are currently popular in Asia, they are not always the right answer to a family\u2019s needs. <\/p>\n\n\n\n

    For example, during the height of the COVID-19 pandemic, some saw setting up a family office as a \u201cresidency tool, as opposed to an investment tool,\u201d Chiam says.<\/p>\n\n\n\n

    Others recognized that alternative solutions better suited their goals. Liu says conversations with wealth planners have led some clients to realize that they had not thought deeply enough about their family legacy.<\/p>\n\n\n\n

    \u201cOur clients have found that having conversations with experienced wealth planners enables them to better articulate their long-term legacy plans and gain access to a wider variety of planning solutions to expand the reach of their legacy,\u201d Chiam adds. In some cases, wealth planners, such as Chiam, do deal with businesspeople who are fastidious and relentless in terms of running their business.<\/p>\n\n\n\n

    \u201cBut in terms of private wealth, in terms of governance of their own family investments, they need that same determination and hard work,\u201d he says. \u201cBy consulting with external professionals, you’re bringing other people on board to generate more family wealth at a faster pace.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

    Key differences in wealth goals and fiduciary duties set these two popular wealth-management solutions 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