Private wealth management is an investment advisory practice that incorporates financial planning, portfolio management, and other aggregated financial services for individuals, as opposed to corporations, trusts, funds, or other institutional investors.

Family offices are private wealth management advisory firms that serve high-net-worth (“HNW”) investors, offering outsourced solutions to managing the financial and investments of an affluent individual or family. For example, budgeting, insurance, charitable giving, family-owned businesses, wealth transfer, and tax services. 
 
Setting up of family offices has long been an embedded concept in the US and Europe, and is accelerating in the Asia Pacific. Singapore has attracted its fair share of family offices due to its political stability and a  transparent legal and regulatory framework. The Government is pro-business and has consistently been attracting foreign investors with its Global Investor Program that offers permanent residency status to qualifying individuals and families. As a global economic hub with a network of Free Trade Agreements and Double Taxation Agreements with many countries around the world. It is the ideal place as a launchpad into ASEAN for businesses.

Though the number of family offices has increased over the years, the concept of private wealth management remains a taboo topic for discussion as it involves transparent communication and agreed-upon decisions to be made. Some individuals are not aware of the purpose and benefits of setting up a family office.