As 2024 begins, continuing conflict in Europe and the Middle East, trade tensions, slowing economic growth and the prospect of a downward correction in interest rates are all key concerns for investors. For those managing family wealth, greater regulation and adjusting to the differing investment needs of younger generations add further pressure. As a result, wealthy individuals and families increasingly require holistic and real-time reporting, diligent oversight and accurate, constantly updated records.
These demands are not only making the work of existing private offices more complex, but they are also making some clients consider, for the first time, setting up a private office or joining a multi-family office. However, doing so can require a significant investment of time and money, when a simpler and more effective option is available.
Accuro offers discrete, bespoke professional services specifically for private clients. These are designed to help those who wish to either outsource their private office requirements or build on the capabilities of their own single-family office. In either of these two cases our aim is to act as a seamless extension to our clients’ own team. Rather than replacing any existing advisors or arrangements, our private office services support, strengthen and deepen existing capabilities.
In short, clients receive all the specialist and personal attention they need, but without the cost and complexity of setting up or expanding their own private office.
Services that support and strengthen
Examples of Accuro’s services range from helping with setting up bank accounts, with all the KYC coordination that it requires, to the computation of personal expenses and assistance with the implementation of property transactions. Typical services include:
- Consolidated reports for different asset classes;
- Private accounting, liquidity and budget planning;
- Expense reporting, receiving and paying invoices;
- Opening and closing of bank accounts and maintain relationships with banks;
- Coordinating the salary payments of private staff;
- Safekeeping of legal documentation;
- Compliance coordination with financial institutions; and
- Assistance with the implementation of personal transactions (such as purchase of property or other assets)
We also provide clients with access to specialist legal, financial, or other advice. For example, for a client having to navigate complex cross-jurisdictional tax issues, or a family wishing to purchase foreign real estate, even the best resourced private office may not have the niche expertise required. Here, Accuro’s network of trusted advisors can be called on.
Independent, specialist and sustainable
While providing individual, high-quality services to our clients is vital, it’s clear that joined-up, long-term thinking is also paramount to the success of any family and therefore the cornerstone of the private office. The so-called 3Ps are paramount here: preservation of family wealth, preservation of family harmony, and preservation of family legacy and values. Key to these is creating a dialogue that engages all within the family. For example, while older generations may be satisfied with a quarterly report on financial performance, younger generations may find that it is the social or environmental impact of investments that will engage them and make them more likely to play an active part.
As entrepreneurs and business owners ourselves, we promote responsible enterprise and growth that benefits current and future generations. It is our holistic view of our clients’ wealth and evolving needs, combined with our sense of responsibility to people, the planet and our industry, that makes Accuro an attractive choice for families globally.
An added advantage is that, because we are not asset managers, our clients can avoid any potential conflict of interests that may arise from having investment professionals also overseeing the administration of their wealth. Our independence, objectivity and private wealth expertise enables us to fulfil this key role.
New year, new resolution
With the latest research by investment firm UBS expecting global wealth to rise by 38% over the next five years and geopolitical risk predicted to replace recessionary fears as the number one challenge for family offices, the pressures mentioned earlier show no signs of abating. So, make 2024 the year to strengthen your private office capabilities by relying on a trusted partner who can help you make the most of the opportunities that lie ahead.