For ultra-high-net-worth individuals (UHNWIs), the line between private banking and family offices can blur. Here's how to determine the best structure for managing generational wealth.

What Is a Family Office?

A family office is a private advisory firm that manages investments, taxes, succession, and even personal services for one (single-family office) or multiple families (multi-family office).

Key Differences


FeaturePrivate BankFamily Office
ControlBank-ledClient-controlled
CostBundled feesHigher setup cost
CustomizationModerateHighly personalized
ServicesInvestment-focusedFull-service (legal, lifestyle, tax)

When to Consider a Family Office

  • Assets exceed USD 25M+
  • Need for privacy, control, and multi-generational planning
  • Multiple businesses, properties, and heirs

FAQ:
Q1: Can a private bank work with a family office?

A: Yes. Many family offices allocate funds to private banks as part of a diversified strategy.

Q2: Are family offices regulated in Singapore?

A: Yes. MAS introduced licensing rules for certain structures since 2020.

User Comments:

“Moving to a multi-family office gave us total financial control.” — Elaine T.

“My private bank remains key to executing investment strategies within our office.” — Sean Y.

Editor’s Note:

If your wealth is growing in complexity, consider a hybrid approach: private bank for execution, family office for oversight.

Tags: family-office, uhnw-solutions, private-banking-comparison, singapore-wealth


Related FAQs

Sophia Tan

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.