The rapid economic growth in Asia has brought increasing demand for asset management and family offices management services that cater to the specific needs of ultra-high net worth families. Nevertheless, the concept of family office remains novel in Asia’s wealth management sector.
With such bourgeoning industry demand, Association of Family Offices in Asia (AFO), a professional and industrial society is here to serve the needs of family offices in Asia. AFO’s members include both family offices in Asia and solution providers to family offices in the region.
Eva Law, the Chairman and founder of AFO, talked about Wilkinson Corporation, one of the members of AFO.
“Wilkinson Corporation is a Single Family Office (SFO) in the United States. Through its subsidiaries, Wilkinson Corporation provides property management services in America. It acquires and operates multi-family, student housing, office, senior housing and care properties.”
Incorporated in 1991 and based in Yakima, Washington, the company also offers property identification, planning, architectural oversight, due diligence, construction, lease-up, and management services. In addition, Wilkinson Corporation provides development and construction services, such as site location, due diligence, architecture and construction management.
Talking about AFO’s market strategy in 2018 for Asia region, Eva Law said that AFO has a very simple and steadfast goal that is to be the trusted partner of family offices. As AFO is only celebrating its 5th anniversary, AFO is to focus on working towards this aspiration.
“With regard to our strategies and work plan, we are going to strengthen our presence in regions along the belt and road tracks. So, we will be building new chapters there and gear up the relations we have developed with the wealth creators and owners.”
Aspiring to be a trusted partner, AFO has developed a strong talent pool through AFO’s technical committees, CIAFFO’s certified trainers and coaches as well as APB’s specialty bureaus to serve the shareholders and members of the wealthy families, the single and independent multi-family offices, the key executives of the offices and the family enterprises and industry stakeholders and players in the ecosystem.
“We are not just establishing the Chartered Institute of Asia Family Firms and Office. In 2018, we are going to launch various technical training programmes and workshops. Along with the goal of empowering our clients and members, we are also working with reputable universities on conducting influential industrial research. We hope our finding will anchor our goal of being intellectual and practically supportive to family offices.”
Tailor-Made Investments for Asia’s Ultra-High Net Worth Families
For ultra-high net worth families, management of their wealth is not only about maintaining and increasing their fortune, but also about other complicated issues, such as family governance and succession planning. The concerns for many families might also include how to use their wealth for social good and make the world a better place.
Therefore, they often require family office service that is designed specifically to entertain their needs. However, the concept of family office is relatively new in Asia and the prevalent European or American model of family office might not be completely compatible with the culture and needs of Asian family.
“We are not an investment bank or an asset manager. However, we will work hand in hand with our members and connectors to support their self-determined co-investment. Our approach is to engage consulting firm and subject matter expertise who are seldom from the sell side to offer pre-investment ground work, including generating investment market outlook or forecast.” Eva Law added when she talked about market outlook and investment trends of Asia’s high net worth families.
“We also understand ultra-high net worth investors all have their unique investment expectations, preferences and limitations. So, any solution must be tailored and make it contingent to their requirements. We rarely offer advice base on trends.”
AFO has great understanding to the dynamic and needs of Asian wealthy families and is committed to helping family offices in Asia fulfilling the needs and goals of the families they serve.
AFO’s integrated services include professional investment planning, family advisory, philanthropic, family business consulting and family office related information technology consulting services that deal with common concerns of ultra-high net worth families in Asia.