How to Transition from Private Bank to Family Office in Singapore

Private banking is the traditional wealth management method for ultra-high-net-worth individuals throughout Singapore and Southeast Asia. However, when families expand and their finances become intricate, they select family offices for enhanced control, adaptability, and inheritance planning abilities.

This guide provides an overview of the necessary steps and advantages, along with regulatory matters, that apply to private bank clients who wish to transition from private bank to family office in Singapore.

Why Transition from Private Bank to Family Office?

Key Differences Between Private Banking & Family Offices

Top Benefits of a Family Office

Tailored Wealth Strategies

Family offices differentiate from private banks since they build specific investment approaches which match your family's worth system and danger tolerance together with your extended timeline goals. Family offices develop custom solutions for all decision-making processes which ensure your personalized goals fulfilment.

Access to Exclusive Investments

Family offices provide their clients with access to exclusive off-market deals that private banking clients cannot obtain:

• Venture Capital & Private Equity (early-stage startups, pre-IPO deals)

• Direct Real Estate (commercial properties, luxury developments)

• Co-Investments (side-by-side deals with institutional investors)

• Hedge Funds & Alternative Assets (art, collectables, private debt)

Tax & Estate Optimization

Singapore family offices utilize complicated international investment planning methods to achieve tax benefits with absolute compliance settings. The tax incentive schemes under 13O/13U enable family offices to obtain income exemption benefits for their clients. Singapore family offices enable clients to set up trusts and foundations as well as design simplified inheritance plans to avoid probate issues.

Succession Planning & Governance

Family offices provide their clients with one crucial benefit through the development of standard structures to manage wealth transfer. The development of family constitutions by family offices enables policies for governance and teaches financial education which helps families build philanthropic foundations for legacy purposes.

Dedicated Team & Operational Efficiency

Family offices eliminate the need to manage multiple banking relationships by providing a centralized wealth management approach. Family office clients obtain complete advantage from their single trusted advisor managing every asset together with specialized experts in-house and through external providers and real-time reporting which enables full wealth monitoring worldwide.

The distinctive features that superior family governance models give UHNW families in Singapore and Southeast Asia enable better control and cost efficiencies and extended legacy protection compared to what common private banking provides.

Next Step: Considering a transition? Ascendant Globalcredit Group helps families identify best-in-class providers which enables them to establish their customized family office solution.

A family office isn’t just about preserving wealth—it’s about preserving purpose, values, and legacy across generations.

How to Transition from Private Bank to Family Office (Step-by-Step)

Step 1: Assess Your Financial Needs & Goals

• Decide whether your wealth size requires the establishment of a Single Family Office or Multi-Family Office setup.

• You should assess whether to keep the knowledge in-house or outsource particular tasks.

Step 2: Choose the Right Family Office Structure

• Singapore SFO (for families with $50M+ in assets)

• MFO (for smaller families pooling resources)

• Virtual Family Office (hybrid model with outsourced services)

Step 3: Select Service Providers

Ascendant Globalcredit Group helps clients find leading providers through its recommendations:

• Legal & Compliance Advisors – For Singapore MAS regulations.

• Tax Specialists – To optimize under Singapore’s 13O/13U tax incentives.

• Investment Managers – For direct access to private markets.

Step 4: Transfer Assets & Consolidate Reporting

• Gradually move assets from private banks to the family office.

• Implement unified reporting tools for full transparency.

Step 5: Implement Governance & Succession Plans

• Establish family governance policies.

• Set up trusts or foundations for generational wealth transfer.

Final Thoughts

Transitioning from private bank to family office in Singapore offers greater control, cost efficiency, and legacy planning—key for UHNW families in Southeast Asia.

Since Ascendant Globalcredit Group specializes in connecting clients with top-tier providers, we can help facilitate this transition seamlessly.

Need expert guidance? Contact us today for access to Singapore’s best family office solutions.

FAQs: Transition from private bank to Family Office in Singapore

• How much do you need to start a family office in Singapore?

  To qualify for Singapore’s tax incentives (13O/13U schemes), a minimum of **S20Minassets∗∗isrequired,thoughmanyoptforS20Minassets∗∗isrequired,thoughmanyoptforS50M+ for cost efficiency.

• What is the tax incentive for family offices in Singapore?

  • Under the 13O/13U schemes, family offices enjoy tax exemptions on investment income, making Singapore one of the most attractive hubs for UHNWIs.

• What is the difference between a family office and a private bank?

  A private bank offers standardized wealth products, while a family office provides customized strategies, consolidated reporting, and dedicated governance.

• What are the benefits of a family office in Singapore?

  • Tax efficiency (13O/13U schemes)

  • Access to global investments

  • Strong regulatory framework

  • Confidentiality & asset protection