Behind the Curtain: Life in a Family Office The Nassau Conference – Financial Services Bootcamp Tuesday 10 th September
Behind the Curtain: 1 What is a Family Office? 2 Key Products & Services provided to and by a Family Office Life in a Family Office 3 Why the Bahamas for Family Offices? 2
Who Are You?: 1 2 3 Attorney at Law Trust Officer/ Trust Manager Sovereign Advisors Called to the Bar in 2008 Joined Ansbacher in 2010 Est. 2017 Pupillage at Higgs & Johnson Senior Trust Officer Legal Advice Associate at Higgs & Johnson Trust Manager Wealth & Asset structuring LATAM Desk Network of Service Providers Concierge Services 3
What is a Family Office? The Term “ Family Office” has been used to describe a wide number of structures: • PTC/Trust structure with administrators • ‘Investment Club’ • Incorporated Entity - Limited Liability company licensed to invest & make investment decisions • Investment Fund(s) • Licensed Investment Advisory Firm 4
What is a Family Office? Impetus & Purpose: The primary purpose of a family office is to: (i) manage family’s assets be they liquid, real property, or chattels; (ii) centralize management and decision making; (iii) provide accountability and clarity in family governance; and (iv) support family goals and interests • “Bespoke Wealth Management” - no two structures or solutions are the same. 5
What is a Family Office? ELEMENTS & CHARACTERISTICS OF A FAMILY OFFICE: • Family $ in First • Investment Advice • Tax Advice • Legal advice • Accounting Advice and Assistance • Secretarial/Administrative assistance • Property Administration • Banking Support • Concierge Services Amex Bill gets paid Travel documents for family pets; immunizations Yacht crew get paid Cross Border Immigration services • Jurisdiction 6
What is a Family Office? Multi Family Office Vs. Single Family Office Considerations: 1. Cost/Economies of scale 2. Objective 3. Size of Family 4. Size of Assets 5. Type of Assets 7
What is a Family Office? Chart from Agreus “Family Office Structure Organisational Considerations” – March 2017 8
Key Products & Services Financial Services Tool Box Spine (i) Trust (ii) PTC (iii) Foundation (iv) Corporate Entities – IBC or CAC; BEE; US LLC; KY EX Entity Extremities: Support Services which allow the FO to carry out its various functions • Trustee Services • Fund Administrators • Investment Advisors • Legal Advisors • Specialist Tax Advisors • Accounting Advisors • Information Technology Experts 9
Why the Bahamas? Stability & Ease • Politically Stable • Settled Laws & legal precedents - esp. as concerns private wealth • Trustee Act, Perpetuities Act; • Investment Funds Act (and incoming amendments thereto); • ICON; • Robust Regulation • Competent Support Services / Professional Expertise • Immigration • ability for key advisors to work from jurisdiction (families arrive with their key advisors) • Fiscal regime and access to capital markets Geography • Doorstep of the world’s largest Economy • Gateway to LATAM? Quality of Life • Sun, Sand & SEE 10
Presentation By: K. Kelly Nottage, Partner P: +1 242 325-6096/7 P.O. Box SP-64306; Nassau, The Bahamas E: knottage@sovereign-advisors.com Suite 303 Albany Financial Center, W: www.sovereign-advisors.com South Ocean Boulevard
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