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Behind the Curtain: Life in a Family Office The Nassau Conference - - PowerPoint PPT Presentation
Behind the Curtain: Life in a Family Office The Nassau Conference - - PowerPoint PPT Presentation
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
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Who Are You?:
Attorney at Law
Called to the Bar in 2008 Pupillage at Higgs & Johnson Associate at Higgs & Johnson
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Trust Officer/ Trust Manager
Joined Ansbacher in 2010 Senior Trust Officer Trust Manager LATAM Desk
Sovereign Advisors
- Est. 2017
Legal Advice Wealth & Asset structuring Network of Service Providers Concierge Services
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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
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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.
What is a Family Office?
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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
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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
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What is a Family Office?
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Chart from Agreus “Family Office Structure Organisational Considerations” – March 2017
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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
Key Products & Services
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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
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Presentation By: K. Kelly Nottage, Partner P: +1 242 325-6096/7 E: knottage@sovereign-advisors.com W: www.sovereign-advisors.com P.O. Box SP-64306; Nassau, The Bahamas Suite 303 Albany Financial Center, South Ocean Boulevard