9 Dec 2024 - Discovering Family Office Dynamics for Success
Nov 4, 2024
Family offices (FOs) have become integral to managing and preserving family wealth and legacy. They oversee the financial affairs of wealthy families, handling tax planning, estate management, philanthropy, and succession planning to ensure long-term growth and security. FOs consolidate a family's accounts, legal matters, and daily tasks, enabling efficient decision-making and a comprehensive view of their wealth. The family office sector has evolved, encompassing a range of models from single-family to multi-family offices serving multiple clients. This presents new opportunities for certified public accountants (CPAs), who can enter the family office market through initiatives like Hong Kong's Capital Investment Entrant Scheme (CIES). However, navigating the application process and understanding the nuances between family office models is crucial for CPAs aiming to thrive in this specialised niche.
Highlights:
Section 1 : Introducing Family Office (FO)
- Family Legacy
- Typical function of FO for clients and families
- High level industry overview, evolution pathway and landscaping overview
Section 2: Panel Discussion – Opportunities and solutions for CPAs under FO and Capital Investment Entrant Scheme (CIES)
- Immigration to Hong Kong via CIES
- Application process and pain points
- Difference between Multi-Family Office and Single Family Office
- Sample business model of FO
Speakers:
Mr. Frank Lam | Director – Assurance Services and Leader of Family Office, BDO Limited
Mr. Lam has over 20 years of audit experience with listed and IPO clients operating in a variety of industries including manufacturing, retail business, property development, real estate agency, biotechnology, natural resources, media and entertainment, infrastructure and IT industries. He worked for large international accounting firms and had financial management experience in commercial sector.
Mr. Lam has wide-ranging experience on both Hong Kong and Mainland China auditing and accounting standards, and tax regulations as well as provision of financial and family office services to high net worth individuals and entrepreneurs. He also has extensive exposure on IPO and pre-IPO as well as merger and acquisition exercises in Hong Kong, Mainland China, Southeast Asia, Europe and United States of America.
Mr. Lam is a frequent event and course speaker of IPO and accounting and family office services topics and actively serves in professional body organizations.
Mr. Clement Siu | Deputy Managing Partner, Global Vision CPA Limited
Before joining Global Vision, Mr. Siu has over 20 years experiences in accounting and auditing industry acted as a chief accountant or account and admin manager in Hong Kong main board listed company and multinational corporations. His current practice specializes in auditing as a Certified Public Accountant (Practicing) and arbitrator in domestic and cross-border arbitration, with a particular focus on shareholders disputes, as well as aspects of corporate tax planning.
