Anybody can provide Wealth & Family Office Services as defined by the PWFO Chart. Licensing depends on the jurisdiction you operate in. As the services related to money matters, you will likely get clients to serve only if you can demonstrate that you have the education and credentials to stand out from your peers.
Like specialising in Corporate Services, Accounting, Trusts, Taxation, Auditing, Liquidation, Wealth Services demand "educational, experience, and ethical requirements which are licensed by the PWFO Association indicates.
A Certified PWFO starts his Wealth Course by being already a graduate and the PWFO course adds another 70 hours of education with tests and culminates in an examination and compliance with the Code of conduct and professional ethics of the Association.
PWFO implies being a specialist in and overall becoming a PWFO denotes a significant investment of time and energy which the potential pay-off justifies.
Surveys acknowledge that CPAs, ACCAs,...
The Uniqueness of the PWFO Certificate is the convergence of 3 disciplines.
The convergence of 3 discipline - the blending of the following key ingredients:
1) An in-depth understanding of clients' investment needs, the evolution of the Wealth Services, and the upcoming opportunities.
2) A sound accounting qualification and experience to be able to define a clear financial strategy that emphasizes risk/return and value creation.
3) Practical knowledge of IT solutions to solve specific business problems.
So a PWFO is an Accountant with a good knowledge of the investment world so as not to be conned by the vendors and understand the power of IT but also the need to be protected at all times.
PWFO is responsible for financial strategic planning. He selects, validates, and monitors banks, asset managers, and other service providers to ensure that the client’s objectives are achieved, but more importantly, he never makes investment decisions.
The new reality is that societies are now reaching out to become knowledge-driven. What was kept away and treated as the privy of the few is now available to more.
There are more professionals trained willing to be at the service of clients and not just line their pockets. The private citizens and families have now realised that they need to take ownership of their wealth and not leave it on a discretionary basis to Bankers and Investment managers. Looking after their Wealth may even involve periods of NOT investing which hardly any Banker or Investment Manager will ever recommend.
New Family Offices have been opening continuously over the years silently but most not necessarily using the name. So the need to exert more control over their wealth future will lead to more private citizens and families opening their wealth entity and whether they call it "Family Office" is only a detail. It is about taking ownership and not leaving it for the system to control!
A PWFO Swiss Certified is a member of the Private Wealth & Family Office, an Association that encourages the professional development and continuing education of its members in the domain of financial services, in particular private wealth and family office services.
A PWFO is a Practitioner assisting clients in all the latter’s wealth matters from an accounting, controlling, and risk management perspective.
A PWFO, for the account of his/her client, selects, validate and monitor banks, asset managers, and other service providers to ensure that the client’s objectives are achieved.
A PWFO gives the clients back control back over their assets, have better visibility of the charges being incurred, and a clearer view of risk-return performances.
So a PWFO does practice as a Family Office – I did!
The mission of PWFO Association is to become:
To become the standard-bearer for the creation and protection of wealth for all private citizens and families....
The history of banking began with the first prototype banks which were the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India, and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits and performing the change of money.
(From Wikipedia, the free encyclopedia)
Modern banking started as Private Banks. The first banks in Venice were focused on managing personal finance for wealthy families.
Traditionally, private banks were linked to families for several generations. They often advised and performed all financial and banking services for these families.
The Transformation of the Banking Ecosystem. Fintech is undoubtedly disrupting the financial services industry already, perhaps not as fast as was expected but it is happening.
Innovative ideas are supporting new business models every day. Banking, in general,...
Switzerland spearheads the rank of 54 countries that participated in the study by Global Entrepreneurship Monitor’s (GEM) latest Global Report on the ease of starting and developing a business. Located in the Western Europe region, Switzerland is centrally located benefitting from the proximity to economically strong countries such as Germany, Italy, and France.
It offers the best environment for logistical operations, capital raising, and other important business activities.
Because of this, Switzerland is a great starting point for businesses that want to enter the European market.
Switzerland is also suitable as a test market for new products or services before making the decision of conquering the rest of Europe.
Asides from its strategic location, Switzerland also has access to the European market without facing the regulatory disadvantages of the EU space.
Be serious about wanting to develop!
Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. It is a consultative process whereby the advisor gleans information about the client's wants and tailors a bespoke strategy utilizing appropriate financial products and services.
What Is Private Banking?
Private banking consists of personalized financial services and products offered to the high-net-worth individual (HNWI) clients of a retail bank or other financial institution. It includes a wide range of wealth management services, and all provided under one roof. Services include investing and portfolio management, tax services, insurance, and trust and estate planning.
Break into 5% by booking the course:
It is often assumed that the acclaimed American family, the Rockefellers, pioneered the family office in the late 19th century.
The reality is that Family Office has existed from the dawn of civilisations except that the term “family office” was only coined in 1900 as Banks used the term mainly to segment Assets Under Management size.
Family Offices are becoming a very significant force within the global business landscape, now managing almost half of the $9 trillion controlled by the world’s billionaires.
EY estimates that there are currently 10,000 family offices, a ten-fold increase since 2008. It is expected that this trend will continue in line with the growing number of billionaires and the increasing need for specialized expertise to manage and advise family enterprises on new investment options, succession, and multi-generational wealth preservation within a volatile global economy.
Family offices can also enjoy a greater level of autonomy and independence...
We all agree that Governments need to have good laws, institutions, and processes in place to ensure accountability, stability, equality, and access to justice for all. This ultimately leads to respect for human rights and the environment. It also helps lower levels of corruption and instances of violent conflict. This concept is called the "rule of law." There are great benefits to business, and other stakeholders, in respecting and supporting the rule of law. Where the rule of law is weak, it is harder for responsible businesses to function, and to meet their legal obligations and have their legal rights protected. Ms. Christina Koulias, Senior Manager, Anti-Corruption and Global Governance
Nowhere is implementing the rule so difficult as in Financial Services. One of the reasons is information asymmetry. Unlike many other industries, it is one where providers package products that they understand better than supervisors and consumers. Hence supervisors always play catch....
Riding the next disruption in banking!
The history of banking began with the first prototype banks which were the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India, and Sumeria. (From Wikipedia, the free encyclopedia).
The world financial system and economy cannot function without Banks. At its most basic banks were principally allocate funds from savers to borrowers in an efficient manner.
With Covid-19 and the near-collapse of the world economy, the Central and Commercial Banks are doing their best to relaunch the markets.
Well before the recent downturn, factors like technological, economic, geopolitical, demographic, and environmental were converging in an accelerated way to create changes in the mind and behavior of society and the economy in general.
Accordingly causing changes in the banking industry as well.