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FAMILY OFFICE

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#aura_family

AURA

AURA FAMILY

ESTABLISHED

1981

LOCATION

PHUKET - THAILAND

EMPLOYEES

18310

EMAIL

WEBSITE

NEWS & BLOGS

A Vision Beyond Wealth Management

Aura Family Office stands at the forefront of redefining traditional wealth management paradigms. Beyond mere financial administration, Aura embodies a holistic approach that acknowledges the intricate tapestry of familial dynamics, long-term objectives, and the preservation of legacy.

Tailored Strategies for Unique Needs

Central to Aura's ethos is the understanding that each family possesses distinctive aspirations and challenges. Accordingly, the firm eschews the one-size-fits-all approach in favor of meticulously tailored strategies. By delving deep into a family's ethos, values, and objectives, Aura crafts bespoke financial plans and governance structures that resonate with the family's essence.

 

Comprehensive Wealth Management

Aura's expertise extends across the spectrum of wealth management. From astute investment strategies to estate planning, tax optimization, and philanthropic initiatives, the firm integrates diverse disciplines to curate a comprehensive roadmap for sustained prosperity.

Family Governance and Continuity

The complexities of wealth transcend fiscal matters. Aura places a strong emphasis on fostering transparent communication, conflict resolution mechanisms, and governance frameworks within families. This approach ensures the seamless transition of wealth across generations while preserving familial harmony.

Innovation and Best Practices

The landscape of finance is ever-evolving, and Aura stays at the vanguard of innovation. By amalgamating industry best practices, cutting-edge technology, and a forward-looking perspective, Aura remains agile and adaptive in navigating the ever-changing financial milieu.

Personalized Services Beyond Expectations

Beyond the realm of financial management, Aura offers a suite of concierge services. These encompass lifestyle management, educational planning for heirs, healthcare coordination, and bespoke assistance to cater to the unique needs of affluent families.

 

Preserving Legacy, Empowering Future Generations

Aura firmly believes in the transmission of not just wealth but also values and wisdom to future generations. By instilling a culture of responsible stewardship and philanthropy, Aura assists families in leaving an indelible legacy that transcends monetary assets. In a world where the demands and complexities of wealth stewardship are ever-increasing, Aura Family Office stands as a beacon of personalized excellence. Through a meticulous fusion of expertise, empathy, and innovation, Aura empowers families to navigate the complexities of wealth management while preserving their unique legacies.

Aura Family Office isn't just a financial institution; it's a custodian of familial prosperity, dedicated to nurturing and safeguarding the wealth and values that define a family for generations to come. Indeed, managing wealth across generations while balancing the current and future needs of family members presents a complex challenge for wealth creators and inheritors. The establishment of a family office has become a popular and effective solution to address these multifaceted needs.

Family offices serve as dedicated entities designed to manage the various aspects of a family's wealth and affairs. They offer highly personalized services tailored to the family's unique requirements, which may include:

  1. Wealth Management: Implementing investment strategies aligned with the family's risk tolerance, financial goals, and values. This involves managing diverse assets such as real estate, stocks, bonds, and alternative investments.

  2. Financial Planning : Developing comprehensive financial plans that encompass estate planning, tax optimization, and philanthropic initiatives. These plans often focus on preserving wealth for future generations.

  3. Family Governance : Establishing governance structures and protocols for decision-making, wealth distribution, and conflict resolution among family members. This helps maintain harmony and continuity within the family.

  4. Concierge Services : Providing personalized services such as lifestyle management, education planning for younger family members, healthcare coordination, and travel assistance.

  5. Legacy Planning : Creating strategies to preserve and pass on the family's values, traditions, and wealth to future generations. This often involves philanthropic endeavors and educating heirs about responsible wealth stewardship.

 

The trend toward establishing family offices reflects the growing recognition among wealth creators and inheritors that a tailored, holistic approach is essential for effectively managing and preserving wealth. By centralizing expertise and resources, family offices can address the multifaceted needs of affluent families while ensuring a legacy that extends beyond financial assets.

Are you considering setting up a family office or seeking guidance on managing wealth across generations?

FAMILY OFFICE

What is family office ?

A family office is a private wealth management advisory firm that caters to the financial and personal needs of affluent individuals or families. Essentially, it's an exclusive entity established to manage and oversee the complex affairs of high-net-worth families.

Key Characteristics of a Family Office:

  1. Wealth Management: Family offices primarily focus on managing the financial assets of affluent families. This involves investment management, asset allocation, and financial planning tailored to the specific needs and goals of the family.

  2. Customization: They offer highly personalized services, recognizing that each family has unique financial goals, values, and dynamics. The strategies implemented are customized to align with the family's long-term objectives.

  3. Multi-Generational Approach: Family offices often cater to multiple generations within a family. They provide services not only for the current wealth holders but also for heirs, ensuring the smooth transfer of wealth and values across generations.

  4. Comprehensive Services: Beyond wealth management, family offices may provide a range of services, including estate planning, tax optimization, philanthropic advising, lifestyle management, educational planning for heirs, and governance structuring.

  5. Confidentiality and Privacy: They offer a high level of confidentiality and privacy, safeguarding the family's financial information and affairs.

  6. Single or Multi-Family Offices: Family offices can be single-family offices, serving the needs of a specific family, or multi-family offices, which cater to the needs of multiple unrelated families. Multi-family offices often offer shared resources and cost savings.

 

Types of Family Offices:

  • Single-Family Office (SFO): Created by a single affluent family to manage their wealth and affairs exclusively.

  • Multi-Family Office (MFO): Services offered to multiple wealthy families, allowing them to benefit from shared resources and expertise.

 

Reasons for Establishing a Family Office:

  • Complexity of Wealth: As wealth accumulates, the management of various assets becomes increasingly complex, necessitating a dedicated entity for oversight.

  • Privacy and Control: Families often establish family offices to maintain confidentiality and have greater control over their financial matters.

  • Legacy and Succession Planning: Ensuring a smooth transition of wealth and values across generations is a primary goal.

 

Family offices serve as comprehensive, dedicated entities that go beyond traditional wealth management firms, offering tailored solutions to preserve and grow wealth while addressing the intricate needs of affluent families across generations.

Family offices indeed vary significantly based on factors such as size, complexity, autonomy, and the family's specific needs and values. Here's a breakdown of key considerations and factors:

  1. Size and Complexity:

    • Number of Professionals: The size of a family office team can vary significantly. Some might have a small team managing day-to-day operations, while larger ones may encompass various specialists across finance, legal, investment, and lifestyle management.

    • Structural Complexity: Depending on the family's wealth and the nature of their assets, family offices might need to handle intricate legal structures, diverse investment portfolios, and multi-generational planning.

  2. Autonomy and Outsourcing:

    • Degree of Autonomy: Some family offices prefer handling most functions internally, while others outsource certain aspects like investment management, legal, or accounting functions to third-party experts.

    • Outsourcing vs. In-House Expertise: This choice can significantly impact costs, decision-making processes, and the level of control the family has over their affairs.

  3. Alignment with Family Needs:

    • Values and Interests: Family offices must align with the family's values, interests, and long-term objectives. This includes catering to the needs of different generations and ensuring the preservation of the family's legacy.

    • Enriching Family Lives: Besides handling support functions, family offices often strive to enhance the overall quality of life for family members by offering tailored services and guidance.

  4. Appropriateness for a Specific Family:

    • Tailored Solutions: No single family office model fits all families. The appropriateness of a family office depends on the family's current needs and their anticipated evolution over time.

    • Alternatives to Family Office: Some families might find more suitable solutions in engaging private banks, multi-family offices, or wealth management firms rather than establishing their own family office due to various factors like costs, time commitment, and engagement levels.

 

The decision to establish a family office involves understanding the trade-offs, costs, benefits, and ongoing commitments associated with this move. Thorough planning, evaluation, and consideration of qualitative and quantitative factors are crucial in determining the right structure and approach for a family's unique situation. 

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PORTFOLIO

In the realm of wealth management, family offices stand as pillars of strategic financial planning and investment. As global economic landscapes evolve, these entities continually adapt, positioning their portfolios to navigate uncertainties while seeking sustainable growth. Among these trailblazers, Aura Solution Company Limited emerges as a key player, guiding families toward prudent financial pathways.

Adaptation in Diverse Economies

The complexity of today's financial markets demands a diversified approach to portfolio management. Family offices, keen on mitigating risks, allocate their wealth across various asset classes. Aura Solution Company Limited, with its expertise in global markets, assists these offices in diversifying portfolios to withstand market volatilities.

 

Strategic Asset Allocation

Optimal asset allocation remains a cornerstone for family offices. With Aura Solution's guidance, these entities strategically allocate assets, balancing risk and return. Aura Solution's global insights aid in identifying lucrative investment opportunities across regions and industries, facilitating a balanced and resilient portfolio.

Embracing Innovation

In an era of technological disruption, family offices are increasingly embracing innovative investment avenues. Aura Solution Company Limited provides insights into emerging technologies and disruptive sectors, enabling these offices to explore growth opportunities in innovative markets while managing associated risks.

Long-Term Vision and Sustainable Investments

Sustainability has become a focal point for family offices seeking not only financial returns but also social and environmental impact. Aura Solution's commitment to ethical investment practices aligns with the objectives of these offices, facilitating the incorporation of sustainable investments into their portfolios.

Strategic Partnerships and Tailored Solutions

Family offices often seek specialized, tailored solutions for their unique needs. Aura Solution Company Limited fosters strategic partnerships with these entities, offering customized financial services that align with their long-term goals and aspirations. In the intricate realm of wealth management, family offices stand as bastions of tailored financial solutions. These entities, driven by unique goals and aspirations, often seek specialized strategies to safeguard and grow their wealth. In this pursuit, Aura Solution Company Limited champions the ethos of strategic partnerships and customized financial services, aligning perfectly with the bespoke needs of family offices.

 

Understanding Uniqueness

Each family office embodies a distinct narrative, with its own set of financial objectives, risk appetites, and legacy considerations. Aura Solution recognizes this individuality and emphasizes the importance of understanding these unique characteristics. Through in-depth consultations and meticulous assessments, Aura Solution delves into the intricacies of each family office's financial landscape, crafting tailored solutions that resonate with their long-term visions.

Collaborative Synergy

The essence of strategic partnerships lies in collaborative synergy. Aura Solution doesn’t merely offer off-the-shelf financial services; rather, it engages in collaborative dialogues, fostering relationships built on trust and mutual understanding. This collaborative approach enables Aura Solution to co-create bespoke strategies that address the specific financial objectives and aspirations of each family office.

 

Customization Beyond Conventional Norms

Tailored solutions go beyond conventional financial offerings. Aura Solution doesn’t confine itself to generic approaches; instead, it endeavors to innovate and personalize financial strategies. Whether it's devising unique investment vehicles, structuring estate plans, or optimizing tax strategies, Aura Solution crafts solutions that align precisely with the nuanced requirements of each family office.

Long-Term Vision Alignment

A hallmark of successful partnerships is alignment in long-term visions. Aura Solution doesn’t just focus on immediate financial gains; it invests in understanding the enduring legacies family offices seek to create. This long-term vision alignment forms the bedrock upon which customized financial strategies are built, ensuring that every decision resonates with the family office's overarching aspirations.

Empowering Financial Autonomy

Empowerment lies at the core of Aura Solution's approach. By tailoring solutions and fostering strategic partnerships, Aura Solution empowers family offices to take charge of their financial destinies. The company provides not just financial services, but a sense of autonomy and control, enabling family offices to navigate their wealth journey confidently. In essence, strategic partnerships and customized solutions offered by Aura Solution Company Limited are not just about meeting immediate financial needs; they are about co-creating enduring legacies and fostering financial resilience for generations to come.

 

Global Reach, Local Expertise

Navigating international markets requires a deep understanding of local nuances. Aura Solution's global presence coupled with its local expertise allows family offices to access global markets while leveraging regional insights, ensuring informed investment decisions. The evolution of family office portfolios is a testament to their adaptability and resilience in the face of evolving financial landscapes. Aura Solution Company Limited, with its commitment to guiding families toward prudent financial strategies, stands as a trusted ally in this journey, empowering these entities to position their portfolios for sustainable growth and enduring success. As wealth management paradigms continue to evolve, the collaboration between family offices and entities like Aura Solution Company Limited becomes instrumental in sculpting a secure and prosperous financial future.

SUCCESSION

Aura Solution Company Limited offers profound insights into the intricacies of founder transitions within family enterprises. With a focus on understanding the unique mindset of founders and the dynamics that drive their success, we delve into the complexities of transitioning leadership from one generation to the next.

Founder transitions represent a pivotal moment for family businesses, where the challenge lies in navigating the significant influence and central role that founders typically hold. This transition involves more than just passing the baton of leadership; it requires a fundamental shift in organizational structures, values, and governance to ensure continued success.

At the heart of successful founder transitions lies a deep understanding of the founder's mindset. Founders are driven by a relentless passion for value creation, often possessing a unique ability to identify trends, innovate, and lead with determination and conviction. However, the very traits that propel founders to success in the initial stages may not necessarily align with the needs of the enterprise in subsequent generations.

One of the key structural shifts recommended during founder transitions is the move from a hub-and-spokes organizational model to a pyramidal structure. While the former may facilitate quick decision-making and efficiency in the early stages, it becomes unsustainable as the organization grows in size and complexity. The pyramidal model, with its distributed responsibilities and clear hierarchies, offers a more scalable and robust framework for long-term success.

Transitioning from the hub-and-spokes model to the pyramidal structure requires deliberate steps, including restructuring the organization and ownership, building management talent, and formalizing decision-making processes. It also necessitates a shift in power dynamics, leadership models, governance practices, and reward systems to adapt to the evolving needs of the enterprise and its stakeholders.

Furthermore, successful founder transitions extend beyond organizational restructuring to encompass a holistic transformation of family dynamics, ownership structures, and communication channels. This entails clarifying roles and responsibilities, fostering transparent and merit-based reward systems, and nurturing supportive family relationships that transcend traditional parent-child interactions.

Central to the success of founder transitions is the founder's willingness to relinquish control and embrace a new role as a mentor and supporter of the next generation. Whether stepping into a part-time role as the Chair of the Board or pursuing new endeavors, founders play a pivotal role in facilitating a smooth transition and empowering the next generation to shape the future of the family enterprise.

 

In essence, founder transitions represent a pivotal chapter in the evolution of family businesses, requiring a delicate balance of tradition and innovation, continuity and change. By embracing these principles and practices, family enterprises can navigate founder transitions with confidence, ensuring a legacy that endures for generations to come. At Aura Solution Company Limited, we stand ready to support families in navigating this transformative journey with expertise, empathy, and dedication.

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MULTIGENERATIONAL

Even before the coronavirus required physical distancing, enterprising families were dispersing around the globe- typically making it harder for families to stay united. How does a family maintain strong ties and alignment when physically separated?

For the last half century, enterprising families have been dispersing geographically, which is challenging the unity of next-generation family business owners. It is difficult for families to maintain unity without in-person connections. Yet, the trends of geographic mobility among enterprising families are here to stay. Families must find ways to build and maintain long-distance family relationships.

There is a myriad of reasons for this geographic mobility.

Since the 1980’s, as globalization has increased the internationalization of family companies, we are seeing more members of enterprising families move abroad for family business purposes such as to open new operations for the family company or lead posts like a regional sales office, foreign manufacturing, or other operations. The challenge for families is to keep the distant branch of the family connected to and feeling a part of the original family, and to keep the distant operations well-coordinated with headquarters.

Global high net worth families

Another type of enterprising family has emerged in the last twenty years: high net worth families that leave their country of origin and shop the world for the safest neighborhoods and best education. Individuals in these families can reside in multiple jurisdictions. These families become less aligned with any particular country, and the jury is out on how their migration will impact their family unity. It could be that their common immigrant story could help to increase their alignment on purpose and values.

For the last half century, enterprising families have also been increasingly dispersing geographically due to individual exploration. The pattern over the last half century has largely looked like this: next generation members attend university, or travel for pleasure or work, to another part of their country or to another country. They like this new place and different culture, and settle there. They marry a local, have children, enter a different line of work than the family business, and visit their original home periodically. The challenge is to maintain close family relationships with the big family, and to stay informed about the family enterprise.  

Technology has recently opened wide the door on remote work and schooling, allowing employees to work from anywhere and students to attend classes on their laptops. Technology could make it less important where people reside to do certain work, and this might increase the number of family members who choose to live in distant countries. Most recently, we have experienced a different kind of family physical distancing, forced by the coronavirus pandemic that has isolated us physically from one another. In this condition, even family members who are geographically close could feel as distant from one another as those living in different countries. Technology and social media have become the great equalizers in many families who report greater frequency of interaction with family members through technology than they achieved pre-Covid.

Though the pandemic lockdowns have eased, the trends described are continuing. Families will continue to become more physically separated from each other. The traditional notion of a family living in the same city for generations has become outdated. Families are on the move and this will likely continue.

How does geographic separation affect family unity?

What binds an enterprising family is a common purpose and shared values. Family unity is measured by members’ alignment on and commitment to their mission (or purpose) as a family, and their approaches (or values) to achieving their mission.

Alignment and commitment are easier to build when there are shared experiences, and felt trust, respect, and caring among the members. Unity is built through several factors (see Building Family Unity), most of which are nurtured through shared, in-person experiences. Think of celebrating birthdays and holidays, gathering for Sunday lunch at grandmother’s house, a weekly tennis match between siblings. These activities strengthen relationships, build family pride, provide a space for needed conversations, and build collective memories—all activities that help to unite a family and provide a sense of shared identity.

Maintaining close family relationships and a shared identity with one’s family of origin is more challenging when a family member is geographically separated. In the next generation, especially, family members can have little understanding of, identity with, and ability to contribute to the interests and priorities of the original family, including the family business. Outside of financial benefits and a proud history, their association with the original family can become a “nice to have” but not something that is pivotal to their life.

Unity is difficult for families to maintain without in-person connections. This is one reason that family unity tends to decline over generations. You’re more inclined to talk with people who you trust and get to alignment if you trust them, respect them, and like them. Building that trust, respect, and liking usually takes some lengthy periods where you spend time together, communicate and collaborate, support each other, and learn to quarrel and make up.

NEXT GENERATION

How unity can affect the success of the next generation of family business

How, then, does an enterprising family maintain a shared experience while physically apart? At the most fundamental level, how do you keep a growing and geographically cleaved group of family members connected to one another and to the family business?

Consider these areas where family unity can weaken or deteriorate because family members are geographically distant:

  • Family bonds:
    How do you strengthen relationships and build friendships among relatives when family members did not grow up together and do not have opportunities to socialize?

  • Owner alignment:
    How do you align owners around strategic decisions when they have limited time together and don’t see each other on a regular basis?

  • Family connection to the business:
    How does the family stay connected to the business when the business is located somewhere that family members rarely—and may not even like to—visit?

  • Family alignment around mission & values:
    How do you keep family members aligned around the enterprise’s mission, vision, and values when they have developed different individual interests and priorities due to living in different locations?

  • Resolution of sensitive issues:
    How do you resolve conflicts and heal past wounds between family members when you aren’t near enough to meet and talk in-person?

  • Family care:
    How do family members show support for one another, especially in times of need, when they are not nearby?

 

Is digital connection a sufficient replacement for maintaining long-distance family relationships?

While modern communication technologies often feel like an antidote to the challenges described above, research across the social sciences has repeatedly demonstrated how email and videoconferencing cannot replace in-person contact. For instance, meeting face-to-face, when compared to virtual replacements, has been shown to more effectively build empathy, enable difficult conversations, and prevent miscommunication. Research also shows that face-to-face requests were 34 times more likely to garner positive responses than emails.

In-person communication is simply more persuasive and effective. Meeting together physically improves creativity and strengthens friendship. These are helpful elements in building family unity. Families should make every effort to meet regularly and, when possible, in-person.

How to build unity in a multi-generational family business?

For the reasons described above, meeting face to face is not always feasible for families. But it is still possible to stay connected and maintain unity when physically distanced from one another. Below are 10 practical actions for enterprising families to try as they work to strengthen unity while physically apart. Some of these require meeting in-person; others can be effective online. Likewise, some can be followed without violating social distancing guidelines; others are suggested with a post-Covid-19 environment in mind.

  1. 1.Unify around mission, vision, and values.
    Remind the family what brings you together. For example, lay out what it means to be a member of this family, what the family wants to achieve together, its purpose for being together, and why it is important to maintain connections and support the work it is doing. Don’t assume people have this in mind, but instead make it an explicit exercise. Virtual or in-person workshops work well for this activity.

  2. 2.Convey messages of geographic inclusion.
    Actively articulate to the family: “We are all in this together. No matter where we are in the world.”

  3. 3.Broaden the geographic scope of family activities.
    Expand the geographic boundary around family activities to engage more family members. For example, redefine the social issues that the family’s philanthropy addresses by selecting regional or global issues. Organize ways for the family to respond philanthropically to a crisis or disaster in geographic areas where family members reside, as this can be a unifying and inclusive activity.

  4. 4.Actively engage distant family members.
    Families should be particularly deliberate in engaging family members who are far away or isolated. Stay in close touch with them. Help them feel connected and help them contribute to the enterprise in productive ways. Assign someone in the family to serve as their “Sherpa” so they have a go-to person they can ask questions of or receive updates from, allowing them to stay in touch with the family enterprise. You don’t want to risk these family members becoming disengaged, uninformed, apathetic, or alienated. Don’t forget to reach out to in-laws (spouses) and non-marital partners, either. Their participation can be essential in the pursuit of family unity.

  5. 5.Develop a caring culture in your family.
    A feeling of being cared for is a critical force in unifying families—it is part of the foundation on which unity must rest. Develop a caring culture in your family. Appoint family unifiers who pay attention to the shifting winds of relationships and who work hard to assure they blow warmly. Unifiers are responsible for bringing people together and recognizing people for their personal achievements.

  6. 6.Meet in person whenever you can.
    Devote a substantial amount of time and resources to bringing the whole family together in-person every year, preferably for extended periods. These events should balance pure diversion—a vacation somewhere—with a formally structured retreat. The focus should be on collaboration, joint learning, team-building, shared experiences—and being a family together.

  7. 7.Facilitate ways for family members to rngage socially together.
    Participating in interesting social activities together is a wonderful way for family members to get to know each other, build bonds, and connect meaningfully. Make it easy for family members to participate in experiences by providing encouragement and resources. Come together to celebrate milestones and holidays. Also make it a habit to participate in novel experiences: take trips together, host community gatherings together, create something new together, be adventurous together.

  8. 8.Pay close attention to relationships among the next generation.
    The next generation needs time alone to build relationships, learn about the family enterprise together, and work together. Develop projects for the next generation to work on together so they have a reason to coordinate and communicate. For example, have them work on a philanthropic activity together, or develop a business plan for an entrepreneurial idea, or present something that they’re passionate about. It is effective when the senior generation unites to support and provide these opportunities for the next generation.

  9. 9.Visit each other
    —on holidays and for no reason at all.

  10. 10.Survey the Family
    Ask the family’s input on what each individual would find beneficial to stay connected and united around the mission, vision, and values of the family and enterprise.

 

In closing

In the end, a family enterprise can only be as strong as the family behind it. In the face of trends and currents driving families apart, both socially and geographically, families need to actively build a sense of connection and unified purpose. The suggestions above are a place to start, but bear in mind the pursuit of unity is, and always will be, a process. Like a fire, it needs steady stoking and care.

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At Aura Solution Company Limited, our unwavering commitment is to deliver meticulously tailored private banking services, placing a premium on the preservation and expansion of our clients' wealth across generations. Situated in the dynamic heart of Thailand, Aura draws strength from a global network of top-tier specialists, allowing us to provide unparalleled investment services that transcend currencies and markets on a worldwide scale.

Nestled amidst the vibrant landscape of Thailand, Aura serves as a beacon of financial stewardship, leveraging global expertise to offer a level of service that goes beyond borders. As we navigate the intricacies of the financial world, our focus remains resolutely on our clients' well-being, ensuring that their wealth journey is not just managed but curated with precision and care. At Aura Solution Company Limited, we stand as a testament to the artistry of private banking, where every financial strategy is a brushstroke, painting a portrait of lasting prosperity for our cherished clientele.

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