Abstract — Singapore is crowded with “family office” specialists: private-client law firms, licensed fund managers, tax boutiques, and multi-family offices. Families don’t need a mascot; they need a lead who can quarterback law, tax, banking, and operations without creating contradictions. This buyer’s guide explains what a real lead advisor does, how to vet one, and what deliverables you should insist on.
Snapshot (for your Directory card)
- Scope: SFO design & governance, incentive eligibility (verify latest 13O/13U rules), investment policy, entity formation, bank onboarding narrative, cross-border tax coordination.
- Deliverables: Operating facts memo, group chart, board & IC minutes pack, Source-of-Wealth/Source-of-Funds file, custodian/bank opening kit, year-one governance calendar.
- Typical timeline: 10–14 weeks from diagnostic to first trades; bank onboarding often runs in parallel (2–8 weeks depending on profile).
- Fee model: Fixed fees for design/setup; monthly retainer for governance/compliance; out-of-pocket disbursements itemized.
- Ideal client profile: Clear wealth provenance, willingness to staff light substance, and appetite for documentation discipline.
1) What a “lead advisor” actually does
A true lead advisor is not the loudest voice on the kickoff call; they are the integrator. Their job is to convert strategy into paperwork that banks, regulators, and auditors accept on the first pass. In practice that means: aligning the structure (entities, roles, licenses) with the story (how wealth was made, how it will be managed) and the systems (custody, cash, reporting).
The lead should be comfortable saying “no” to pretty diagrams that won’t survive onboarding. They should also be fluent in how Singapore’s regime treats incentive-eligible fund structures (verify latest guidelines), what “substance” looks like in a light-touch family context, and how private banks read SoW/SoF narratives today.
2) Building your shortlist (facts over brochure copy)
Licensing & scope. Decide whether the lead seat sits with a private-client law firm, a licensed manager, or a hybrid team. Demand a written scope that names who files what and when (entity, tax, filings, IC memos), and what sits outside remit (estate planning in other countries, for example).
Bench on the ground. A CBD address isn’t a team. Ask who attends quarterly IC meetings, who drafts minutes, who maintains the policy binder, and who can step in if the partner is traveling. Ask for partner time allocation—not just titles.
Bankability. No one can “guarantee” accounts, but experienced leads can describe what passed compliance last quarter, for which risk profiles. Ask which banks/custodians they’ve worked with recently (premier, private, custody) and in what role (introducer vs hands-on document quarterback).
Conflicts & independence. Understand where the firm earns fees (management, admin, brokerage, referral). Independence isn’t free, but hidden economics are expensive later.
3) The engagement sequence that actually works
(a) Diagnostic (2–3 weeks). Asset inventory; residency plan; timelines; related-party map; conflicts check. Output: a short risk/issues list and a workplan with dates.
(b) Design memo. A 6–12 page document that fixes structure, directors, governance calendar, incentive eligibility track (verify latest 13O/13U conditions and headcount expectations), and the initial investment policy. This memo becomes the single source of truth for banks and service providers.
(c) Papering & setup. Incorporations; bank KYC pack; custodian onboarding; director acceptances; investment committee constitution; policy binder (conflicts, best execution, valuations). Minutes are drafted before signatures—never backfilled.
(d) First 90-day review. Confirm the operating facts match the filed facts: who attends meetings, where decisions are taken, what gets archived, and how trades are approved.
4) Evidence that survives bank and regulator scrutiny
SoW / SoF file. Not a shoebox of PDFs—an indexed pack linking wealth creation to cash flows: sale agreements, tax returns, audited statements, dividend vouchers, cap tables, escrow schedules. A two-page narrative sits on top, explaining sequence and provenance.
Decision records. Board and IC minutes with attachments (deal memos, external advice, risk notes). IP-address logs/VPN records can support where decisions occurred if residency or “management and control” become live issues.
Operating facts memo. One page that any RM or examiner can read: purpose, people, premises, processes, providers. It should be updated quarterly.
5) Pricing and what you should receive for it
Design fees buy thinking and paper; retainers buy cadence. You’re paying for a working operating system: a calendar of meetings and filings, a living policy binder, and a named person who will chase late items before a bank does.
Insist on a deliverables checklist up front:
- Group chart with role table (directors, IC members, signatories)
- Board/IC templates and a year-one agenda
- KYC pack for each bank/custodian you plan to use
- SoW/SoF file (indexed, with notarized copies where required)
- Policy binder (conflicts, valuations, trading, best execution, related-party)
- Governance calendar (board/IC, audits, filings, reviews)
6) Red flags (walk away early)
- “Guaranteed bank account” pitches or timelines that ignore compliance queues.
- Minutes prepared after events, or copy-paste resolutions with wrong dates.
- Unwillingness to put advice in writing (“we’ll discuss verbally”).
- No single project plan—just emails and hope.
- Scope letters that hide out-of-pocket costs or omit disbursements.
7) How to run the relationship once you hire them
One channel, one drive. Create a shared document room with locked indexing and filename conventions. The lead advisor controls versioning; everyone else plugs into it.
Cadence beats heroics. Quarterly board and IC meetings with pre-reads; monthly dashboard (AUM, cash, exposures, breaches, actions). A simple “actions closed vs open” tracker keeps the team honest.
Bank-first thinking. Before a major transfer or asset movement, ask, “Would this pass a bank’s narrative test tomorrow?” If the answer is “maybe,” fix the record now.
Parallel workstreams. Immigration, tax filings, custody openings, and incentive processes should run in parallel but be coordinated by the lead. You’re paying for orchestration.
FAQs
Q1: Should the lead advisor be a law firm or a licensed manager?
Either can work. Choose by where most of your risk is. If cross-border private client issues dominate, a law-led team with strong tax support helps. If your priority is demonstrable investment governance and custodian relations, a manager in the lead—supported by counsel—can be efficient. Many families appoint a primary and a deputy.
Q2: Can we keep entity work and banking handled by different shops?
Yes, but insist on a single operating facts memo that both sign. Fragmentation without a unifier is why files stall: the forms don’t match the story.
Q3: Will a resident director alone satisfy “substance”?
No. Substance is people × premises × process. A light team can pass if decision-making and record-keeping truly occur in Singapore and the cost base matches the claim.
Q4: How early do we start incentive applications?
Early. Treat incentive eligibility as a design constraint, not a post-launch add-on. Verify the latest guidance and spending/headcount tests before incorporation.
Q5: Can the lead “introduce” us to banks?
Introductions help, but what opens doors is a clean SoW/SoF file, coherent governance, and a business-as-usual operating model. No credible advisor will promise outcomes.
Editor’s Note: In Singapore, documentation isn’t bureaucracy—it’s the product. If your advisor can’t show you the calendar, the binder, and the evidence trail in week two, you’ve hired a pitch deck, not a lead.
Tags: Directory, Singapore, Family Office, Private Client, Banking, Governance
CTA
Need a Singapore lead advisor short-list tailored to your profile? Start with a confidential diagnostic.
→ Get a Free Consultation (Name, Email, Country of Residence, Budget, Timeline)