Clearly, Asia has today witnessed the adoption of family offices as the preferred structure for growing and preserving wealth.
However, while unavoidable, a few "bad apples" can significantly erode HNWI investors' confidence. Regulators and industry stakeholders can certainly do more to safeguard against internal abuses of power and trust by key individuals. Tested approval matrices and effective supervision employed in financial institutions and regulated trust companies may, with necessary modifications, be implemented either voluntarily or preferably via a more robust regulatory framework to combat such abuse of trust and power.
Ultimately, an 'ounce of prevention is much better than a pound of enforcement' in bolstering investors' confidence.
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