A family office is a professional entity that manages the financial and investment aspect of a family. Single family offices and multi-family offices are the two types of family offices and the only difference here is that single family offices serve one family while the multi-family offices, pool their resources to serve multiple families. However, the main aim of both remains the same – to preserve and enhance the client’s wealth and be responsible for wealth transfer and management through generations.
A multi-family office is clients’ financial trustee and a consulting firm that combines personal service of a family advisor with expertise of an investment firm. That’s where, Credence Family Office, one of the premier multi-family offices in India, advising over INR 30 Billion in assets makes its mark.
A One-Stop Personal Financial Firm
A startup in the wealth management space, Credence Family Office was floated by three former Citibank executives, Mitesh Shah, Gaurav Dhawan and Sanjay Gowda in 2010. Since then, Credence has managed to work with a diversified pool of clients including 1st generation entrepreuners, captains of the industry, sportsmen, celebrities across the globe.
Credence Family Office provides a wide range of advisory services including wealth management, insurance and risk management, taxation, estate and succession planning, legal services, etc. It has recently set up a mentorship academy to look at complex issues like dispute settlement, induction of next generation in to business, separation of management and ownership amongst others.
A Serial Entrepreneur with Demonstrated Expertise
Mitesh’s natural acumen for finance is sharpened with an MBA in finance and marketing from Symbiosis Institute of Business Management, Pune. When it comes to portfolio management, over a decade’s experience in the banking and wealth management space, has provided him with deep domain expertise. Before teaming up with Gaurav and Sanjay at Credence Family Office, Mitesh has held senior positions with Citibank and HSBC with a focus on developing investment strategies for high net worth clients. Currently, he also serves on the advisory board of Crest wealth, Wealthapp and few other SME’s.
The Exclusivity of Bespoke Services
The clients benefit on the account of having the convenience of a single window solution across various aspects of financial management, availing innovative pricing to optimize costs, and building in accountability.Also, their services give access to an open architecture model to identify the best of products/services available in the market and provide customized services to fulfill specific requirements of clients.
Their varied range of services includes:
Wealth Management: The firm offers an end-to-end suite of wealth management services and every service is suggested after careful consideration of clients’ financial framework, appetite and future requirements. Their suite helps the client in setting up investment policy based on the specific needs, and deciding subsequent asset allocation & portfolio strategy. It also includes, Investment Manager Selection, Portfolio Accounting, Investment Performance Monitoring and Reporting, and Cash Flow Management.
Tax Advisory & Estate Planning: Credence provides an equal measure of delicacy and sensibility to beat the challenges and deals with issues faced by wealthy individuals and families that includes meeting regulatory compliance and using tax as a strategic tool. It also includes Tax Compliance, Planning & Preparation, Tax Optimization Strategies and Structures, Tax Filing, execution and representation, Estate Planning– Trust/Will Services, Book Keeping, and Financial Reporting.
Legal Services: Credence has got the legal angle covered as well with their finest legal services available. The firm has a network of prominent layers across specialities which makes client rest assured of being represented in the finest manner possible. It comprises of access to legal personnel on an ongoing basis and access to credible legal opinion on various matters including, but not restricted to real estate sale deeds, trust/will formation and maintenance, share holder agreements, JV’s, M&A, amongst others
Record Management: As the law states that nothing exists if there is no proof that can be admissible in court. From a legal perspective, this creates critical importance on the need for impeccable record management– another speciality for Credence. Their record management service ensures that all important documents of clients are kept safe for future use by collecting it on a periodic basis and reviewing these documents to ensure actions are followed up, if there are any.
“LESS IS MORE” Philosophy
Contrary to the conventional wisdom that says ‘more clients mean more success,’Credence begs to differ. The firm aims for fewer clients to make a big difference and they believe it’s the least one could ask for.
“We wake up every morning with a philosophy of – fewer clients mean better performance, providing clients with superior and high level of personalised service, ensure and maintain complete confidentiality, flexibility with our independent approach, eliminate the ‘trust deficit’ between clients and wealth management firms,” concludes Mitesh.