家族辦公室的古往今來

文章轉載 – 作者:理財翻轉學院 2019/12/07 (原文連結)

談到理財規劃或是財務管理,不管是個人或是企業。不得不讓我們想起兩個著名的家族,一個是摩根家族,一個是洛克菲勒家族。摩根家族是個商人家族,其祖先於17世紀初在新大陸的淘金浪潮中移民美國,篳路藍縷苦心經營的J.S.摩根,造就家族高峰影響一個時代的金融巨頭J.P.摩根,繼承父業開創家族財團新局面的傑克·摩根,他們成就了家族財富傳承百年的傳奇。而洛克菲勒家族,打破了在華人文化中流傳千年的富不過三代魔咒,這家族不只打破魔咒,而且目前已「富過六代」。

據美國商業雜誌《富比士》2016年報導。洛克斐勒家族目前來到第七代,共有174位繼承人共享110億美元(約新台幣3200億)的財產。令人驚訝的是,雖然整個家族成員有多達250人是約翰洛克斐勒與蘿拉(Laura S. Rockefeller)伉儷的直系子孫,但他們全部團結一致、潔身自愛,不像一些豪門子弟總是醜聞纏身,常染上緋聞、弊案、官司一身腥。
家族財富可以傳承百年,其中有重要的關鍵,就是他們都有成立家族辦公室來管理家族的資產。
根據統計80%家族企業未順利傳到第2代人,剩餘的13%則未能傳到第3代手裡。所以要讓家族企業永續經營,家族財富得以管理、傳承,一定要了解什麼是家族辦公室(Family Office)。

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一、家族辦公室的起源

Family Office起源於19世紀富裕的歐美家庭,由相關領域專家組成,致力於一個或多個超高淨值人士或家族的財富管理,以及私人需求等事務的私人公司或組織機構。一般譯為「家族辦公室」,是為富裕家族管理財富的私人機構。在財富管理行業中,家族辦公室堪稱是金融產業鏈的最頂端,家族辦公室是家族財富管理的最高形態。

從1838年 J.P. 摩根家族成立財團管理家族財富,到1868年梅隆銀行的 Thomas Mellon 創立了第一個家族辦公室,迄今全球億萬富豪面臨財富無法隔代保存的問題,也越來越趨向以家族為中心的資產管理模式,設立「家族辦公室」,由專業人士管理資產。

例如:大家所知的全世界幾位富豪,例如比爾·蓋茨、戴爾、索羅斯、洛克菲勒、李嘉誠、愛馬仕家族(Hermes)等頂級富豪家族都有設立各自專屬的家族辦公室。

因為企業中的家族成員之所以會起衝突,並非全然是關係不好,40%的衝突是源自於對企業戰略的看法分歧,而60%的衝突則因不確定而感到害怕的家族成員;解決家族衝突,不能只靠親情,更需要科學方法,亦即要「組織化」和「制度化」,「家族辦公室(family office)」正是一個解決方案。

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二、家族辦公室的功能

根據美國家族辦公室協會(Family OfficeAssociation)的定義,家族辦公室是「專為超級富有的家庭提供全方位財富管理和家族服務,以使其資產的長期發展,符合家族的預期和期望,並使其資產能夠順利地進行跨代傳承和保值增值的機構。」

舉例來說,1934年小洛克菲勒為了避開高昂的遺產稅(1917年遺產稅稅率從10%上調至25%;1924年開徵饋贈稅)。在家族辦公室的建議下,1934年小洛克菲勒設置了兩個信託基金(妻子和孩子;孫輩),這些信託基金的設立,其家族辦公室直接單人顧問工作,擁有設置信託資產的權利。通過這樣類似的方式,洛克菲勒家族實現完整的家族財富傳承。

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三、家族辦公室的發展與現況

  • 2014年全世界只有3%的SFO位於亞洲

家族辦公室可以分為兩大類:單一家族辦公室(Single FO,簡稱為SFO)和聯合家族辦公室(Multi FO,簡稱MFO)。當時根據Wealth-X和瑞銀發表的2014世界超級財富報告中得知,在香港居住的億萬富翁一共有82名,中國大陸有190名。福布斯的億萬富翁排行榜則列出50位香港億萬富翁。有趣的是,香港的正式家族辦公室或SFO(單一家族辦公室)不超過50間。當中引述瑞信估計全世界只有3%的SFO位於亞洲。

  • 2017年48.4%的亞太區家族辦公室正在制定財富傳承計劃

在2017年的《全球家族辦公室2017年報告》指出,家族辦公室的首要工作依舊是制定財富傳承計劃,69%的家族預期在未來15年進行世代交替。財富傳承計劃方面,亞太區家族辦公室略為落後其他地區。但已有48.4%的亞太區家族辦公室正在制定財富傳承計劃。顯示家財富傳承計算已越來越受重視。

  • 2018年全世界十億萬富翁增長最多在亞洲

根據Wealth-X的《2018年十億萬富翁人口普查》,亞洲目前為全世界十億萬富翁(美元計算)增長最多的地區,在2017年超過北美。亞洲的十億萬富翁人口去年增加了近三分之一(29.2%),達到784人,超過北美的同比增長率(11.2%)和富豪總數(727位十億萬富翁)。家族辦公室正呈現「西風東漸」的趨勢。

過去亞洲企業家財富創造主要靠主業 ,有餘錢只放銀行定存,對資本市場投入較低;此外,亞洲富豪可能因為「民族性」,關於錢的事「只相信自己」,即使有些富豪願意把錢放在私人銀行,但對於投資布局,他們也常自有盤算,這也是家族辦公室在亞洲發展較落後的原因。

  •  家族辦公室在亞洲

瑞士信貸二○一三年全球財富報告估計,全球淨資產高於五千萬美元的「超級富翁」約有九八六六三人,美國占四五%,歐洲占二五%,不含印度與中國的亞洲區域則占一四%,中國占比約五.九%(五八三○人),而台灣約有一三七○位。

研究機構Campden Wealth估算,亞洲僅約一百到一二○間家族辦公室,其中七五%位在香港與新加坡,而歐美總計約兩千間家族辦公室,以此數據來看,家族辦公室在亞洲,其實仍有極大的成長空間。

一位香港家族辦公室執行長表示「如今,家族辦公室在亞洲的時候到了!」,多數亞洲富豪第一代已屆退休年齡,隨著第二代、第三代陸續長大獨立,他們終於開始思考「傳承」的問題。

「錢賺再多都是遺產而不是財產,如何將自己當年打下的江山傳承下去,才是最重要的。」一位家族辦公室客戶顧問主管轉述客戶的心聲,他表示,「亞洲富豪們極欲效法西方富裕名人,希望仰賴家族辦公室的獨立與專業,打破富不過三代的魔咒,為後代子孫保存財富與家族價值。」

以上參考資料部分來自:今周刊及 FINTRX家族辦公室數據和研究

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