What is a “family office service” as mentioned under Private Banking?

A family office service is essentially a suite of services that handle the financial and administrative matters for an affluent family. At Prominence Bank, our family office offerings (in collaboration with partners) can help you manage intergenerational wealth. This includes setting up trusts or foundations, handling estate planning, coordinating tax planning across jurisdictions, managing family investment portfolios, and even concierge services like paying bills or purchasing assets on behalf of the family. The goal is to preserve and grow wealth over generations while simplifying life for the family members. For instance, if you want to ensure your assets are structured optimally for your heirs, we’ll bring in trust experts; if you need to coordinate investments held in different countries, we’ll centralize reporting for you. It’s a highly customized service – we essentially act as your private CFO and support team. Families that have multiple bank accounts, properties, businesses, and philanthropic endeavors find this service invaluable. Prominence Bank’s extraterritorial status can also be advantageous for confidentiality and estate planning. In short, our family office service strives to relieve you of day-to-day financial management burdens so you can focus on your life and business, knowing the back-office is handled proficiently.