Posted August. 28, 2013 05:28,
A few months ago, Kim Eung-cheol, director of service at Shinyoung Securities Family Office, greeted a visiting customer who said, "My son is studying at a college in Boston, the U.S. and is looking for an internship there during summer vacation." After the customer left, Kim made phone calls to fund managing firms in Boston.
"You must be busy with Korean funds trading. I know a young Korean man who is smart and assiduous. Would you care to hire him as intern?"
Kim sent the son`s resume to several firms that showed interest and finally had him hired by a hedge fund.
Shinyoung`s Family Office is a wealth management service accepting only family, not individuals. The securities company began the privileged service in April last year at its Yeouido headquarters in Seoul.
○ We do everything our customers want
Customers at Family Office are the so-called wealthy people who entrust at least billions of dollars. The company has a principle of providing any kind of service a customer wants. All counseling and service related to financing and living are included.
Its work also includes persuading a leaseholder who causes disturbance at night. Yoon Hwan-jin, who is in charge of real estate, recently got a call from a customer past midnight and rushed out to help the person. When he arrived at the customer`s house, a tenant residing in a building owned by the customer was shouting at the customer complaining about the lease condition. The tenant saw Yoon and sprinkled water on him, saying, "Mind your own business." Yoon repeatedly persuaded him and sent the tenant back home.
For customers interested in arts, a famous curator invites them to a separate room and introduces and explains art works. Booking a golf resort or making a discount on golf green fees are also one of the jobs.
○ Other financial firms rush to introduce family office
The number of families at Family Office has increased to 150 households from 73 in April last year. Subscription is allowed only under recommendations from a corporate executive or existing customer, yet the number doubled in just 16 months.
Shin Chang-min, vice president of Family Office, said, "One of the strengths of Family Office is that customers can expand to sons, grandson or relatives of customers," adding, "We have maintained continuous surplus since we began the service." In the U.S., financial service consultants provide total life service to high-income customers throughout generations.
Against this backdrop, an increasing number of financial firms are introducing family office services. Early this year, Mirae Asset Securities launched family office for those close to Chairman Park Hyeon-joo. Samsung Securities began family office business for second-generation CEOs of leading companies, and Dongyang Securities also opened family office in June this year. KDB Daewoo Securities will soon start the business.