Wealthy & Wise Family Office celebrates grand opening in Columbia(Monthly Business)

Wealthy & Wise Family Office, a multifamily wealth management firm with offices in South Korea and Hawaii, has relocated its headquarters from Baltimore to Columbia.

The firm held a ceremonial grand opening Sept. 12 in its suite on the ninth floor of the Merrill Lynch building in Columbia. Founded by Tai-Yong Lee, the firm aims to help Korean American and immigrant communities by providing comprehensive financial and generational planning services.

As someone who came to America from South Korea in 1965, Lee observed Korean immigrants accumulating wealth, but he said that the community has a lot of catching up to do with the rest of the country in managing wealth.

“Now it’s about time for Korean communities to think about not only acquiring more wealth but also how to protect accumulated wealth, and think about what to do about wealth for future generations,” Lee said.

The company relocated from downtown Baltimore about six months ago to be closer to the Korean Community and other first and second-generation immigrant communities, Lee said.

Yumi Hogan, Maryland’s former first lady, attended the grand opening. She praised the firm’s dedication to going beyond basic finance services to their clients.

“Their focus has always been on marking their service more personal and tailored to the unique needs of our community,” Hogan said. “I realize that it’s about much more than managing money. It’s about preserving the values, goals and the legacy of families for future generations.”

Joanna Chen, representing Howard County Executive Calvin Ball, presented a proclamation honoring the firm’s contributions.

Wealthy and Wise Family Office offers business succession services, guidance for successor generations, investment advice and education guidance, lifestyle services and philanthropy. Its other offices are in Seoul and Honolulu.

Link: https://bizmonthly.com/news/business/banking-finance/2024/10/wealthy-wise-family-office-columbia/

Wealthy & Wise Family Office Participates in 20th Hawaii Korean Festival

Wealthy & Wise Family Office Participates in 20th Hawaii Korean Festival

On Saturday, August 3rd, Wealthy & Wise Family Office took part in <the 20th Hawaii Korean Festival>, held at Kakaako Mauka Gateway Park in southeastern Hawaii. Organized by the Korean Chamber of Commerce in Hawaii, the annual event celebrated Korean culture within the local community, marking its 20th anniversary this year.

For the third consecutive year, Wealthy & Wise Family Office participated as a sponsor, strengthening its ties with the local communities as a prominent Korean-American business in Hawaii. The company’s booth welcomed several distinguished guests, including Hawaii Governor Josh Green, Lieutenant Governor Sylvia Luke, Honolulu Mayor Rick Blangiardi, President of the Korean Chamber of Commerce in Hawaii Gina Nakamura, Narcissus Queen and Princes and representatives from the Chinese Chamber of Commerce in Hawaii, and several legislative representatives from the State of Massachusetts, all of whom expressed their support and encouragement.

In his address, Governor Josh Green said, “This festival is a testament to the shared culture and history we continue to build together. I hope it serves as a symbol of the enduring bond between Hawaii and the Korean community, paving the way for a future of unity, prosperity, and harmony.”

Lieutenant Governor Sylvia Luke, the first Korean-American to hold such a position in any U.S. State, added, “I hope the successes of our generation continue to inspire and uplift future generations,” highlighting the event’s role in fostering connections between Koreans and Hawaiians.

Gina Nakamura, President of the Korean Chamber of Commerce in Hawaii, has played a pivotal role in promoting Korean culture through the development of various programs for local residents.

At the festival, Wealthy & Wise Family Office highlighted its role as a “Multi-Generational Wealth Management,” introducing visitors to the concept of the family office and how it aligns the family value to the wealth. The company received a positive response by offering financial education and long-term investment planning, particularly aimed at younger generations. Headquartered in Columbia, Maryland, Wealthy & Wise Family Office boasts over 20 years of experience, with additional offices in Seoul and Honolulu.

5 World-Famous Families that Use Family Office Services to Grow and Protect Generational Wealth

Are you wondering whether family office services are right for you?

Read about how family offices have been used by other esteemed families from around the globe.

If you have any questions, please reach out to Wealthy & Wise Family Office through the contact form at the bottom of this page or by emailing us at info.wnwinc.co.kr.

1. Walton Enterprises, LLC

Family Assets: $247 billion

The Walton Family of Wal-Mart Inc. fame has come a long way since founder Sam Walton opened his first store in 1950. Within decades, the family grew their assets from a rundown Benjamin Franklin variety store in Newport, Arkansas into a megacorporation worth over $404 billion with over 10,600 locations worldwide. The Waltons, collectively worth over $250 billion, comprise one of the wealthiest families in the world.

The original Walton's 5 & 10-cent store in Bentonville, Arkansas, was a one-location variety store created by Sam Walton in 1951. Eventually, Wal-Mart became a fixture all across America and the world.

Fearing that the fortune he had earned would be lost by the next generation, Sam Walton began strategically planning for succession as early as 1953, when he sold 80% of his business to his four children. His instincts seem to be correct; the Waltons have remained America's wealthiest family for the past several decades.

Alice, Rob, Jim and John Walton manage their myriad assets through their family office, Walton Enterprises LLC. According to their LinkedIn page, the purpose of Walton Enterprises is to “[serve] the personal, philanthropic and business needs of the descendants of Sam and Helen Walton.”

Family office employees include tax associates, investment operations analysts, cybersecurity experts, and legal counsel who together have helped America’s richest family grow and maintain their assets and manage the Walton Family Foundation, which contributed over $709 million to projects that support education and environmental preservation projects in the Mississippi-Arkansas delta region where Sam Walton was born and raised.

Even after the family founder’s passing in 1992, the Waltons’ family office has helped them continue his philosophy of “operating globally and giving back locally.”

2. Rockefeller Global Family Office

Family Assets: $8.4 billion

Link: https://rcm.rockco.com/global-family-office/

As the oldest full-service single-family office in the United States, Rockefeller Global Family Office has served the Rockefellers since 1882. Rockefeller Global Family Office has served the interests of over 250 individuals belonging to six generations of descendants to Standard Oil Company founder John D. Rockefeller.

Establishing and operating a single-family office has helped the family maintain its cohesiveness and governance structure throughout the generations by carefully crafting a comprehensive family constitution, setting up a series of irrevocable trusts, and funding those trusts through the purchase of life insurance policies for every family member.

John D. Rockefeller gave away more than $540 million in his lifetime, and his philanthropic efforts have continued after his passing through the Rockefeller Foundation, which was established in 1913. The Foundation’s ambitious mission, left unchanged for 110 years, is to “promote the well-being of humanity throughout the world.”

Since 2014 alone, the Foundation has contributed over 1,700 grants worth a cumulative $2.24 billion to causes such as financial advising for entrepreneurs in Africa, global post-pandemic health and economic resiliency, the preservation of First Nations lands in Canada, and improving the nutritional content of school lunches provided to students around the world.

Despite the adage that “family fortunes are made and lost within three generations,” the Rockefeller family has been able to leverage their family office to remain relevant, prosperous, and true to the legacy of John D. Rockefeller, who viewed perseverance, generosity, and harmony as essential traits for long-term prosperity.

3. Bezos Expeditions

Family Assets: $125 billion

Link: https://www.bezosexpeditions.com/

As the founder of Amazon.com, Jeff Bezos has amassed a net worth of over $120 billion, making him the third-wealthiest individual in the world. To manage his vast personal and philanthropic assets, Bezos has established a family office called Bezos Expeditions, which was founded in 2003.

The family office focuses on making investments in innovative technologies and businesses, especially those that align with Bezos’ interests and passions, such as space exploration and sustainability. Bezos Expeditions has made significant investments in various sectors, including healthcare, biotechnology, and artificial intelligence. One notable investment was a $250,000 purchase of Google shares in 1998, which are worth approximately $350 million as of April 2023.

Bezos Expeditions also manages the philanthropic endeavors of Jeff Bezos and his family, including the Bezos Day One Fund, which is committed to supporting non-profits that help homeless families, and the Bezos Earth Fund, which focuses on addressing climate change and preserving the natural environment. The Bezos Earth Fund has pledged $10 billion to combat climate change and support environmental conservation efforts.

Through the Bezos Expeditions family office, Jeff Bezos has been able to not only manage his vast wealth and investments but also make a positive impact in the world through his philanthropic efforts. The family office has allowed the Bezos family to maintain their legacy, continue to grow their assets, and give back to society.

4. Chow Tai Fook Enterprises

Family Assets: $25 billion

Link: https://www.linkedin.com/company/chow-tai-fook-enterprises/?originalSubdomain=hk

The Cheng family, the driving force behind Hong Kong's New World Group and Chow Tai Fook Enterprises, has been one of the wealthiest families in Asia for decades. Founded by the late Cheng Yu-tung, the family has grown its business empire to encompass interests in property development, hotels, jewelry retail, and many other sectors.

With its origins as a jewelry store in 1929, the family business has expanded rapidly under the guidance of successive generations. Today, Chow Tai Fook Enterprises manages the family’s investments, philanthropy, and other activities through its family office. The family office’s stated mission is to "create value for our community and drive industry evolution by leveraging our diversified portfolio and operating expertise."

One of the family office's key priorities is philanthropy, which has been a cornerstone of the Cheng family’s legacy. Through the Chow Tai Fook Charity Foundation, the family has contributed millions of dollars to education, healthcare, and other charitable causes in Hong Kong and beyond. In 2021, the Foundation pledged HKD 100 million (approximately $12.7 million USD) to support robotics research at the Hong Kong University of Science and Technology, and consistently took steps to provide Hong Kong residents with medical and economic relief supplies during the COVID-19 pandemic.

In addition to philanthropy, Chow Tai Fook Enterprises has also been involved in some of the world's most high-profile real estate developments. Among its most notable projects are the Grand Hyatt Hong Kong and the Rosewood Hong Kong, both of which have set new standards for luxury accommodation in the city.

The family office also manages New World Development, the Cheng family's flagship property development company, which has a presence in Hong Kong, mainland China, and elsewhere. Despite the challenges posed by Covid-19 and other global economic uncertainties, Chow Tai Fook Enterprises has continued to thrive under the stewardship of the Cheng family and their trusted advisors.

Through its strategic investments, philanthropy, and leadership, the Cheng family has become a respected and influential force in business and society, not only in Hong Kong but also around the world. With the support of Chow Tai Fook Enterprises, the family’s legacy looks set to continue for many years to come.

5. Groupe Arnault Family Office

Family Assets: $242 billion

Link: https://www.crunchbase.com/organization/groupe-arnault

The Arnault family is one of the wealthiest families in the world, with a net worth of over $200 billion. Patriarch Bernard Arnault is the CEO of LVMH, the luxury goods conglomerate that includes brands such as Louis Vuitton, Dior, Fendi, and Givenchy, among others.

The family's assets are managed through their family office, which is known as the Groupe Arnault Family Office. The exact value of their assets is undisclosed, but it is estimated to be in the billions of dollars.

The family office and its holdings company Financière Agache is responsible for managing the Arnault family's investments and other financial matters, as well as handling philanthropic endeavors. In 2019, the family pledged €200 million ($226 million) to the reconstruction of the Notre-Dame cathedral in Paris, following a devastating fire. The donation was one of the largest made in response to the tragedy.

The Arnaults are known for their dedication to philanthropy, and they have established a number of charitable foundations over the years. The Louis Vuitton Foundation (French: Fondation Louis Vuitton), for example, is a cultural center and museum that was established in 2014. The foundation aims to promote contemporary art and culture, and it has hosted exhibitions by some of the world's most renowned artists.

In addition to their philanthropic efforts, the Arnaults are also known for their passion for the arts. Bernard Arnault himself is a noted art collector, and the family office manages a significant portion of the family's art collection.

Despite being one of the wealthiest families in the world, the Arnaults are known for their low-key approach to wealth management. The family office operates quietly behind the scenes, and little is known about its inner workings. However, there is no doubt that the Arnault Family Office plays a critical role in managing the family's vast wealth and ensuring its continued growth and success.