Podcast Summary

The Investor with Joel Palathinkal

Guest: Maxwell Nee, Chairman, Family Office Insiders
Date: January 7, 2026

Episode Overview

In this episode, Dr. Joel Palathinkal sits down with Maxwell Nee—Chairman of Family Office Insider and an active operator and investor based in Singapore—to explore the evolving family office ecosystem in Asia. The conversation provides a candid inside look at how wealthy families build, vet, and sustain investment communities, their strategies for allocation across asset classes, and the importance of genuine peer networks. Maxwell shares his journey from real estate and private credit, through the pains of COVID-era losses, to structuring a non-commercial, referral-driven family office community in Asia.

Key Discussion Points and Insights

Maxwell's Background & Genesis of Family Office Insider

[04:16-07:22]

• Maxwell came from a family business rooted in private credit and real estate in Australia.
• The stress and losses during the COVID construction period led him to diversify into less cyclical investment categories—especially venture and growth-stage tech deals.
• Quote:
  "We got really burnt, lost a bunch of money and really learned that, you know, everything we do is in the same cycle... So since then, we've looked at... more operating type deals, growth stage deals, less capex heavy—just something..." (B, 04:27)
• He started by gathering peers with real family business experience into a WhatsApp group—refusing sponsorship and focusing on learning before asking for anything.
• The group grew organically (over 200 families, with 60+ by referral), currently one of the largest “unmonetized” networks.

Authenticity, Community Criteria, and Quality Control

[07:22-11:18]

• Criteria for inclusion: Must be a genuine principal (or select advisors/CEOs of major families) actually allocating their own capital.
• Fake family offices are prevalent—a vetting process is key.
• Most initial deals (the "first 10 after $100M") come from trusted inner circles; growth beyond that is difficult and risky.
• In Asia, a major emphasis is on wealth preservation over aggressive growth.
• Quote:
  "People move much more into wealth preservation than growth... the common denominator actually is not to go out and find, you know, ex Sequoia team member... It's actually to hire your private banker at UBS and... just sit there and keep, you know, get risky opportunities from me and... once in a while we'll do some... growth opportunities." (B, 08:13-10:33)

Life in Singapore: Perception vs. Reality of the Family Office Boom

[11:44-17:43]

• Singapore is now a global hub attracting family offices—much of this is driven by tax optimization, safety, infrastructure, and lifestyle.
• Despite the headlines and “vanity metrics” (e.g., the proliferation of Ferraris and a reported 2,000 family offices), actual investing/networking is minimal.
• Quote:
  "Actual deals being made and actual capital being deployed... is very, very little." (B, 13:03)
• Singapore is used substantially as a safe banking environment; many investment decisions happen overseas.

Family Office Strategies and Portfolio Construction

[17:43-29:46]

• Local Singaporean families are very mature, already entrenched with major asset managers; new money (often from China or elsewhere) are often more entrepreneurial than institutional in their style, focusing on operational roles rather than passive investing.
• The "hot" sectors: deep tech, new batteries, advanced healthcare algorithms, and climate/renewable infrastructure (e.g. solar).
• Shift from appetite for pure venture to more risk-mitigated, post-revenue opportunities.
• Private credit and gold remain in focus—including Maxwell’s own involvement in gold mines.
• There is a tension between the desire for liquidity and actual patience:
  "People are expecting PE risk reduction in venture... seed stage valuation, but... a series A/B maturity company—that’s definitely being felt." (B, 25:00)

Next Gen, Legacy, and the Persistent "Third Generation" Challenge

[29:05-32:35]

• It's a well-known statistic that 70-90% of families lose wealth by the third generation, mostly due to lack of entrepreneurial drive and comfort eroding long-term discipline.
• "It’s not just about money governance, it’s also a parenting... and upbringing [issue]." (B, 30:24)
• Splintering and breaking up large family enterprises is increasingly common by the third or fourth generation.
• The truly enduring dynasties are extreme outliers.

Community Building: What Works (and What Fails) in Family Office Networking

[35:15-43:33]

• Industry events are often structured to serve sponsors over investors, diluting real value and trust in the room.
• Quote:
  "I hate that model because that model was designed to fail... creates an anti-flywheel... your client is not the investors, it's the sponsors." (B, 36:51)
• Spammy, sponsor-heavy events create negative experiences; the real value comes from small, sponsor-lite or sponsor-free, purposely unmonetized gatherings.
• Side events, private dinners, and long-term relationship building are core.
• The role of “paid memberships” is questioned: Transactions and client/service-provider dynamics impede genuine peer relationships.

Tools, Engagement, and Peer Value

[44:39-47:24]

• Engagement is mostly organic; highly curated communities see the best results through informal, low-pressure settings.
• Practical value: Members share vetted referrals (accounting, tech, etc.), uncover useful tools (like software for tracking tax residency via travel days).
• Informal advice, travel suggestions, and life hacks are as valuable as financial insights.

"Die With Zero" and Family Legacy Debates

[47:24-49:18]

• Book rec: Die With Zero by Bill Perkins—advocating for intentional decumulation, timing wealth transfer to maximize its real impact.
• Maxwell: "Legacy obsession" is strong in Asia, but the die-with-zero concept resonates—living and experiencing, rather than hoarding, is gaining traction for some.

Advice for Allocators, Investors, and Community Builders

[50:29-53:09]

• Take your time—wealthy investors rarely rush hires or big decisions; patience pays off.
• Quote:
  "Every time I've lost money... it's always because I compromised on the team member or the person... It was always the person." (B, 52:13)
• "Don't compromise on the right person"—whether it’s management, partnership, or any crucial hire.

Notable Quotes & Moments

• On dealflow and peer groups:
  “Some of the best deals that I've gotten into have been from just a text message. Right. So we don't really work with brokers or intermediaries.” (A, 02:30)
• On the realities of Singapore’s boom:
  “Cars are very expensive in Singapore… you need some real money to buy a Lamborghini in Singapore.” (B, 12:53)
• On community value:
  "It's just really back to basics. And the basics is these are people who want to do business with people that they like... the informal chats... typically have the most yield, which is totally counterintuitive." (B, 44:56)
• On the "conference circuit":
  "There’s a whole conference circuit... but the money's in the side events. Everyone knows that." (B, 43:33)

Important Timestamps

• 03:30: Maxwell’s early journey: Real estate, COVID losses, pivot to new deal types and peer learning
• 07:45: Vetting for “real” family offices & community inclusion criteria
• 13:00: The “vanity metrics” of Singapore as a financial center
• 18:40: Real estate/family allocation strategies & impact of space constraints in Asia
• 21:53: Shift to deep tech and climate as preferred “long shot” bets
• 27:50: Private credit, climate, and gold as key asset classes
• 32:35: Why most family wealth doesn’t survive past the third generation
• 35:15-39:22: What’s wrong with most family office events (sponsor-first models)
• 44:39: Practical engagement and knowledge sharing across the community
• 47:24: “Die with Zero” philosophy—rethinking wealth transfer and experience
• 52:13: Advice: Never compromise on the quality of people involved

Takeaways

• Peer-led and genuinely curated communities outperform sponsor-driven or paid "family office" networks—trust, and informal connections drive real dealflow.
• Asian family office culture is heavily tilted toward wealth preservation, with only calculated forays into growth or risk.
• Legacy is a persistent concern, but the challenge of keeping wealth across generations remains little changed—emphasizing the role of intentional parenting and family culture.
• Singapore’s rise as a family office hub is driven more by tax and lifestyle than true homegrown deals—much investment still occurs abroad.
• Patience, discipline, and non-compromised relationships are the central themes for investors and community-builders alike.