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The Confluence of Tech & Ops in the Family Office

An opportunity for real integration of technology and operations in the SFO and MFO world can be revolutionary and can positively impact the family office business model. It can make the complex simple. Technology no longer needs to reside in its own silo and its potential to impact operations can be exponential when the right tool is used. It can be a critical lever for supporting operations staff and in adding value and in increasing quality. The impact of technology can be employed across nearly all operational functions, providing the opportunity to manage family office complexity and costs. What does it look like and how can family offices rapidly implement a technology that can really make an impact?

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Path to Family Office of the Future

Professionals working in family offices are experiencing significant and increasing complexity. Manual, high-risk work processes such as spreadsheets and point systems erroneously rely on human reconciliation – leading to incomplete, delayed, and inaccurate reporting and the inefficient use of high-value human resources. Moreover, manual calculations inherently lack cybersecurity, disaster recovery, and business continuity processes and skills. How, then, can family offices remain up-to-date in the tools, software, and security to manage UHNW assets? When family offices look to the future, tools that revolve around Natural Language Generation (NLG), automated BOT processes, and Artificial Intelligence (AI) inevitably become part of the conversation on how to get there.  Part of a family office’s challenge is to remain relevant not only in terms of the need for ultra high net worth wealth management, but also in terms of its ability to deliver such services. Use of antiquated data tools and limited flexibility puts a family office that is not focused on the future in the past. Will family offices have to try and make use of such tools developed for larger markets, like investment management, hedge funds and private equity, and try and make them fit their fact pattern?  This is a well-known problem. Which is not a surprise as most of the point applications that family offices are forced to use were created primarily for other markets. The major question to consider when thinking about the Family Office of the Future  is what are the specific challenges family offices now face that could be remedied using technology?

Professional Family Office

A Professional Family Office: Here’s How to Make It Work. It’s an obvious goal, to manage your wealth in the most effective way. You built a successful enterprise before and sold it, now your next enterprise is your professional family office. As the Family Office Exchange put it, the family office in its best form provides a structure that helps preserve the family enterprise by supporting four dimensions of the family: • Business Legacy – where the wealth originates, and for some, the cornerstone for the Family Enterprise• Financial Legacy – where financial security and management of the wealth are maintained • Family Legacy – where the family comes from and where they are heading together • Philanthropic Legacy – where the lasting contribution for the family resides, by giving back in a meaningful mannerWhat makes family wealth preservation so complex are the dynamics of the family in tandem with the shared ownership of assets.

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