In our "Family Offices: A New Era of Growth" report, created in partnership with Hedgeweek, we examine the trajectory of the family office industry and how family offices can address operational challenges like technology and inefficiency. Our report uses Hedgeweek’s survey and interviews of family offices to identify trends and reveal operational challenges in the family office space.
Survey respondents cited a strong middle and back office as the key to building wealth for generations to come. In turn, outsourcing is often the key to a strong middle and back office. Most respondents reported familiarity with outsourcing, with 73% outsourcing their legal function, 60% outsourcing technology and IT infrastructure, and 47% outsourcing accounting. Only 11% reported that they don’t outsource any of the suggested categories. Family offices may choose to outsource to bring in expertise not otherwise found at their office, to achieve greater efficiency, or to access technology that would be burdensome if maintained in-house.
Whether using outsourced technology solutions or maintaining technology in-house, technology improves efficiency and stimulates growth. By automating mundane tasks, family offices can focus on core competencies. Enhanced client reporting, digital platforms and similar tools enable family offices to provide clients with an enhanced experience that aligns with digital communication preferences.
Family offices are expected to continue to show huge growth in the coming years, particularly as the “great wealth transfer” picks up steam. Outsourcing and technology will help family offices meet the challenges and complexities that will result from that growth.
To learn more about the driving forces behind the growth in family offices and the challenges it will bring, read the full "Family Offices: A New Era of Growth" report. To learn more about how SS&C can help you streamline your operations and reporting, download our "Family Offices: A New Era of Growth" brochure.
