The Family Office Roundup #27

What is your family office’s biggest concern?

40% say reliance on spreadsheets. 

REPORT

FAMILY OFFICE OPERATIONAL EXCELLENCE REPORT 2024 

Highlights include: 

• Report by Campden Wealth / AlTi Tiedemann Global considers family offices of various sizes from the Americas. 
• Regarding top issues with current technology and processes, 40% cited too much reliance on spreadsheets and 38% continue to employ manual aggregation of financial data. 
• 59% of family offices consider cybersecurity as a key operational risk. 
• 43% of family offices do not have a succession plan. 

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REPORT

THE EVOLVING RISK LANDSCAPE FOR FAMILY OFFICES – A DENTONS SURVEY REPORT

Key findings include: 

• Reactionary approach in family offices increased from 25% to 33%, with 30% citing lack of family concern about risks.
• Nearly half see tech upgrades as key but risk neglecting human capital and process improvements.
• Despite rising cyber threats, only 31% have robust capabilities, and 29% have adequate staff training.
• 55% are concerned about geopolitical instability, but only 17% have clear plans to mitigate these risk.

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INSIGHTS  

SINGLE FAMILY OFFICE BLIND SPOTS: 10 MISSTEPS 

This ongoing five-part series covers the top 10 common mistakes SFOs must avoid when navigating governance. The first two missteps shown in this first part are Prioritizing Individuals over Objectives and Neglecting to Create a Mission Statement. (Grégoire Imfeld and Agreus Group) 

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INSIGHTS 

AI’S ROLE IN WEALTH MANAGEMENT

Russell Andrews discusses AI’s growing role in wealth management, enhancing client-advisor relationships and automating tasks. Firms invest in data strategies to address challenges, anticipating significant industry shifts. FIS collaborates to innovate customer experiences, leveraging Andrews’ experience from BNY Mellon. (Amanda Cheesley for Family Wealth Report)

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TRENDS 

IS ASIA’S FAMILY OFFICE BOOM RESHAPING WEALTH MANAGEMENT AMID GEOPOLITICAL RISKS? 

Family offices in Asia, especially in Hong Kong and Singapore, are rapidly growing, managing significant real estate and digital assets while avoiding sensitive sectors like Chinese AI due to geopolitical risks. Despite recruitment challenges, Hong Kong remains favoured for asset security, while Singapore attracts wealthy families with its tax regime. Investments are shifting towards financial assets like ETFs, with Chinese families maintaining long-term market optimism. (Financial Times)

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