Artificial intelligence offers family offices new paths to increased productivity. Its transformational potential makes it a key area for investment — and, unfortunately, provides a new avenue for cybercriminals looking to exploit wealthy families.
As AI’s potential and risks have become clearer, a number of publications have recently offered in-depth assessments of the many dimensions of the technology.
- In the first part of a series, the ArentFox Schiff Family Office Newsletter explores the risks associated with using AI for estate planning: AI in Family Offices: A Closer Look at Privacy, Confidentiality, and Fiduciary Responsibility.
- AI could benefit family offices by speeding up paperwork like K-1 forms, so staff members spend less time gathering data and more time analyzing it. From Barron’s: Family Office Investing Requires Mounds of Paperwork. AI Is Going to Help.
- AI offers fertile ground for investment, but staying on top of the latest developments can be a challenge. AsianInvestor reports: Family office in search of emerging managers to make AI bets.
- What issues need to be taken into consideration for effective AI management? The Family Office Association offers some strategies: Maximizing Artificial Intelligence in Family Offices.