A strong majority of family office professionals — 85% — say their office has become more professional in its operations and structure in the past five years, according to a recent survey. The international survey of more than 300 family offices was conducted by Ocorian, which provides services to family offices.
What did all these family offices do to become more professional? Commonly cited actions include:
- Developing a stronger succession plan (53%)
- Introducing or strengthening the family constitution or charter (48%)
- Bringing in more third-party support (46%)
- Strengthening the management team (45%)
Still, the survey also found that family offices face numerous challenges. A majority (86%) said having the right governance in place is a top challenge, as is ensuring that the investment portfolio is properly managed and aligned with the family’s risk profile (59%).
Other commonly cited challenges include:
- Having a robust succession plan in place (44%)
- Upgrading technology (40%)
- Preparing the next generation for the wealth transfer (36%)
- Navigating regulatory compliance issues (34%)
