Family offices and the technology available to run them are both becoming more sophisticated, leading to an increased push for upgrades.
According to the inaugural edition of Deloitte Private’s Family Office Insights Series – Global Edition, which surveyed 354 single family offices from around the world, modernizing the technological operations of family offices is among the top 10 family office trends this year.
A strong majority (72%) of family offices say their investments in technology for their own operations is either insufficient or nonexistent (34%) or only moderately sufficient (38%). And 17% say a lack of investment in operational technology is a core risk to their family office, while 34% say they are underinvested in operational technology.
Many family offices are addressing these concerns: The survey found that 43% of family offices are developing or rolling out a technology strategy this year, though almost 30% do not have a strategy at all.
- Technology strategy is well integrated into operations: 28%
- In the early stages of rolling out a technology strategy: 23%
- In the process of developing a technology strategy 20%
- Do not have a technology strategy: 29%
