A new report from Morgan Stanley, “The Future-Ready Family Office: Evolving With Purpose,” offers best practices for family offices in six areas: governance, staffing, investments, financial education, cybersecurity and technology.
Some highlights:
- Governance: Family offices should balance flexibility with clear priorities, create a path for family members to exit when needed, and regularly review their governance.
- Staffing: It’s important to strike the right balance between in-house hiring and outsourcing — and to plan for succession.
- Integrating AI as part of the technology strategy: Possible applications of artificial intelligence include analyzing financial data, summarizing earnings calls and automating communications.
Read more about the report.
