The Wealth Mosaic Middle East WealthTech Landscape Report 2023
The path to the family office of the future. Bryan Henning, SVP, Head of International, Eton Solutions International says that a robust platform combined with solid data management and next-generation technologies can future proof the family office. Professionals working in family offices are experiencing significant and increasing complexity. Manual, high-risk work processes such as spreadsheets and point systems erroneously rely on human reconciliation – leading to incomplete, delayed, and inaccurate reporting and the inefficient use of high-value human resources. Moreover, manual calculations inherently lack cybersecurity, disaster recovery, and business continuity processes and skills. But providing accurate information is the first job of any office, and it directly impacts every other job the office does.
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KPMG and The Table Club Family Office Report – The Role of Technology
Australian family offices are rapidly embracing technology to enhance value creation, as highlighted in a recent KPMG report. Eton Solutions, a co-sponsor of this KPMG and The Table Club family office technology report, is committed to supporting the education of the family office community and advancing the understanding of how generative AI can enhance operations and reporting globally.
Eighty-four percent of family offices now rely heavily on technology, marking a five-fold increase in adoption since 2021. The use of Excel has dropped significantly, with only 13% of family offices still using it compared to 43% in 2021. While cloud-based data storage is widely adopted, generative AI usage remains low, with only 8% of family offices leveraging it. Additionally, 56% of family offices cite key person risk as the primary driver for outsourcing technology solutions.
Family Office Technology – Key Considerations for Asian Family Offices
Family offices are increasingly managing an array of complex assets and are faced with critical decisions on the level of technology infrastructure required to be successful. Can a family office looking for a truly world class asset allocation mix manage that without the need to spend money on technology, staff and other infrastructure or has this been democratised by technology and wealth manager innovation? Is it more cost effective to continue the idea of giving it over to one counterparty or can they pick a best of breed/ open architecture model? Is there consensus among Family Offices concerning the optimal technology infrastructure? There is debate as to the level of operational infrastructure and technology that a ‘single’ or ‘multi-family’ office needs to be successful in managing complex portfolios. Family offices across Asia seem to be at the crossroads - how do we make the right decision of what to ‘build’ or ‘buy’ when it comes to getting the right digital infrastructure in place.
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