Simple's latest tech report. #familyoffices #familyoffice
Family Office Technology. Simple has released it's latest Family Office Technology report. It has some nice visuals and data but the real grist is the different ways the service providers view their offerings. All mention data aggregation and security as a major goal. Then it's integrations etc. Where there is some insight is between those that build infrastructure and those that provide those building blocks. As an example, Raymond DiNunzio from TOS Advisors is seeking to establish a "touch it once" system that is fully integrated. He mentions that this is beyond an "off the shelf tech solution". The alternative to this are those offices seeking an "out of the box" solution that doesn't require hyper customisation or intermediation. And for that, you need the software providers to view themselves as a helpful part of an ecosystem rather than the centre of it. There continues to be a race for family office data insights. When speaking to clients, the question of access to data sets is front of mind. For example, we may use a platform that has significant amount of hard to access insights (eg. Private Equity managers) due to the sheer volume of client transactions they administer. Can we tap into this to improve analytics, pacing, benchmarking, and risk management? This goes to the ever increasing ability to customise for each client, one of the major demands noted by the service providers (below). But be careful what you wish for, as hyper customisation can require increased need for internal resources to manage it. And when not appropriately resourced, there is software churn and switching costs. And lastly, AI. I'm still on the fence on it's impact and hope to be impressed. But what I can say with confidence is that it's an incredibly powerful tool for incremental improvements to daily workflow. And maybe that's where family offices can start to include it in their tech stack - pick apart the admin headaches and see if these tools can take on the heavy lifting. For more insights, subscribe to the Family Office Sherpa here: www.hallroad.com.au Or listen to the Sherpa podcast here: https://lnkd.in/gJM2z_9Q #familyoffice #familyofficetech #wealthmanagement #assetmanagement #familyoffices
