The Future of Family Office Technology

By Dean Nelson  |  February 11, 2020

The Future of Family Office Technology

Technology options for family offices are more numerous than ever. For example, artificial intelligence is helping family offices bridge the talent gap. Family offices are starting to leverage data to transform their operations. And most of them are moving to the cloud and away from on-premise software, not relying on data centers any longer. In addition, established technology providers like Microsoft, Advent and CCH are disrupting this underserved community.

With so many options available, how do you select the right technology solutions for your family office? Making the right strategic choice is critical. It is important to develop a technology strategy that is aligned with your business objectives, and to think about how technology can enable you to achieve those objectives. You should spend the right amount of time selecting the right technology, which should be grounded in your technology strategy.

Think about how you view your business processes today and what they will look like in a few years. How can you drive manual activities out of the process? How can you leverage technology to drive efficiencies? What are the key business requirements important to you as you select a new application? Focus on what is unique to your organization and how you can innovate.


A best-of-breed system is defined as the best system developed to address a specific niche or functional area. The application performs specialized functions better than an integrated system. So instead of trying to find a software solution that is comprehensive, many organizations are implementing best-of-breed systems in multiple functional areas and linking them together. Moving to a best-of-breed solution is a viable option and not as costly as it used to be. The key is understanding your data strategy and having a good grasp of where your data sources are, as well as how clean that data is.


Artificial intelligence (AI) is key to any technology strategy. Family offices are increasingly leveraging technology to retain talent. AI has the potential to greatly improve applicant vetting and intelligently match candidates with jobs. Utilizing AI, you can obtain massive amounts of data from resumes, skill assessments and employment history forms, enabling you to identify the best available candidate for each job placement.

The business of the family office is becoming more complex, and investment opportunities are increasing. AI can help automate manual data entry efforts and reduce errors. For example, you can utilize AI to gather tax information and input it in your tax forms. By taking greater advantage of AI, you can increase efficiencies and reduce errors, put resources to use in more value-added activities, and enable your people to focus on mission-critical activities.


Leveraging data can help transform organizations. With so much data available today, how do you make sense of it? One way family offices can leverage analytics is to reduce the monthly reporting process. Think about how to implement analytics solutions to automate monthly data-gathering efforts. This has greatly transformed how organizations look at enterprise reporting and how they use analytics to help solve problems and make better, faster and more informed decisions.

Also, think about where manual processes and paper- based processes occur today. This is an opportunity to take a step back and see how you can innovate and improve your processes.


There are a lot of technology options available to family offices today. Think about how to leverage them from a strategic point of view. Start with a strategic technology initiative which links to your business objectives. Conduct a thorough technology selection based on how you do business. Think about how to leverage technology from an automation perspective to drive out manual efforts and end redundancy. And consider how you can leverage analytics to fundamentally change how you do enterprise reporting.

About Dean Nelson

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Dean Nelson brings more than 25 years of experience to his role as Principal-in-Charge of Advisory Services at Marks Paneth. Mr. Nelson oversees the strategic development of the firm’s suite of Advisory Services client offerings, which include Litigation Support; Forensic Accounting and Valuation Services; Trade Disputes and Compliance; Technology Services; Integrated Risk Management; Financial Advisory Services; and Transaction Advisory Services. He leads an advisory team that is focused on delivering value to public, private and... READ MORE +

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