As family offices across North America face increasing complexity and heightened demands, they are seeking comprehensive platforms that streamline critical functions, from compliance to real-time investment insights. According to key findings from Deloitte’s Defining the Family Office Landscape, 2024, family offices are undergoing significant transformation. They prioritize efficiency, adaptability, and advanced technology to manage growing regulatory pressures, diversify investments, and ensure smooth operations. These evolving needs are driving the adoption of full-stack solutions that enable family offices to stay agile and competitive in an ever-changing financial landscape.
1. Administration and Compliance: Saving Time and Reducing Complexity
North American family offices spend 27% of their time on administrative tasks. If the minimum cost of running a family office is a $1 million annual burn, it’s estimated that $270,000 USD is being spent by families on administrative tasks. Tools that can help save time are desperately needed, as family offices want to focus more on strategic operations.
2. Scaling for Growth: Evolving Family Office Arena
Family offices in North America are projected to nearly double by 2030. The need for scalable SaaS solutions is becoming paramount, requiring tools that enable rapid onboarding of clients, documents, and investments. It ensures that operations remain agile as complexity increases.
3. Next-Generation Focus: Empowering New Wealth Holders
As wealth transitions to younger generations, the next generation is looking for transparency and real-time data access. Intuitive dashboards that simplify financial information, allowing them to enable next-generation wealth holders to make informed investment decisions and manage their family’s legacy effectively.
4. Direct Investment: Navigating Complex Deals
As family offices devote more time to direct investments—now comprising 22% of their global activities​—the added complexity of overseeing these investments demands specialized tools that simplify tracking and oversight. Without an asset manager, family offices require real-time, transparent, and efficient data to make informed decisions and handle their portfolios effectively.
5. Transitioning to Multi-Family Offices: Reducing Costs
Many single-family offices are transitioning to multi-family office (MFO) structures to reduce operational costs. By sharing resources such as administrative support, legal services, and investment management, MFOs allow families to lower expenses while still benefiting from professional wealth management. This shift highlights the growing need for efficiency and cost-effectiveness as family offices face increasing complexities, regulatory pressures, and the challenge of managing wealth across generations.
6. Women Leading Governance: Supporting Female Leadership
Women now lead 15% of family offices globally, with 12% in North America and 20% in Europe. Female leaders are bringing a new lens to the old guard, requiring families to use tools to streamline governance, foster strong communication, track compliance, and make data-driven strategic decisions.
7. Risk Mitigation and Governance: Protecting Wealth
As scrutiny increases, risk mitigation is more critical than ever. Compliance and governance are top concerns for 65% of family offices. Centralized reporting and a single software solution bringing everything together as a single source of truth, centralizing all legal, financial, and governance documents, is pivotal in helping govern and safeguard wealth through generational shifts. This ensures confident, compliant decision-making, with stakeholders having access to the most accurate and up-to-date information at all times.
8. Diversification and Globalization: Smarter Investments
As family offices diversify globally, real-time data insights have become crucial for making smarter investment decisions across asset classes and geographies. Real-time financial reporting is now a priority for 72% of family offices to manage diverse investments and navigate complex global markets. These capabilities allow family offices to seize emerging opportunities while managing risk more effectively, ensuring they remain agile in an increasingly complex financial landscape.
How can a full stack solution like MyFO help? MyFO is reshaping the future of family office management with its innovative full-stack solution. For a family office managing $100 million, MyFO can save up to 40 hours of administrative work for advisors during the Know Your Customer (KYC) process, cutting time spent by an average of 33%. By centralizing compliance, investment tracking, and governance within a single, intuitive platform, MyFO equips decision-makers with real-time insights, streamlines operations, and facilitates smarter, faster decisions. In an increasingly complex financial environment, MyFO enables family offices to stay ahead, unlocking new opportunities to grow and safeguard wealth with confidence.
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