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Family Offices Embrace Outsourcing: Study

Family offices across the globe are increasingly outsourcing more functions, new research from Ocorian suggests.

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The global study, which surveyed 301 senior executives including 50 family office investment managers in November 2023, found a staggering 98% of family office professionals plan to increase the level of outsourcing at their organisation over the next three years.

What’s more, it found nearly half (46%) of family offices are planning to increase the level of outsourcing by between 25% and 50%.

This builds on two years of strong expansion, with 96% of family office professionals reporting increased outsourcing.

According to the study, 92% of family office professionals reported increased budgets for outsourced regulation and compliance services in the last two years.

However, some customers expressed dissatisfaction with the level of service provided by outsourcers.

Conclusions

The article states: “Specifically, 12% of customers rated the level of service as average, while 10% said that outsourcers are only average at solving complex business problems. Key criticisms for these outsourcers included poor responsiveness, a limited scope of service, issues with their level of expertise and technology issues.”

Here at FBA, we have experienced similar commentary from high-net-worth clients regarding their previous advisers. Most notably, the level of competent, transparent, personal service appears to have been their major source of frustration.

We have always recognised that the key to any successful business relationship is that of professional, personal SERVICE. As such, we encourage you to contact us for an initial chat about your family needs.

Meantime, to read the Ocorian article in full, go here.

Source: Chloe Walker from Financial Standard

How FBA Can Help You With Your Family Office Management

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business.

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

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Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group.

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