Moving Up To Family Office 3.0 

Family offices continue to evolve, albeit slowly. A surprising number of them are still in the 19th century (v1.0), essentially functioning as extended family checking accounts. Many have progressed to the 20th century (v2.0), utilizing tools like spreadsheets and/or accounting systems designed for manufacturing and service companies. These may be used alongside standalone portfolio management software and complex tax structures, which often result in over-leveraging people, thereby increasing costs and risks.

However, a select few family offices have entered the 21st century (v3.0). These offices understand that internal transparency and operational efficiency are the keys to maintaining family wealth sustainably, with low costs and risks. Your journey to Family Office 3.0 begins with FundCount’s Family Office KPI tool.


By comparing your family office with your peers, the FundCount Family Office KPI tool can highlight areas where you need to improve performance or transform operations. Focusing on operational efficiency, financial control, and reporting excellence, the benchmark can provide insightful guidance to your family office management team, enabling them to deliver greater internal transparency, clarity, and service at a lower or similar cost.

Why does this matter? Well, it may not seem important until things go wrong. The moment you can no longer answer the question “Where is my money?” is when you realize there’s a problem. By then, it might be too late, and your money could have dwindled.

Your family should have implicit trust in your family office management team. However, as traditional services outsourcing has shown, family members may find that entrusting the servicing of their needs entirely to the management team can lead to a loss of strategic control. They may have little say over operational matters, which can eventually constrain investment decision-making. By spending some time focusing on operational and financial controls, valuable insights can be gained. These insights can lead to more effective and transparent operational ecosystems that deliver faster, more accurate information 24/7.

internal transparency and operational efficiency are the keys to maintaining family wealth sustainably, with low costs and risks

It takes less than 15 minutes online for any individual family member to evaluate their family office score and start a journey that enhances the governance of their wealth, thereby delivering sustainable wealth management.


Related articles

Sign up for FundCount Highlights

Keep your business on trend with what is new in the FinTech industry and FundCount
Get our monthly digest!
© 2023 FundCount • All rights reserved • Terms of usePrivacy PolicyAccessibility Feedback