Though the family office market in Australia continues to go from strength to strength, it is a challenge for software providers to see the value in expanding to a vast country with a highly idiosyncratic financial system. Yet despite the challenges of a high taxation, Australia has one of the largest pension pools in the world – with the superannuation assets in Australia at 2.9 trillion USD as of June 2020. And this has not gone unnoticed by asset managers.
At the same time, there are also challenges to helping established Australian family offices to invest in a high-performing tech stack. When the rubber hits the road, it’s fundamental that family offices have the necessary solutions to gain an operational view of their portfolio. Ultimately it’s a question of what is worth paying for.
We speak of risk when we talk to family office clients about building infrastructure. The risk of data corruption, of collusion, of exposure management…the list goes on and all come within the remit of accurate portfolio reporting and data analytics.