How family offices can evaluate their internal operations using industry benchmarked KPIs

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Many family offices struggle with their data management processes making it hard to make timely investment decisions. However, by implementing a KPI assessment tool that assists in identifying areas for improvement, family offices can stay ahead of the curve and safeguard their wealth.
family office benchmarking software

What you need to know

  • Family offices struggle with managing diverse assets, which can hinder their ability to respond quickly to market events and make informed investment decisions.
  • Many firms are increasingly relying on manual processes that can lead to data errors and delays.
  • Industry-backed Key Performance Indicators (KPIs) provide family offices with objective metrics to evaluate their efficiency in reporting, financial control, and operational excellence, helping identify improvement areas and track progress.
Software Updated on January 16, 2024

Many family offices face challenges managing data, conducting analyses, and creating reports due to their varied asset portfolios. That is a big problem regarding wealth management. It hinders their ability to respond to market events and make the right investment decisions on time. Decisions require data; if it takes weeks and months to collect, reconcile and consolidate, that’s an issue. In other words, if asset managers cannot access their capital at the touch of a button, staying ahead of the curve will be hard. This is where family office benchmarking software can help, but choosing the right tool is vital. 

Asset managers constantly re-evaluate their investment strategies in this market environment to protect their capital and grow their wealth. Robust and reliable data management is essential for fast and flexible reporting. Which then drives the decisions to adjust strategies and quickly reallocate assets. However, how most family offices performed in a recent data management survey showed a worrisome trend.

Increase in manual processes

In 2019, the Family Wealth Report by WealthBriefing and FundCount surveyed family office efficiency in accounting and investment analysis. When they updated the report in 2022, results showed that institutions’ manual workload may have worsened significantly. 


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