Tech-driven strategies for RIAs: Gaining an edge in family office services

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Registered Investment Advisors (RIAs) play a vital role in serving HNWI and family offices. Their fiduciary duties make them ideal candidates for the hyper-personalised industry. However, standing out in this competitive arena is no small feat. This article highlights how RIAs can outperform their competitors by adopting technology that caters to the unique needs of family offices.

What you need to know

  • Registered Investment Advisors (RIAs) have a unique advantage in serving family offices due to their fiduciary-bound ability to offer holistic wealth management.
  • The current family office landscape favours professionals with a forward-thinking approach and technological know-how to reach the next generation.
  • Armed with modern family office technology, RIAs prioritising operational excellence can better serve wealthy clients and achieve higher client retention.

Software Published on Simple July 10, 2024

Registered Investment Advisors (RIAs) have a unique opportunity to capture family office clients due to their ability to engage in holistic wealth management – encompassing all facets of wealth. Committed to their fiduciary duties, they can offer extensive financial services that cover pivotal areas such as wealth transfer and succession planning. In addition, RIAs also can provide access to alternative investments, further enhancing their appeal to family offices looking to diversify their investments.

As the above is no secret, the competition is tough. Below, we look at how exceptional RIAs can outperform their competition by understanding the current landscape and leveraging the latest technology.

“A strong majority (72%) of family offices say their investments in technology for their own operations is either insufficient or nonexistent (34%) or only moderately sufficient (38%).” The Top 10 Family Office Trends, 2024, Deloitte.

Understanding family offices

The family office landscape is currently undergoing a period of considerable growth and change, a shift that presents ample opportunities for RIAs. Today’s economic and geopolitical tensions mean family offices are looking for outside professional experts to help them uphold their long-term investment plans. According to Deloitte, four in 10 family offices are looking to hire additional staff this year, with 29% opting toward professional (non-family) talent, a sign of rising professionalisation.

Moreover, the accelerating wealth transfer from older generations to their tech-savvy heirs is driving the digitisation of wealth management. As this transition unfolds, there is a growing demand for advanced digital platforms that offer more personalised and efficient client experiences to next-gens.

Nurturing family office relationships

Given the current landscape, RIAs who prioritise operational excellence create a greater capacity for serving wealthy clients and increase their retention. A recent Schwab RIA Benchmarking Study found that the top 20% of top-performing firms manage 53 clients per professional, spending 13 hours per client annually on operations and administration, which is nearly 25% less time than other firms. What allows them to manage more clients while spending less time on operations? The simple use of technology.

With a systematic and forward-thinking approach, they are perfectly positioned to step up their offerings for high-net-worth individuals and family offices by tapping into cutting-edge digital solutions.

Transforming client experience

Adopting technology, including AI for data analysis, systems for automating reports, and platforms for secure document handling, not only leads to better operational effectiveness but also elevates the client experience by offering customised, instant financial insights and ensuring smooth service delivery.

Using technology to make RIA teams more efficient can reduce Know Your Client (KYC) onboarding times by 70%. Additionally, greater visibility into clients’ financial worlds and better client service through technology can expand an RIA’s wallet share of a customer by 20%.

  • Streamlined onboarding processes for efficient client integration: The onboarding process can often be a complex and time-consuming task. MyFO simplifies and accelerates this process by using digital tools to gather necessary information, verify documents, and integrate new clients into the system quickly and efficiently.
  • Integrated and automated dataflows to reduce manual input, errors, and redundancies:  MyFO integrates with multiple financial systems and platforms, automating dataflows to minimise the need for manual input. The feature helps RIAs reduce the risk of manual errors, eliminate redundancies and save valuable time.
  • Comprehensive asset tracking and reporting: Modern tech solutions like MyFO offer detailed, real-time tracking of all asset classes. This feature allows RIAs to consolidate data from various sources and provide sophisticated reporting insights into performance, risk, and allocation – areas that are critical for clients.
  • AI-driven data analysis for investment insights: Leveraging artificial intelligence, MyFO can analyse vast amounts of data to identify patterns and trends that might not be apparent through traditional analysis. This AI-driven approach provides RIAs with actionable investment insights, helping them make more informed decisions and tailor strategies to meet the unique needs of family offices and HNWIs.
  • Secure document management and compliance: For family offices, security and compliance go hand-in-hand. MyFO offers robust document management features that ensure all sensitive information is stored securely and is easily accessible when needed. The platform is also designed to meet stringent compliance requirements, giving clients peace of mind that their information is protected and managed with regulatory standards.
  • Access to exclusive investment opportunities through digital platforms: MyFO provides access to exclusive investment opportunities that are not readily available through traditional channels. That means RIAs can offer clients a broader range of investment options, including private equity, venture capital, and other alternative investments.


As the wealth management industry evolves, so must the tools and strategies employed by RIAs. They can significantly increase their competitive advantage through tech-driven solutions like MyFO. Offers advanced features for family office operations, MyFO leverages AI to streamline wealth management. The platform provides comprehensive asset tracking, secure document storage and tools for aligning long-term goals with clients. It simplifies operations and enhances client experiences, positioning RIAs to excel in the competitive family office arena.

About MyFO
The most advanced family office experience, which merges efficiency and advanced AI to bring family office services to your fingertips. Our platform simplifies and streamlines wealth management, offering comprehensive asset tracking, secure document storage, and tools to align long-term goals with stakeholders, ensuring smooth succession planning. The right thing to do.

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