Wealth management software for family offices

Since Simple launched the inaugural Family Office Software and Technology Report, the list of service providers offering wealth management software for family offices has increased exponentially. This article explores the background, covers the current landscape, and notes the benefits of wealth management software for family offices.

wealth management software

What you need to know

  • The demand for wealth management software is growing significantly as family offices seek digital solutions to replace outdated manual processes.
  • The rise of generative AI, digital assets, ESG investing, and stronger cybersecurity measures are key factors influencing the landscape.
  • Since there is no one-size-fits-all solution, family offices must carefully evaluate providers to ensure the software aligns with their unique needs and operational structure.

Technology Published on Simple February 5, 2025

With global wealth expected to reach $84 trillion by 2045, family offices are under pressure to modernise their operations. Wealth management software is no longer optional—it’s essential for efficiency and security.

As family offices and wealth managers navigate a world of increasing complexity, wealth management software is emerging as a crucial ally to streamline operations. From accounting to financial reporting and investment management, Excel spreadsheets are just not cutting it anymore. This article delves into the background, lays out the current landscape, and then notes the benefits of the wealth management software solutions available for family offices.

The background: why family offices need wealth management software

When Simple launched the family office software and technology report, it was in response to an overwhelming request of family offices seeking a good service provider. The findings were not quite simple. Since no family office is the same, the results were that no single-family office solution could suit all wealthy families. Rather, the best bet was to look for the best fit. Despite this, at a time when working remotely was mandated, it was quite clear that financial management practices could no longer rely on manual processes. Single and multi-family offices, alike, more than ever, needed better tech to serve their clients.

  • 2010s: Family offices largely relied on Excel spreadsheets and legacy systems.
  • 2020: The pandemic accelerated demand for digital transformation.
  • 2025: AI, automation, and cybersecurity are driving next-gen wealth tech solutions.

Since the birth of the internet, financial institutions worldwide have been in a never-ending race to digitise. A recent McKinsey report shows that banks now spend over 20% of revenue on IT services, and technology costs continue to grow at an average of 5 – 10% every year. Likewise, family offices, responsible for managing and preserving family wealth, face similar pressures to digitise. Be it financial planning, monitoring asset allocation, or portfolio performance, a wealth management platform is essential for serving clients efficiently.

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