Family Office Software & Technology Review 2023

The technology industry rebounded strongly in 2023 from the market-wide volatility of the past few years. Optimism in the sector rests on the ubiquity of connected technologies in our work and personal lives. Global demand and concern about supply chain disruption is leading firms to prioritise resilience across their operations. This is the backdrop for the rise of AI, which will almost certainly be the biggest technology intervention since the widespread adoption of the internet. AI and machine learning are already creating new efficiencies in design and analytics, but generative AI promises to reshape professional work.

The family office software and technology sector is a subset of the broader tech industry and tracks a similar trajectory. Nearly all of the service providers that we surveyed reported strong growth in sales and many expanded their capacity by bringing on new team members in 2023. Similarly, around 80% already include AI functionality or plan to deploy it in their products and services. The top demands of family office software and technology buyers are broader integrations to increase functionality, an expanded feature set, and extended customisation. All of these enhancements should benefit from the successful implementation of AI by service providers.

Software needs to keep pace as family offices adapt to a difficult macroeconomic environment. Increased market volatility, rising interest rates, and geopolitical tension promise to continue, at least in the near term. Families re-evaluating their portfolios and evolving their investment strategies recognise that operational excellence is the foundation of an investment team’s performance. Technology is the foundation for top-tier operations.

“Families have high expectations, and while certain aspects of serving a family cannot be solved through technology, many can, and will be.” -Paul Lussow, Giving Place