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The theme of this paper is that best practice business processes and workflows for the family office are essential factors in maximizing efficiency, minimizing risk and positively impacting ongoing staff challenges. However, clinging to old ideas has hindered family offices’ adoption of modern capabilities.
To succeed, any organization needs to develop, maintain, and adhere to well-defined business processes and workflows. Robust, established processes ensure efficiency and employee productivity, reduce risks, and improve outcomes. For family offices, which manage the complex financial and business affairs of ultra-high-net-worth families, best practice business processes are paramount yet under-utilized. A key cause of this is the belief that each office is unique, which often hinders family offices from adopting proven industry best practices and family office software.
Despite the uniqueness of every family office, there are many areas to incorporate universal truths where industry-standard workflows and best practices can be leveraged. This modernized perspective resists the old adage, “if you’ve seen one family office, you’ve seen one family office.” It enables the office to move from the burdensome practice of customizing everything to harnessing the power of industry best practices to foster change in the organization. The office can thus go beyond siloed functions, like accounting, and instead transform itself to maximize efficiency, minimize risk, and make life better for staff across the entire enterprise—embarking on the journey to The Family Office of the Future.