National Family Office Forum survey results. Insights from executives

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1 National Family Office Forum survey results Insights from executives

2 Challenges The four most important strategic challenges facing executives leading a single family office 35% Enhancing the operations of the office through process or technology changes 14% Understanding the true expectations of the family Managing the investment returns and opportunities the family wants to pursue Attracting, retaining, and motivating the right talent The four most important strategic challenges facing families served by a family office 8% Building the next significant business enterprise 9% Creating a philanthropic and social legacy 18% Managing the enterprises they already have 51% Educating and motivating the next generation The biggest service gaps in the single family office industry 47% Technologies that fit the service delivery needs Privacy and cyber security services 15% 32% Where family office executives are focusing their transformation efforts Providing backoffice administrative support Financial education programs 48% Data and People and technology 33% organization 15% Business partnering and outsourcing 2

3 Tactics (respondents could select more than one) Technology: While thinking ahead for the next 3-5 years, family offices are placing their biggest technology bets here. 45% IT security and infrastructure 30% ERP/General Ledger upgrades 26% Collaboration sites (Microsoft SharePoint, e-rooms, file transfer protocol (FTP) sites) 25% Data storage and retrieval optionality 12% Mobile device applications Philanthropy: Executives expect to see more of these activities for the families they serve. 58% Measurement of impact Simplicity of approaches Investments that promote social good 14% Collaboration and ecosystem approaches Regulations: Strategies executives are using to address increasing regulatory requirements. 66% Outsourcing more regulatory compliance to other service providers 16% Adding more technology solutions to monitor regulatory compliance 9% Hiring more professionals with a regulatory background Talent: Strategies executives are using to ensure the family office has the right talent to meet changing employee and business needs. Key takeaway: Hiring talent with different skill sets than before 26% Changing compensation and benefit packages to attract and retain 31% 31% 27% Offering more flexible work arrangements Promoting well-being in the office Redesigning feedback and performance management approaches Family offices are dealing with a wide range of challenges (i.e., the acceleration of technology, shifting regulatory obligations, and changing talent expectations) while assisting the families in meeting their strategic goal to motivate the next generation. 3

4 Who took the survey? Tenure at current single family office Conclusion 13% > 20 years 27% years 5-10 years <5 years In conjunction with the inaugural Deloitte National Family Office Forum held at Deloitte University in February 2016, Deloitte embarked upon a survey to investigate key challenges and themes important to single family offices (SFO). Eighty six executives leading a single family office based in the United States responded to the survey. 65% 30% 5% Have not had discussions with the family about their successor. Have had discussions with the family about their successor. Have identified and groomed an internal successor. Service offerings of the single family office 28% Limited service 60% 50% 30% 10% 0% How long has the SFO been in existence? >50 years years 5-25 years <5 years 72% Full service (investment management, legal, accounting, concierge, etc.) Approximately how many households does the office serve? <5 households 48% 8% 5-25 households 39% 5% >50 households households Regardless of office tenure, number of employees, or number of households served, the survey results indicate that the top challenge facing the family is overwhelmingly that of educating and motivating the next generation. This generation is critical to the overall succession of the family office irrespective of decisions to transfer governance or full ownership. Not surprisingly, technology is the most frequently cited unmet service gap in the industry regardless of office size. However, responses indicate that the focus changes with the size of office. For example, when the SFO has >50 employees, enhanced ERP/GL is the biggest focus while IT security is critical when the SFO has <50 employees. Furthermore, technology intersects with transformation. Responses indicate that tenure of the office affects the area of focus for transformation changes. When the SFO has been in existence >25 years there is a tie between data and people transformation; when the tenure is <25 years the focus is clearly on data. The key to effective use of technology at the family office is the ability to access, analyze, employ and report data. For many reasons this is much easier said than done. The expectations of value a SFO provides are clearly increasing. No matter where the office falls today on the spectrum of sophistication, more family offices are adopting formal governance structures, realigning their organizational structures, implementing risk management programs, embedding more rigorous controls, and reevaluating their technology platforms. The family office industry continues to undergo tremendous change. It is important that executives stay on top of change as the technology evolves and the family members needs change. 4

5 Contacts Julia Cloud Partner Wendy Diamond Partner John Silverman Principal About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. Please see for a detailed description of DTTL and its member firms. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright 2016 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited

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