Family office technology

Challenges with technologyMany family offices want a single, turnkey technology solution that supports all of their needs for family members and the family office, but they are disappointed to find that such a solution does not yet exist. Recent years have seen both a rash of consolidations among technology providers and an influx of many new entrants. However, technology solutions available for family offices remain fragmented.

The challenge is that family offices are very different from each other:

• Types of holdings

• Legal structures

• Size and skill of their staff

• Openness to outsourcing and cloud tools

Questions to consider• What types of systems do you need?

• How large and capable is your accounting and investment staff?

• What types of investments do you have? Do you execute trades through the family office?

• How geographically distributed is the family and the family office?

• Do you have technology staff in-house, or is such support outsourced?

• Is the family and family office comfortable using cloud-based solutions?

• What types of reporting are the family interested in seeing, and how frequently?

• How do you protect the family from hackers and electronic theft? Are you prepared to deal with cybersecurity intrusions?

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EY family office services wheel

Internal influence

Regulatory | Economic | Industry/investmentsExternal influence

Family office technology

Our teams begin by understanding your family and family office’s technology needs and goals. EY wants to understand the various types of technology and support you require (see chart), making sure that all users — family office staff and family members — are properly considered.

For many family offices, the key is having the systems interface and work together, so data is entered once. EY works to find the proper balance between robust technology, efficient processes, and ease of use that also supports the latest electronic tools and devices.

EY approach

How EY can helpEY is committed to help you find the best solutions for your family office. Drawing on our diverse perspectives, skills and practical experience, EY family office advisory professionals deliver seamless advice and service. Our teams take a broad view of your family office and needs, in order to help you:

• Assess current systems and technology of the family office

• Design the technology environment that best meets your family’s needs

• Perform search and assist you in selecting the various technology solutions

• Serve as your Project Management Office (PMO) for technology implementation

Accounting

Users(Family and office staff)

Infrastructure

• Phones• Tablets

• Computers• Laptops

• Desktop software

• Home/office routers

• Connectivity

• Servers• Secure email

• VPN access

Investments

Customer relationship management

Data aggregation and reporting

Document management

Tax compliance

Finance planning

• General ledger

• Partnership accounting

• Fund accounting

• Trust accounting

• Bill payment

• Foundation management

• Online banking

• Custody

• Trading

• Performance measurement

• Analytics

IT support

Family

Family office/business

Effective taxmanagement

Culture and responsibility

Balancing risk

Managing and retaining talent

Next- generation

planning

Managingcapital

Sustaininggrowth andprofitability

Future management

structure

Our approach to designing and delivering family office services is rooted in a review of eight key areas that, if addressed effectively, determine long-term success. The major advantage of this approach is the way we scrutinize subject areas with a holistic view to operational, regulatory, tax, strategic and family-related aspects. This enables us to uncover hidden opportunities and risks, which might have been missed if each area were examined individually.

Interested?Please contact EY’s Family Office Advisory Services for assistance with strategic planning for your family.

Robert (Bobby) A. Stover, Jr., Partner EY Americas Family Office LeaderPrivate Client Services | Family Office AdvisoryErnst & Young, LLP bobby.stover@ey.com | +1 214 969 8321

Charlie J. Carr, Executive DirectorPrivate Client Services | Family Office AdvisoryErnst & Young, LLP charles.carr@ey.com | +1 214 754 3280

Jon Carroll, Executive DirectorPrivate Client Services | Family Office AdvisoryErnst & Young, LLPjonathan.carroll@ey.com | +1 561 955 8240

Paul McKibbin, Executive DirectorPrivate Client Services | Family Office AdvisoryErnst & Young, LLPpaul.mckibbin@ey.com | +1 215 448 5420EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US.

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