During the Covid-19 pandemic, it’s especially helpful to understand decisions that our peers are making around technology within the family office space. In that spirit, FOX provides this informative and insightful feedback from the attendee survey at our recent Technology Showcase.

Here’s what respondents had to say:

What technology projects did you have planned for 2020, pre-pandemic?

• 20% responded that accounting related technology projects were planned.
• 16% said investment projects such as portfolio accounting and performance technology.
• 13% planned to focus on cybersecurity and technology infrastructure.
• 10% responded that each CRM and financial planning projects were planned.

Of the technology projects planned for now and/or post pandemic, have the priorities changed?

Still the top two areas of focus remain investments and accounting:

• 18% said investments is their top priority.
• 17% said accounting remains their area of focus.
• 15% will prioritize cybersecurity.
• 11% said CRM.

How has the pandemic affected the technology projects that you had initially planned?

• 49% said some projects proceeded as planned, but some are on hold.
• 25% proceeded with all projects as planned.
• 23% started new projects.

For your technology projects, who will be doing the primary project work?

• 68% responded that internal staff and employees will complete the tech projects.
• 22% said they will rely on vendor selection of the software, but that employees will still do the actual work.
• A small number said they will hire a professional outside the business to complete the work.

What was the primary reason for entering into a technology project in the first place?

• 34% said growth of their client base and client needs highlighted the need for new technology.
• 21% noted that their current technology fails to provide what it was initially selected for.
• 18% responded that new or updated options are now available to provide something that was not available when their existing technology was implemented.
• 16% said that their organization has shifted and now has different needs.

What technology changes have required technology projects in your organization – what is the primary reason you’re entering into this project?

• The top reason respondents say they are taking on new technology projects is due to the enormous growth in capabilities of cloud technology.
• The second reason is due to a change in reporting structures within the family office.
• Third, respondents report that there has been platform changes or changes to the operating systems that have required new technology.

What non-technology forces have led to the technology projects in your organization?

• Most respondents indicate that changes to family governance or leadership brought about the necessity to invest in technology.
• This is closely followed by the pandemic, which required updates or changes.
• Other respondents say that it was new capabilities and new requirements, changes in preferences, and/or the viability of their existing technology platforms that necessitated new technology.

Kent Lawson is the Director of Technology Integration Services for FOX and leads endeavors focused on technology among other important deliverables to members of FOX. Kent has spent over 25 years serving the wealth management community in a variety of roles. Areas of Expertise: Technology Integration Read More →