Systems security and finding a software solution that integrates financial data across multiple functions rank as family offices’ top technology concerns, according to our latest study "2013 FOX Family Office Benchmarking: Technology in the Family Office." The respondents' sensitivity to security applies to both the data itself and communication of the data, with most participants (71%) opting to not send financial information to clients’ mobile devices. Family offices take a variety of approaches to safeguard their data with a majority (56%) expressing confidence in their security practices. 

 

Respondents also expressed desire for a reporting solution that aggregates data across such key functions as investments, tax, accounting, and philanthropy. Most (88%) still rely on Excel to serve as the bridge between software packages.

 

 

Infographic: The Top Technology Challenges in Today's Family Offices