Six Signs of Ineffective Family Office Reporting

The average family office spends about 32 percent of its time on financial administration and reporting. That’s almost 17 weeks a year on collecting, verifying, analyzing, and consolidating financial information. For some family offices, these jobs took up as much as 75 percent of their time, which left them with little time to contribute to the true strategic objectives of a family office: succession planning, educating the next generation of owners, or protecting and growing the family’s assets. The good news is there is a better way, but first it's important to examine where family offices are going wrong.