FOX Technology Survey Results

This session previewed new Family Office Exchange research on family office technology with a look at current software solutions, technology budgets, biggest technology challenges and plans for the future. FOX Senior Consultant Jane Flanagan led the discussion.

Key takeaways include:

• Only 21% of single family offices have a dedicated IT person on staff
• Top challenges: integration, security, finding the right software solutions, staying current and reporting.
• These challenges are not too different than from the last time we studied this issue and quite common.
• Integration remains elusive. Excel is the bridge between software programs.
• 29% send financial info to clients mobile devices.
• 97% have or are putting together a disaster recovery plan.
• Cloud most common disaster recovery option (27%).
• 46% using cloud technology.
• Most respondents couldn’t quantify cost savings but did point to efficiencies from cloud computing.
• Technology makes up 5% of average family office budget.