Family office year-end checklist

5 actions to enhance operational excellence for continued success

Nov 20, 2023
Family office services Family office governance

It has been a year of sweeping change for family offices – a competitive talent landscape, resource and technology constraints, rising interest rates, and a potential recession on the horizon. Not knowing what challenges and opportunities may lie ahead, it is wise to prepare now for whatever tomorrow brings.

Here are 5 critical resolutions to future-proof your family office:

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1. Drive excellence in your family office operating model

Only 7% of family offices are fully optimized. A focus on operational excellence can help drive efficiencies and unlock the value of your people, processes, technology and data.

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2. Innovate and invest in family office technology

Market insights and RSM data show that when it comes to technology adoption, 42% of family offices are in the transformation phase, while 26% are on the verge of innovating. Family offices need an advanced technology solution that increases visibility into their data to support strategic decisions.

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3. Prepare for expiring estate and gift exemptions, income tax rates

Gift exemptions are set to decrease. Elevated interest rates present wealth transfer opportunities. Understanding the tax law changes and your total tax liability is crucial for business owners and high net worth individuals.

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4. Design ideal candidate profiles

Accounting and tax positions are in high demand by family offices. In a tight labor market, family offices that aspire to operational excellence need a proactive approach to hiring.

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5. Explore the power of automation to boost growth and efficiency in your organization

Identify root causes of process inefficiencies and start building an automation solution to maximize your overall business value.

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