There are numerous products available in the market that provide all or some of the services required to maintain an effective family office. An off-the-shelf product is usually most effective when it specialises in a specific service, for example trading systems or custody platforms. These systems are well suited to multi-family offices or single family offices where large-scale processes are required to be carried out on behalf of families.
Technology plays a key role in maintaining and sustaining efficient processes within family offices. The strategy for deploying information technology systems and services depends on the size of the family office and the type of services provided to clients.
Irrespective of whether the IT strategy involves building a bespoke system or purchasing an existing product, the following services should be considered before investing in an IT system:
• Custody
• Portfolio management
• Trading
• Risk management
• Accounting services
• Customer relationship management
• Tax preparation
The nature and size of most family offices usually require a more customised approach to address specific requirements or challenges relevant to the individual office. As a result, an off-the-shelf product may not always be the most appropriate solution. Developing a system based on client needs requires both a deep understanding of the industry and experience in delivering IT services and solutions.
Solutions may range from consolidating multiple spreadsheets into a single application, to integrating multiple systems to provide a cohesive view, or generating reports that ensure meaningful data is available to support informed decision-making.
Once core requirements have been identified and appropriate solutions selected, effective implementation is essential. This includes managing delivery, build, testing and deployment. Solutions may be deployed within the family office’s existing IT infrastructure or hosted in the cloud or within a data centre.
With the growth of internet connectivity and mobile devices, solutions can now be developed to support access on the move. Customer relationship management, in particular, benefits from mobile solutions, allowing information to be accessed at the touch of a button.
To deliver these services effectively and remain ahead of the curve, the family office industry increasingly needs to partner with established technology providers.
InfrasoftTech has been operational since 2000, providing IT solutions and services to the global banking and financial services sector. InfrasoftTech’s Jersey office specialises in the wealth management industry and provides tailored solutions for family offices. Its local presence and sector expertise enable it to work with both large and small organisations to design and deliver solutions aligned with individual needs, while maintaining high quality at a competitive cost.
InfrasoftTech’s Jersey operation was launched in 2007, bringing with it expertise across financial services, including retail banking, corporate banking, private banking, asset management, trusts and fiduciary services. The operation has experienced significant growth and now employs over 40 staff in Jersey, as part of a global workforce of more than 900.
InfrasoftTech’s business model is not simply to act as a technology provider, but to become a long-term technology partner of choice. The firm is committed to delivering best practice through modern methodologies and strong senior management involvement. Its products and services continue to evolve, with a focus on next-generation solutions in mobility, payments, analytics and cloud integration to maintain a competitive edge.
To succeed in the 21st century, businesses must continue to innovate, embrace new technologies and identify ways to enhance the customer experience.
