Photo by Shutterstock.comTraditionally a discreet resource to manage multigenerational wealth, the family office is evolving to address contemporary challenges. Successful family office management today requires maximizing resources, incorporating skilled practitioners across a variety of disciplines and involving both the oldest and youngest family members in discussions of succession and priorities. Here’s a rundown of the kinds of experts you need to have on your team now.
1. An Expert on Updating and Securing Your Software
“Make sure you find a security expert who’s paranoid. That’s who you want,” says Rick Higgins, founder and chief innovation officer of Risclarity. The company integrates software platforms so that family office programs can communicate with RIAs, banks and investment managers. The concept is simple, but the execution is not.
“Many of the tools used by family offices are not what I’d put in the modern technology category. We politely call them ‘legacy systems.’ They do what they do well, but they don’t have the ability to get data in and out, so our challenge is getting them to interact,” Higgins says.
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