Systems security was a chief concern of single- and multi-family office participants in a recent survey by Family Office Exchange.
Survey participants answering questions about their technology practices said another big concern was finding a software solution that integrates financial data across multiple functions.
Family offices’ sensitivity to security applied to both data and the communication of data. Seventy-one percent of participants said they did not send financial information to clients’ mobile devices.
In spite of these concerns, 56% expressed confidence in their security practices.
The FOX survey found that the desire for a reporting solution that aggregates data across key functions such as investments, tax, accounting and philanthropy remained a key challenge for family offices. Eighty-eight percent said they still relied on Excel to serve as the bridge between software packages.
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“Integration remains the Holy Grail for family offices,” FOX senior consultant Jane Flanagan said in a statement.
Other key findings:
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