The Family Office WealthTech Landscape & Highlights from the UBS GFO Report.

Family Office Insider (FOI) | June 2022

Hello, and welcome to this month’s premium edition of Family Office Insider (FOI) from Global Partnership Family Offices (GPFO).

At a glance:

1. The Family Office WealthTech Landscape Report 2022, Global Partnership Family Offices (GPFO), in partnership with The Wealth Mosaic, publish the inaugural report, editors letter from Michael J. Oliver included below.

2. The UBS GPFO Family Office Report 2022, Ritika Banerjee summarises the key takeaways from the widely regarded key market report of the year, so you don’t need to read all 64 pages.

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1. Publication | The Global Family Office WealthTech Landscape Report 2022

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Today, we are delighted to publish The Global Family Office WealthTech Landscape Report 2022 in partnership with The Wealth Mosaic. The aim of the report is to showcase in one free-to-access resource, the breadth, depth and growing range of technology and related solution providers available to similarly growing ranks of family offices across the world. In this first edition of the GFO WTLR, we have included 338 solution providers. The report also contains eleven thought-provoking articles from solution providers on contemporary technology themes relevant to the global family office market.

Your copy and the foreword to the report, written by Dr. Michael J. Oliver, are enclosed below.

Foreword

I’m delighted to be introducing The Wealth Mosaic’s & Global Partnership Family Offices’ (GPFO) first Global Family Office WealthTech Landscape Report. This joint report aims to deliver a comprehensive overview of WealthTech solution providers to family offices. It is a landscape that continues to rapidly evolve and become more crucial in the day-to-day operations of many family offices.

Historically, WealthTech adoption has been low amongst family offices as both providers and potential customers felt family offices were too complicated to adopt mass-market products but too small to justify bespoke solutions. This is no longer true, and providers have made good progress, in particular with multi-family Offices (MFOs).

Single-family offices (SFOs) are a different story with many still relying on homemade solutions and not knowing where to start in understanding the myriad of options now available. This report will help offices – big, small, new, and old – in providing a full view of the technology provider landscape and supporting insights. This is important because over the past decade private wealth has grown significantly, with the number of individuals and families that fall in the HNWI and UHNWI categories ballooning.

The aim of this report is to empower the sector as a whole by knowing what is out there and to be able to make informed decisions on which vendors are likely to provide what family offices need in a supportive and collaborative way that is appealing to them.

Technological change also comes against the backdrop of increasing overall family office operating costs (Source: UBS GFO Report 2022). Staffing costs have risen considerably and expected declines in real returns on wealth, both, have an impact. There will be pressure points that fracture the viability of operating SFOs and MFOs.

Adoption is still surprisingly low on many fronts!

But the importance is in knowing that the tech is out there. It is available and providers are willing to work in partnership with family offices to get to something that truly meets their needs and molds around the family office. It is not the solution.

I hope this report, focused specifically on the family office WealthTech landscape, offers insight on these issues and can act as a one-stop resource to understand what is available and whom it might be suitable for.

Dr. Michael J. Oliver
Co-founder, Global Partnership Family Offices (GPFO)

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