The cost of running a family office is rising and is expected to continue for years to come. And, as the industry grows, its staffing and IT costs grow with it.
Family offices play a critical role in managing the financial affairs of high-net-worth individuals and families. They preserve and transfer wealth to future generations, support philanthropic initiatives, and provide specialized solutions to meet the unique needs of their clients. Family offices invest in their people and new technology to stay competitive in markets and provide customized service.
According to the Family Wealth Report, staffing makes up 69% of the total cost of running a family office in 2022. The rising costs pertaining to staffing include hiring, salary, bonuses, and professional education to sustain a knowledgeable and quality workforce. Eighty percent of US family offices are expecting increases in these areas.
Additionally, 84% of family offices globally said that technology investments would be more of a focus for them. These IT costs can include anything from cyber security to new software. The industry is leaning toward keeping assets protected and automated to ensure good flow within the business.
About Calvetti Ferguson’s Family Office Expertise
We work with dozens of family offices across Texas – namely Dallas, Houston, Fort Worth, San Antonio, and Austin. Our team has experience managing the needs of new single-family offices to multifamily offices with more complicated requirements. As wealth grows and family needs change, it often becomes necessary to retain several advisors to help address issues and to develop a holistic plan for achieving short and long-term goals. Calvetti Ferguson can help with services, including risk management, outsourced accounting services, and tax compliance.
As an affiliate of Calvetti Ferguson, CF Financial offers a personalized wealth management approach to address the complex needs of business owners and entrepreneurs who are ready to clarify their vision, invest in their values, and make their mark.
Our Applicable Services
Navigating these new focuses in the family office industry can become complex. Calvetti Ferguson offers cyber security assessments to protect your company from security risks.
The Calvetti Ferguson cyber security assessment is a light-touch look into your IT environment and is typically completed in a few days. The cyber security assessment gives management a useful glimpse into how they handle common risks to the company’s IT environment. Our clients receive valuable insight into areas where they might be carrying significant risks, a preliminary evaluation of the quality of controls in place, and detailed recommendations to help their organization improve.
Calvetti Ferguson works with middle-market companies, private equity firms, and high-net-worth individuals across the country. Regardless of the complexity of the compliance, assurance, advisory, or accounting need, our team is ready to help you. Please complete the form below, and we will follow up with you shortly.