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Family offices ought to get ready for the digital age if they want to survive. Fortunately, a manual is available for all the aspects they have to consider.

Family office aren’t exactly famous for their progressive thinking. This is understandable given that their type of wealth management is all about persistence and longevity.

But even family offices won’t escape the introduction of new technology in an age where digital transformation is affecting more and more areas of the financial industry.

Fabian Fischer and Nils Seebach, two entrepreneurs and advisers, have compiled a to-do-list for family offices as they get ready for the digital future. Germany’s «Private Banking Magazin» (text in German) published the list and here are some of their proposals.

1. Staff

The lawyers, advisers and investment bankers that make up a large proportion of the staff of family offices should concentrate on their fields of expertise – such as M&A or legal and compliance. Family offices should however put the management into the hands of people with a strong digital track record, with a mandate from the owners to advance the digital transformation.

Most family offices will realize that they don’t have any such people on board, at least not with a strong background in digital banking. And it won’t suffice to scour the local papers in the hunt for such people.

2. Presentation

The authors suggest that family offices should be active on LinkedIn and try to get potential candidates interested in their work by publishing text entries and video clips. They should also look to update their websites and include a dedicated page for candidates. Even an account on Twitter may help reach a broader specter of people.

Family offices are well advised to seek help from scouts and human-resource professionals to get the right people from the target community, the authors say. Such experts will help eliminate the boasters and braggers that also flourish in the digital world.