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3. Procedures

Even if a family office happens to attract talents with a strong digital pedigree, the sooner they land, the quicker they leave – once they realize that the firm has not really arrived in the 21st century. Family offices must therefore adjust and modernize their procedures.

Talented staff with a digital flair expect for example the option to work occasionally from home, to store documents in a cloud and not a cardboard ring binder as well as state-of-the-art software instead of the good old excel sheet.

4. Investment Options

Apart from developing a digital profile, family offices should also consider widening their investment portfolios. Investment officers need to evaluate new assets on their future potential.

The authors of the study also suggest that family offices consider investments in venture capital. Nowadays, limited investments are a viable option to gain experience in conducting such investments at a limited risk.

5. Salaries

The digital transformation should also feature strongly in the determination of salaries for staff and management. If family offices accept digitization as a key variable for the future of the company, they will have to move away from the old premise of achieving cost cuts and strengthening the core business. Bonus payments ought to be linked to progress achieved in making the business more in tune with the digital age.