The Mack Podcast Building the Future-Ready Family Office: Balancing Technology, Governance, and Scalability
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Feb 18, 2025 In this discussion, Catherine Fankhauser, EY's practice leader for family office advisory services, shares her insights on the critical role of technology in family offices. She emphasizes the need for understanding internal priorities and the importance of effective reporting. Catherine also highlights the transformative potential of AI and data analytics. Additionally, she discusses the significance of selecting the right technology vendors and overcoming integration challenges, advocating for strategic hiring to optimize operations in a rapidly changing landscape.
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Needs-Based Tech Selection
- Focus on your needs, not industry trends, when choosing tech for your family office.
- Ask yourself: What information do I need, how do I want to work, and what reporting do I need?
Common Ground in Family Offices
- Family offices can be unique, but they share common tech needs.
- Consider factors like ownership structure, asset classes, investment style, and reporting needs when evaluating vendors.
Smooth Tech Implementation
- Prepare your data before implementing new technology to accelerate the process.
- Prioritize reporting early to avoid surprises and iterate quickly.