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3 Benefits of Outsourcing Family Office Services

As wealthy families seek to preserve and grow their wealth, many are looking to take advantage of the benefits offered by outsourced family office providers. These forward-thinking families realize the benefits of outsourcing to a specialized provider, including access to expertise, sophisticated systems and reporting, and the ability to step away from the day-to-day operations. By enlisting the help of an experienced provider, family offices can direct their efforts toward focusing on their goals.

The complexity of running a family office operation continues to increase. Trusted experts have the knowledge, systems, and processes to help families scale their internal operations, reduce costly mistakes, and free up time to reach their goals. Even though every family office is unique, they often make the same operational mistakes that can lead to costly issues, including:

  • Using spreadsheets and calculators to handle the accounting which results in numerous errors and wasted time

  • Attempting to implement new technology without a formal integration plan

  • Hiring family members to handle work beyond their capabilities

  • Experimenting with new hires

Specialized providers can help family offices avoid these pitfalls. As a leading provider of family office services, we have found the three main benefits of outsourcing to be:

1. Access to Expertise: Family office service providers have teams of experts—accountants, analysts, reporting, and client services professionals—who have experience working with families as well as a variety of investment types. These providers offer family offices an affordable way to have a team of experts on hand to do the job right and also follow established processes for report generation ensuring data accuracy, quality controls, and protecting personal information.

2. Lower Operating Costs: Family office providers have invested in their businesses by purchasing technology and software that addresses their clients' needs as they evolve. Families can leverage the infrastructure and expertise as they need it, knowing they have a team who has their back.

3. Secure Your Legacy: Change is inevitable. Ease the burden of change by having a team in place that understands the ins and outs of your family operations if a change should occur. By outsourcing the family office operations, you will have a team of experts on hand to guide you through the transition period.

How Swiss Financial Services Can Help

At Swiss Financial Services, we understand there isn't a one-size-fits-all approach to family office servicing. Therefore, our services and approach are tailored to each family's specific administration, accounting and reporting needs.

Let us help you with your family office operations so you can focus on reaching your goals.


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