Tech-savvy Family OfficesTech-savvy Family Offices

Jon Carroll, managing director, Family Office Metrics, LLC, New York

Management's highest priority is profitability¹ and profits depend mostly on pricing², according to two recent studies of the multi-family office industry. Good pricing is principally a function of the internal costs of labor, capital, and technology. Currently, many multi-family offices (MFOs) consider the short supply of qualified labor as their primary concern.³ Similarly, single-family office (SFO) executives have to contend with the short supply of qualified personnel while they must efficiently deliver quality service to keep their family owners satisfied. These labor concerns are long-term problems that need long-term solutions. One solution is to improve labor pr...