Chapter 23: Digital Family Office 2.0

Family offices come mostly in two categories: single-family office (SFO) or multi- family office (MFO). These types of investment groups are family-controlled, and SFOs are the predominant form of these businesses. Family offices—which have historically operated in highly fragmented and secretive silos—have come under mounting pressure to leverage new technology as newer players including large retail banks expanding their wealth management services enter the fray. While national financial regulators are placing more pressure on increasing transaction transparency, the coming of age of highly technologically savvy third-generation scions of ultra-high-net-worth families means that adopting innovative technol- ogy has taken center stage. This new generation of clients demands more accessible services online and pose a strategic challenge to wealth managers.