The Five Pillars of Family Office Success

Strategies for Achieving Greater Functional Effectiveness

By Gemma Leddy, CPA

Anyone close to the family office world knows the operational landscape has changed dramatically over the last decade. Families, like virtually everyone else, are dealing with more regulatory red tape, more risk and more information than ever before – all while having fewer resources.

In this environment, family offices are looking for any edge they can get that will help them cut through the clutter, reach new levels of efficiency and ultimately improve the effectiveness of their daily operations.

Some families view technology as the great equalizer. And while there have been solid advances in the software and systems available, technology upgrades come at a cost and the reality is there is no silver bullet. To truly gain greater transparency, control and decision making power, family offices must identify and implement best practices and create repeatable processes for carrying them out.

The challenge is many family offices don’t know where to begin, who to rely on for guidance or how to overcome the inertia of their current processes. To put family offices on the right path, below is a framework of strategies and avoidable pitfalls in key functional areas to help drive success in this new era of operations.

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Gemma Leddy, CPA
Partner-in-Charge
PKF O’Connor Davies Family Office
gleddy@pkfod.com | 914.341.7073