As the number of family offices rises across the globe and particularly in the emerging economies of Asia, the Middle East and Latin America, Advent has published a new white paper on how technology can support this part of the wealth management community.

The paper aims to highlight the efficiencies and client service improvements that family offices can reap from IT.

The report, entitled A Best Practices Guide to Family Office Technology: Building the operational framework to support your firm’s growth, consists of seven parts: the changing wealth management landscape; automation as the key to unlocking competitive advantage; risk management; analysing performance; the value of communication; building a foundation for efficiency, and realising latent synergies.

The report notes that the emerging economies of Asia, the Middle East, and Latin America have created and will continue to create “a whole new swathe of family fortunes,” and the demand for family offices is expected to grow. It also mentioned the opportunities presented by the European family office market, as there is only an average penetration rate of 18 per cent of “ultra wealthy individuals”.

You can download the full white paper here.