Is Outsourcing a Feasible Strategy for Family Offices?

For 34% of family offices*, the answer is yes. 

Family offices are expected to increase their outsourcing activities due to their clients’ increasing demand for more sophisticated services.  

 *Source: Deloitte. The Family Office Insights Series – Global Edition (The Top 10 Family Office Trends). 2024. https://www.deloitte.com/content/dam/assets-shared/docs/services/deloitte-private/2024/deloitte-private-top-10-family-office-trends-2024.pdf 

With outsourcing, family offices can delegate specific functions to specialized providers.  

This gives them the ability to focus on their clients’ immediate concerns without worrying if things are taken care of in the back end.  

Outsourcing is also a strategic tool to meet the market’s changing needs. 

What’s changing? 

> Intergenerational wealth transfers among ultra-high net worth families are at an all-time high, especially in Asian regions.  

> Next-gen asset owners are choosing more non-traditional paths, which are expected to reshape family portfolios.  

> Family members are showing an increasing interest in digital assets, impact investing, healthcare and life sciences, and even collectibles like non-fungible tokens (NFTs). 

>Recession, geopolitics, and inflation are expected to influence the restructuring decisions and asset allocation efforts of family offices. 

Dealing with these changes is only possible when they have the right expertise and skillsets on board.  

However, it can be a tough endeavor for family offices.  

Aside from being a niche sector, they must also compete with other professional services firms in recruiting skilled professionals amid the ongoing talent shortage. 

Outsourcing lets them turn this exact situation to their advantage. 

Instead of spending more on recruitment and competing with other professional services firms, they can leverage the latter's existing talent base and recruitment capabilities. 

Through this, family offices can solely focus on hiring and managing their core team. On the flip side, their extended (outsourced) team can handle administrative tasks, including the areas that the core team can no longer accommodate. 

Ready to experience the benefits of outsourcing? 

Talk to us to see if our back-office accounting solutions align with your needs and expectations.  

Email us at marketing@dvphilippines.com or scan the QR code below to know more about our services.