Industrial Revolution 4.0 in the Family Office – The Digital Age and Future of Technology

Responding swiftly to the pandemic challenge

Leading up to 2020, family office technology providers made significant improvements with expanded offerings and new entrants. Nonetheless, adoption remained relatively low, as technology simply wasn’t at the top of most family office priority lists. But history has shown nothing is a more effective change accelerator than a crisis. The success so many offices and family members experienced after quickly adopting technology during the pandemic’s early stages has opened eyes to how effectively these solutions support families, and how easily they can be implemented, even under duress.

Since March 2020, Covid-19 drove increased technology integration and exponentially increased value to the family and family office. In a short period of time, offices that rarely managed a single virtual employee were forced to work 100 percent from home. Family members of all ages embraced tech, and Zoom® became a verb. Early technology adopters – especially those who invested in collaboration, integration, and security tools – had a relatively seamless transition. While some offices were not yet working extensively in the cloud, they managed to quickly make the transition to a virtual environment.

While the Fourth Industrial Revolution was already underway, the 2020 pandemic may be the key spark igniting the next phase of family office technological development . . . .

Read the full blog here.

Family Office Exchange Members can also download my latest White Paper here - Technology: Springboard to the Family Office of the Future

About the Family Office Exchange: Family Office Exchange (FOX) was the first and continues to be the industry-leading membership organization that brings together families, family office executives, and trusted advisors to build a community focused on peer exchange, continuous learning, and objective guidance. The community includes over 8,000 family leaders and sophisticated advisors from 500 organizations in 20 countries who utilize FOX’s resources each year.