3 All-Purpose Strategies to Overcome Common Family Office Challenges

Sep 30, 2022

Leveraging Family Office Software and Outsourced Services to Help Your Operations Stay Balanced

The very nature of a family office is to provide multiple services, across multiple households, across multiple generations. To that end, it goes without saying that family offices are rarely, if ever, afforded a singular operational focus.

The ubiquity of daily, multi-entity data management, routine monitoring of inflows and outflows, evolving investment strategies, shifting ownership structures, and seemingly always-on-the-horizon tax and reporting deadlines can make running a family office inherently challenging. Compounded by social, economic, and political influences, running a family office can truly become a balancing act.

And when you’re juggling that many balls at the same time, it can be difficult to know which ones to keep in the air and which to hand off to someone else.

Luckily, growth and innovation in the family office space have created a host of options to help lighten the operational burden.

Struggling with your family office’s financial data management? Evaluating or implementing a new technology solution? Wanting to connect with other family office professionals to talk shop? From purpose-built family office technology to exclusive family office communities, dedicated family office service providers, and experienced consultants, the answers are out there. You just need to know where to look.

Here are three universal strategies that can help your family office identify solutions and overcome its unique challenges—big or small.

Pursue all of the training, education, and networking opportunities.

You’ve probably said it, we’ve definitely said it, and you’ve surely heard it: We don’t know what we don’t know. But more often than not, someone is willing and able to help you learn—and what better way to connect and share experiences than through training, education, and networking events?

Nevertheless, even on our best days, when your capacity is already hitting the limiter, it can be hard to look at a new opportunity and say, “Yes, I want to add more to my plate.”

We get it: It’s hard to make time. We’ve all felt the pinch, but when it comes to training, education, and networking, we at SEI Family Office Services firmly believe it’s worth the reward.

Let’s look at a few examples:

Scheduling one-on-one or team training with your technology provider

Pros: Expand your knowledge of the application; Explore new tools and functionality; Smooth out workflows; Discover ways to automate processes and reduce clicks

Cons: Requires time out of your schedule; May incur a financial cost

Attending a family office conference

Pros: Connect with other family office professionals; Discuss alternative solutions to shared operational challenges; Learn about new technology and service providers; Gain insight into regulatory changes, investment trends, and other strategic topics

Cons: Requires time out of your schedule; May incur a financial cost

Among the weary, the busy, and the cost-conscious, a natural response is to say “I don’t have the time” or “It’s not in the budget.” But a shift in mindset to say “It is worth my time” or “It is worth the cost” can pave the way to new connections, elevated conversations, and creative ideas that just may hold the solution to your most stubborn challenges.

Don’t be afraid to outsource underserved operations.

Sometimes it’s not a matter of training, education, or networking—after all, even a creative solution can’t add hours to the day. And if you’re not in a position to hire additional staff, capacity challenges can quickly become overwhelming.

But the situation doesn’t have to be dire. The industry is laced with experienced, trusted service providers that specialize in family office operations.

Take SEI Family Office Services for example. Given our deep roots in family office software, it’s only natural that we offer outsourced services to our clients that either augment or replace their in-house usage of the Archway PlatformSM. Ranging from portfolio reconciliation and consolidated client reporting to personal expense management and partnership administration, our menu of solutions helps our clients create a bespoke combination of technology and services that is right-sized for their family office or financial institution.

Still on the fence? Check out the Top 10 Reasons Private Wealth Managers Choose an Outsourcing Partner.

So, whether you’re looking for expertise in broader areas like financial data management and tax planning, or more niche areas like private foundation management and family governance, there’s a good chance you can find a service provider that specializes in it.

Which brings us to the world of consultants.

Partner with an experienced consultant.

When in doubt, reach out to a consultant.

Oftentimes leveraging in-depth assessments and contextual reviews, consultants are equipped to help make recommendations that are appropriately suited for your family office. Their range of expertise and their unbiased opinion can help your family office identify key pain points, evaluate viable solutions, partner with experienced technology and service providers, and implement long-term strategies.

Read How Consultants Can Help Family Offices to get a deeper understanding of the three primary roles of family office consultants: Administrative consulting, technology consulting, and operational consulting.

Contact SEI Family Office Services to find out how our suite of technology and service solutions helps our clients overcome their accounting, investment data aggregation, and reporting challenges.

Just need a suggestion for a family office consultant or conference? We can do that too.

Schedule a call with SEI Family Office Services

Chelsea Spoor


Chelsea Francis
Director of Marketing – SEI Family Office Services

As the Director of Marketing for SEI’s Family Office Services division, Chelsea is responsible for developing and leading the holistic marketing strategy for SEI’s wealthtech and outsourced service solutions for the family office market. With 10 years of experience connecting with family offices and financial institutions serving ultra-high-net-worth families, she oversees comprehensive demand generation, digital innovation, sales enablement and inbound marketing programs with a core focus on educational family office content across the division’s website, blog and social media accounts. Chelsea also manages traditional marketing functions for the Family Office Services business including advertising, communications and events. Prior to joining SEI, she spent time in state government, radio promotions and corporate cause marketing.

Chelsea holds a Bachelor of Science in Marketing from the Kelley School of Business at Indiana University and enjoys spoiling her dogs, spending time with her family, writing short stories and playing soccer.

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Chelsea Francis

Chelsea Francis

Director of Marketing
SEI Family Office Services