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A live panel from our November 2024 Virtual Tech & Ops Conference covering how outsourced family office providers approach selecting and implementing technology to meet client needs, reduce risks, drive transformation, and gain leadership buy-in. It also touches on balancing cost and innovation to ensure success for both their firms and their clients.
The panel was moderated by Michael G. Perez, MD, from the Family Office Practice at F2 Strategy. Michael's panelists were: 

• Patty Esslinger, VP & Head of Product at Trove Family Office


• Sophia Loh, Partner-in-Charge of Family Office Practice at Frank, Rimerman + Co.


• Neil Shapiro, Head of Family Office Practice at TAG Associates

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• The value of having a clear roadmap to guide technology decisions.


• Discussing the root challenges, inefficiencies, and scaling needs before vendor evaluation.


• Recommendations: Request demos, references, and sandbox environments.

• The importance of vendor longevity and cybersecurity.


• Planning for potential acquisitions or changes in vendor availability.

• Successful portfolio reporting system update using Black Diamond.


• Challenges with legacy systems and gradual client migration.

• Balancing budgets while ensuring efficiency and return on investment.


• Quantifying intangible benefits like staff efficiency and client service.

• Internal champions and training - factors in technology adoption.


• Building a firm culture that embraces innovation for long-term success.

• Strategies for creating a robust and scalable technology roadmap.


• Integration of open platforms and avoiding technology silos.

• Example of adjusting processes to fit software or vice versa.


• Insights on due diligence: evaluating security, vendor flexibility, and integration.