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Families require ‘comprehensive support’ to navigate an increasingly complex landscape – Greg Harris
Family offices’ ability to harness developing technologies will be pivotal in maintaining client experience
There was a time when many considered family offices to be private investment offices. Those days are long gone, according to Greg Harris, Head of Stonehage Fleming’s Family Office division for British Islands. “It’s the whole reason I shifted my professional focus away from a pure investment role to broader family office work,” he says. “I had come to realise that the clients I was dealing with required much more comprehensive support.”
While many of our clients encounter issues in common with other families, it is impossible to provide a one-size-fits all service, explains Greg, who was part of the team that set up Maitland’s wealth management capability in South Africa before he established their investment management and advisory business in the UK.
“However similar a client’s situation might appear on the surface, there are always complexities specific to a given family that require applied problem-solving and a hands-on, personalised approach. Working with families in this way involves multiple areas of the business and a team of experts versed in various disciplines. It is what makes the work so varied and interesting.”
Like other regulated businesses, family offices face increasing complexity with regard to regulatory compliance and reporting regimes, which affects internationally mobile families with complex affairs. As well as a broad service offering, technology will be paramount in helping family office clients to navigate an increasingly complex landscape, says Greg.
“Our challenge is to harness developing technologies to improve our internal efficiencies so that the client experience remains unparalleled whilst operating in a world of increasing complexity. The industry has a lot of work to do in terms of adopting new technologies. Those family offices that do it well will ultimately differentiate themselves in the marketplace. I see this as a significant opportunity for the future”.
Find out more about Stonehage Fleming's Family Office