08.09.24

Family Offices Are Becoming More Professional, but Face Challenges

by: Steve Randall

Family offices are evolving and becoming more professional in how they are run, according to new research from industry service provider Ocorian, but key challenges remain. Ocorian surveyed 300 family office professionals managing a combined $155 billion in assets and found that 85% reported that their family office has become more professional in its operations and structure over the past five years. The most cited improvement in professionalism was a stronger succession plan (53%), while having the right governance in place topped the list of biggest challenges, cited by 86% of respondents.

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