January 30th, 2019
Family members and management teams of our family office clients often ask how their office compares to peers and best practices. We often hear: “We can’t be the only ones dealing with this situation. How are other family offices handling this?”
Whether the area of interest is operational costs and complexities, concierge services offered, compensation models, or overall office sustainability, benchmarking studies can offer answers to these questions. These studies can also provide the following:
- An objective basis for decision making
- Support for performance discussions and reviews with family
- Insights into how other offices are approaching similar levels of complexity in structure, services, geography, etc.
- Better leverage with third-party vendors and service providers
- A solid starting point for future planning and road mapping
And while published studies, with global benchmarking data, are available, interpreting these reports and how they relate to the specifics of your organization can be confusing.
Oakbrook Solutions has developed a tailored approach to family office benchmarking that provides a more informative and constructive result that can be used as a valuable management tool. By evaluating and documenting your operations and performance, our team can provide beneficial comparisons and insights into those areas that are most important to your organization. As opposed to a generic study, with countless data points that may be irrelevant to your business, we are able to highlight and focus on those metrics that are most important and consequential to you.