This is a list of the most commonly asked questions that we receive. Please click on any question below to view the answer. If you have a question that you do not find here, please send it to benchmarking@familyoffice.com.
Benchmarking is a process used to evaluate organizational performance against others who are in the same industry or market. The aim of benchmarking is increased performance and productivity within an organization, relative to others in the same market. Benchmarking functions best as a frequently repeated process to continually evaluate performance and minimize risk as compared to a universe of similar organizations.
After years of rigorous investigation into the “metrics that matter” to wealth owners and office managers, Family Office Exchange has developed a customized process to ensure “apples to apples” comparisons. These components of the wealth management process have been carefully considered for direct comparisons, both quantitatively and qualitatively. The depth and specificity of Family Office Benchmarking allows you to have confidence that your office data is compared against the same data from other offices. Leveraging FOX’s vast archive and family office expertise, this effort will allow wealth owners and executives to better understand their office performance relative to other family offices in each of the seven areas below. The library of participant reports will cover critical topics from each of the following survey sections:
Wealth owners and family office executives will be able to view and compare metrics critical to the operations of their office. Benchmarking enables office executives to articulate the breadth and depth of work coordinated by the office on behalf of its owners and better answer the “why is this so hard?” question often heard from family members. Benchmarking reports allow participants to compare their operations to similar offices. So many participants comment, “I’m sure no one else does it this way…or maybe we’re just unique.” Benchmarking offers that illusive frame of reference or perspective on how other family offices operate. Benchmarking allows you to identify areas for improvement or further investment. You will be able to use Benchmarking to help document the office’s accomplishments relative to industry practices. Success is defined differently by different offices; the goal of benchmarking is to help executives measure performance in each of the seven key areas of focus. Participants who utilize Family Office Benchmarking each year have a definitive means of measuring their office’s progress over time.
Family Office Benchmarking is the most comprehensive comparison service in the industry. Family Office Benchmarking provides an unparalleled look into every aspect of the family office. No other service can offer such complete and comprehensive comparison. Industry leaders have teamed with Family Office Exchange to create a questionnaire that asks the most relevant questions in order to create a global picture of all that your office does and how each aspect compares to other, similar offices. The depth offered by Family Office Benchmarking will allow you to determine specific ways in which to make your office more productive and improve communication with your board and family members. Family Office Exchange has the advantage of a 15+-year track record of advising families in the wealth management business, and our relationship managers are available to assist you.
