Insights

There is a saying in the financial management industry: “If you’ve seen one family office, you’ve seen one family office.” No two are alike. The services that a family office provides are both extensive and highly customized. Rarely do clients hear the word “no,” because each office reflects the individuals it serves. To be responsive to their clients, family offices need a customized technology solution that meets their specific requirements—enabling them to combine personalized service with efficiency and scalability.

CHALLENGES CONFRONTING FAMILY OFFICES

While family offices vary, they face common challenges. For example, many family offices are looking for ways to do their work faster, better, and more efficiently—and
improved technology is often the answer. Integrated technology has become much more important for addressing issues such as:

• Systems that do not communicate with each other
• Information that must be manually rekeyed into multiple systems and spreadsheets
• Extensive reconciliation required to arrive at a single source of the truth

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Inscribed in the first block of the first blockchain ever created are the words: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” referring to the London newspaper’s lead story of the day.

This edition of the newspaper is now one of the most valuable crypto collectibles to date. It’s hard to deny the symbolism in the covert message encoded into the genesis block of the bitcoin blockchain.

That message signals problems in our modern fiat financial system while introducing a novel system that replaces centralized institutional trust with a system relying on decentralized cryptographic trust.

Today, bitcoin has celebrated its 10th birthday, despite critics predicting its doom since its inception. With bitcoin came another suite of technologies collectively known as blockchain.

Despite the actual word “blockchain” not appearing in the original white paper published under the pseudonym Satoshi Nakamoto in October 2008, it has undoubtedly become one of the most talked about buzzwords in technology and banking, as well as the larger world of finance.

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