Among other details, Ocorian said that the main reason for increased outsourcing is pressure from family office clients for more sophisticated services.

Around 83 per cent of family office professionals predicting an increase in outsourcing say that family offices want more specialised services. However, 57 per cent say the rising risk appetite of family offices globally is also creating increased demand for outsourcing. 

Nearly two out of five (37 per cent) believe that regulatory pressures are driving family offices to turn to outsourced suppliers for support while around one in five (20 per cent) say outsourcing is more cost effective.

Nearly two out of three (63 per cent) say they use third parties for support on illiquid assets such as private equity while 60 per cent turn to third parties for help with personal financial management for family members. Nearly half (48 per cent) receive support with liquid investments. Around 71 per cent of family office professionals questioned say that outsourcing will enable them to improve overall service levels while 59 per cent say it allows them to focus on their core strengths. 

The study found that family office professionals expect third-party outsourcing services to develop in response to growing demand from family offices. Nearly three out of four (72 per cent) expect third parties to provide access to an increasingly globalised network of administrative centres while 60 per cent expect them to offer a broader range of financial services.