Family Offices Turn to Third Parties for Specialist Expertise to Overcome New Challenges and Go Global

July 31: Family offices are increasingly relying on external specialists for advanced services to tackle new challenges and expand abroad, according to global research* from Ocorian, a leading provider of services to high‑net‑worth individuals, family offices, financial institutions, asset managers and corporations.

Ocorian surveyed family members and senior family‑office staff overseeing a combined wealth of $119.37 billion, revealing that the most commonly outsourced advice concerns illiquid investments (55%) and cyber security (49%), with personal‑finance guidance close behind at 48%.

Conversely, just 3% of respondents report using third‑party assistance for extended family services, which include concierge assistance, global insurance plans and broader family financial support.

Looking ahead, demand is expected to climb: 77% of participants anticipate expanding their reliance on third‑party providers for core services over the next three years, while only 21% foresee no change. The primary driver is the pursuit of more sophisticated services (74%), followed by insufficient in‑house expertise as offices scale (62%) and the recognition that outsourcing can be more cost‑effective (55%).

More precisely, 70% intend to boost third‑party support for extended family services as their needs evolve and new challenges emerge. Additionally, over two‑thirds (68%) expect to increase outsourcing of wealth‑planning functions in the same period.

Conducted across 16 jurisdictions—including the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius and Bahrain—the research shows that, when selecting third‑party specialists, 62% of family offices prioritize the ability to operate across multiple regions, closely followed by the need for a strong, trusted relationship (58%). Technology and reporting capability rank next at 53%, with cost consideration at 52%.

Lana So Wan Yuen, Head of Private Clients – Mauritius, at Ocorian said: “Family offices encounter fresh challenges as they expand and become more globally oriented. Consequently, they seek third‑party specialist expertise that not only supplies the required skills but also functions across multiple jurisdictions. Besides ongoing support for core services, our research indicates a growing interest in extended services—such as concierge assistance and global insurance programmes—as offices scale.”

 Rebecca Thrope, Global Head of Regulatory Consulting at Ocorian added: “Outsourcing to a third party grants family offices access to specialized technical advice while also helping to lower costs, boost efficiency and manage risk. Selecting the appropriate partner is essential, and both preliminary due diligence and continuous monitoring are vital to fully realize the advantages of outsourcing.” 

Ocorian’s award‑winning family‑office team delivers a seamless, holistic response to the challenges and opportunities families encounter. Grounded in long‑term personal relationships built on a deep understanding of clients’ priorities, the firm leverages its global footprint to craft bespoke structures and services for international families, wherever they reside.

 Key services encompass the formation and administration of family offices, HR support, assistance with lifestyle and luxury assets, family governance, resident and relocation services, and specialist help with immigration, visas, payroll, marine and aircraft crew management, and financial reporting.