Family Offices Boost Third‑Party Specialist Use to Meet Global Growth Challenges

A global Ocorian study of family offices that collectively manage about $119.37 billion across 16 jurisdictions found a growing reliance on specialist third‑party providers.

The survey shows 55 % of offices obtain advice on illiquid investments from external advisers, 49 % on cyber‑security and 48 % on personal finances, while only 3 % currently use third parties for extended‑family services such as concierge or global insurance programmes.

Seventy‑seven percent of respondents expect to increase third‑party support over the next three years. The main drivers cited are a desire for more sophisticated services (74 %), a lack of in‑house expertise as offices expand (62 %) and cost‑effectiveness (55 %). Additionally, 70 % plan to expand external help for extended‑family needs and 68 % intend to outsource more wealth‑planning functions.

When choosing providers, 62 % of offices prioritize the ability to operate across multiple regions, followed by a strong, trusted relationship (58 %) and technology/reporting capabilities (53 %). Lana So Wan Yuen, Head of Private Clients – Mauritius at Ocorian, said: “Family offices are facing new challenges as they grow and become increasingly international. That means they are looking for third‑party specialist expertise which can not only support them with the skills they need but also operate across multiple jurisdictions.”