Family offices in Singapore are increasingly turning to third-party specialists for advice on personal financial management and cyber security, according to a recent study by Ocorian. The research, which surveyed 25 individuals from the family office sector in Singapore, found that 60% of respondents currently seek external advice on personal finances, whilst 52% rely on third parties for cyber security expertise.
The study highlights a significant trend towards outsourcing, with 76% of respondents indicating they plan to increase their use of third-party support over the next three years. This shift is driven by a desire for more sophisticated services (68%), cost-effectiveness (63%), and a lack of in-house expertise as family offices expand (53%).
Currently, no family offices in Singapore report receiving third-party support for extended family services, such as concierge needs and global insurance programmes. However, 80% of respondents plan to increase outsourcing in this area as their needs evolve. Additionally, 72% expect to outsource more around assets of passion, whilst 68% foresee increased outsourcing for wealth planning and illiquid investments.
When selecting third-party specialists, 72% of family offices in Singapore prioritise the ability to establish a strong, trusted relationship. The capability to operate across multiple regions and cost are also important factors, each cited by 60% of respondents.
As family offices continue to face new challenges and expand globally, the reliance on third-party expertise is expected to grow, reshaping the landscape of family office operations in Singapore.
