Why Family Offices Benefit from using MSPs?

3rd August 2022

In the current competitive economic environments, meeting client expectations is a fundamental requirement for every business; family offices in this case. However, it can be a daunting endeavour if the necessary tools of work are scarce.

It is when managed service providers come in handy. MSPs have a certified team of IT experts who can offer an array of services to family offices.

By turning to a trusted managed service provider like RFA, comes attached with a string of benefits.

They include: Access to Large Team of Experts Outsourcing IT functions to a managed service provider gives family offices access to experienced, trained and qualified IT specialists. They have teams equipped to tackle hardware, cloud computing, software, connectivity and information security.

Economies of Scale A managed service provider can leverage their relationship with vendors to achieve competitive prices and best deals on the latest hardware and software technology. A reputable MSP with multiple clients enables them to achieve economies of scale. Therefore, ensuring family offices receive services from only trusted providers.

Strategic Planning Having and sustaining good relationships is key to a successful MSP-Family office partnership. They ensure a constant connection with clients to ensure a timely information of the current trends and terms of project plans, budgets and future IT strategy.

Clear Monthly Costs Every business investment comes with peripheral costs. Family offices need enough networks, storage and security. They must train staff, install systems and ensure proper management of company equipment. Amidst all the set-up, unexpected costs arise.

Outsourcing of these initiatives to an MSP breaks down family office costs into a fixed monthly payment compared to capital expenditures of in-house managing.

Fewer Staff Positions Partnering with a reputable MSP works to eliminate or reduce the number of employees in a family office. It does away with annual leave, pension plans, bonus payments, employees checking in sick and many more.

For optimal results, let an accredited MSP partner worry about paying tax, compliance among other matters.

Focus When you start a family office, you have your eyes on the set goal; managing wealth for ultra-high net worth individuals. However, other technical issues affect the rational of the set company goals.

Outsourcing the services of an MSP relieves you of all the hassle by shifting all the heavy work to experts. From simplified budgets to guaranteed SLAs, we got you covered.

But of course, there are many more benefits family offices get from partnering with managed service providers.