What are the top 5 needs of Singapore-based SFOs?

Nine in 10 want solutions that allow a comprehensive view of their total wealth.

Single-family offices (SFOs) in Singapore need better digital and interconnected solutions which address their top five needs, according to Simon & Kucher.

On the top of the list are solutions that offer SFOs a single view of all their assets across entities (94%).

"Family offices manage a diverse range of assets across various jurisdictions, entity structures, and family members. To facilitate better estate planning and investment decision-making, family offices need a comprehensive view of the total wealth at their fingertips," the report said.

SFOs are also looking for solutions that give an overview of total costs and fees (93%).

"Family office sponsors often lack a complete overview of their running costs, including bank fees. Aggregating and tracking total costs are essential to allow family offices to manage their expenses and optimize operations," Simon & Kucher said.

SFOs also value real-time making data that can be "quickly integrated and used in their current system," triggering the need for automated data feeds to banks and custodians (86%).

Fourth on every SFO's wish list is a secure infrastructure and IT security (84%).

"Spreadsheet-driven manual processes and tasks are error-prone and can result in data leaks. Coupled with increasing cybersecurity threats, family offices need digital solutions which protect their data and minimise the risk of data breaches," Simon & Kucher said.

Lastly, SFOs need one service provider for all important functions (82%).

"A multitude of different service providers increase the operational overhead on the family office’s side. A thoughtful selection of one or very few service providers avoids unnecessary costs and inefficient operations," Simon & Kucher said.