BOSTON--(BUSINESS WIRE)--Boston Private, a leading provider of integrated wealth management, trust and banking services, today published a white paper titled “Demystifying Risk Management for Family Offices.” The report examines the risks family offices face and offers a framework for preparedness and management against such risks. The full white paper can be accessed on the Boston Private website.
As family offices grow increasingly complex and manage larger and more varied assets, they are becoming prime targets for a variety of security threats. According to the report, the traditionally low-profile and discreet nature of family offices should not be presumed to shield against potential threats.
The white paper explores a comprehensive list of risks that family offices face, including:
- Cybersecurity breaches that now plague organizations large and small
- Identity theft schemes against prominent individuals
- Fraud perpetuated by unvetted ‘insiders’ of the firm
- Exploitation of social media accounts
The white paper also provides recommendations for improving risk management, which begins by recognizing native biases within family offices that skew perceptions of risk and dissuade against protective measures.
“Family offices are a generally underserved segment of the financial services industry, especially so when it comes to risk management,” said Edward V. Marshall, Managing Director at Boston Private and author of the white paper. “There is a lack of available literature, data and discussion around the operating threats that family offices face. This white paper intends to start the conversation.” Marshall is a leader within Boston Private’s Family Office practice.
The white paper sets a path forward for family office executives to evaluate risk at their own organizations, and outlines Boston Private’s intent to create risk management benchmarking for family offices based on proprietary data analysis. The research report and benchmarking guidance will be released later in 2020.
About Boston Private
Boston Private is a leading provider of integrated wealth management, trust and banking services to high-net-worth individuals, families, businesses and nonprofits.
For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique to clients across the United States.
Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit https://www.bostonprivate.com/.