Operational excellence: Empirical insights in German family offices

Abstract

This study explores the operational excellence of German family offices, organizations that exclusively manage the assets of wealthy families. Despite their discretion, family offices play a crucial role in sustainable and long-term asset management. The research utilized a standardized survey with 112 participants, focusing on the internal processes, digitalization, and sustainability within these offices. Findings reveal that while most family offices independently model their processes, there is a significant push towards digitalization and professionalization. However, challenges such as data management and transformation expertise persist. Future research should investigate the pace and effectiveness of these transformations, particularly in digital and sustainable practices