Family Offices & Artificial Intelligence: Getting Started

By Anthony Abenante, CEO, Archway Group

Artificial Intelligence (AI) is rapidly becoming a meaningful area of focus for Family Offices, bringing both opportunity and complexity. While awareness and interest continue to grow, many organizations are still determining where AI can deliver practical value and how to move from curiosity to action.

These perspectives are informed by industry dialogue and collaboration, including conversations with Catherine Fankhauser, Family Office Advisor at EY, and Anthony Abenante, CEO of Archway Group, on the evolving role of AI within the family office landscape.

There is broad recognition that AI can no longer be ignored, yet uncertainty remains around where to begin. The challenge lies in identifying a practical starting point that avoids getting lost in endless discovery, overspending on experimentation, or pursuing initiatives that fail to produce meaningful results.

In response to these challenges, where can Family Offices most effectively focus as they begin translating AI from concept into practical application?

1. Get Educated The language surrounding AI continues to evolve quickly, introducing new terms and concepts that are often misunderstood or used interchangeably. A foundational understanding is critical.

Not all technologies fall under the same category. Robotic Process Automation is distinct from machine learning, and Large Language Models (LLMs) are not the same as agentic AI. Building fluency in these distinctions is a necessary first step toward making informed decisions.

2. Have Good Data AI systems are only as effective as the data they process. Poor-quality data will inevitably lead to poor outcomes.

Establishing clean, structured, and accessible data should be a priority. This includes modernizing storage structures, eliminating inconsistencies, and ensuring data integrity. Without this foundation, even the most advanced AI tools will fail to deliver meaningful value.

3. Access Control Traditional thinking around access control focuses on preventing human misuse of systems. With AI, the perspective must shift toward limiting what systems can access.

AI models ingest and learn from available data without discretion. Sensitive or confidential information must be carefully protected through clear boundaries, including ringfencing or removing data that should not be exposed to AI systems. Proactive data governance in this area is critical to mitigating risk.

4. Privacy Policy Beyond access control, organizations must define clear data governance standards. This includes determining what data is off-limits, how long it should be retained, and who is authorized to access it.

These policies should be formally documented and consistently enforced.

Consideration should also extend to third-party vendors. Legal, accounting, and other service providers often have access to sensitive information. Understanding how those partners leverage AI, and what safeguards are in place, is an important component of a comprehensive privacy strategy.

5. Governance Effective AI adoption requires clear governance structures to guide decision-making and oversight.

This includes defining who is responsible for evaluating, approving, and managing AI initiatives, as well as how those decisions are made. Whether through a cross-functional committee or a dedicated governance body, accountability must be clearly established.

Governance functions as the set of guardrails that ensure AI is deployed responsibly and effectively. It determines where and why AI is used, what data is made available, and who has access to outputs. Thoughtful governance is essential to scaling AI in a controlled and sustainable way.

In conclusion, as AI continues to evolve, the most important step is simply getting started. Family Offices that approach adoption with focus and discipline will be better positioned to capture value while managing risk.

These five areas offer a practical framework for moving forward with clarity, purpose, and measurable impact.

About Archway Group Archway Group delivers technology and outsourced services that support the accounting, investment management and reporting functions of family offices, private banks, private wealth advisors and alternative asset managers. Designed to help family offices and advisors to wealthy families better serve their ultra-high-net-worth clients, Archway’s platform and high-touch outsourced services efficiently handle complex partnership, portfolio and corporate accounting alongside bill payment, investment management and multi- asset class data aggregation. For more information, visit archwaygroup.com.