For many decades, family businesses have been the backbone of GCC economies, contributing significantly to GDP growth and employing up to 80% of the labor force. Despite the rapid transformations in the region, these family-run enterprises have remained steadfast, providing a reassuring constant even in the face of global challenges such as pandemics and financial crises. The Family Office, a wealth management firm based in Bahrain and Riyadh, is playing a crucial role in preserving the legacies and securing the future success of entrepreneurial families in this dynamic environment.
Under the guidance of Founder and CEO Abdulmohsin Al Omran, The Family Office distinguishes itself by helping clients safeguard their legacies, plan for retirement, and diversify their investments, with a focus on private equity, private debt, real estate, and more. The firm’s advisors employ a highly customized approach, creating bespoke portfolios with transparency and integrity, earning the trust and respect of families throughout the region. Al Omran emphasizes, “Our philosophy is to really preserve and grow their wealth.”
Trust is paramount in the client-company relationship, and Al Omran has been leveraging technology to build and maintain that trust since leaving Goldman Sachs in 2004. The firm prioritizes client satisfaction by investing in cutting-edge technologies that ensure transparency and the availability of information. According to Al Omran, “Trust is earned.”
Technology not only fosters trust but also democratizes access to investment alternatives. Through a successful digital transformation strategy, The Family Office can reach a broader client base, offering the kind of service that was once exclusive to institutional investors. Al Omran notes, “In the old days, billionaires were able to access very unique investments, and those investments were not available to, let’s say, an investor with half a million dollars.”
In May, The Family Office introduced an end-to-end journey allowing clients to create a 10-year plan involving the best managers and investment opportunities globally within minutes. Al Omran highlights the transformative impact of digital technology, making the investment process simpler and faster than ever before.
Al Omran recognizes that successful digitization requires a four-pronged approach: commitment, clients, culture, and cost. Drawing inspiration from the four ‘Cs’ associated with diamonds, he emphasizes the importance of commitment from the board and senior management, a client-centric focus, a cultural shift toward embracing digital tech, and an understanding of the financial investment required.
While acknowledging the higher financial costs associated with digital transformation, Al Omran underscores the potential for a balanced outcome. He explains, “If you manage to quadruple your number of clients, then your unit cost per client is lower.”
As The Family Office continues to attract new clients, its commitment to preserving and growing the wealth of families and businesses remains steadfast, contributing to the sustained vitality of regional economies.
