As AI becomes a regular fixture of family office software, Simple’s annual report found that the main debate centres on whether features or functionality are more important. With many vendors launching AI tools, mid-sized family offices feeling the pressure to upgrade their technology are left wondering: Can AI really automate our monthly reporting? Can it flag and eliminate errors? And what else can it genuinely do to make daily operations easier?
To answer these questions, we spoke to Tomas Petky, CEO of PetakSys, who has spent the past two decades working with some of the most operationally complex mid-sized family offices. Below, he shares his insights on adopting new technology, integrating AI, and the key challenges family offices face.
“Most technology projects fail because the process isn’t aligned, not because the software is bad.”– Tomas Petky, CEO of PetakSys.
What’s the issue?
So, if software is not the issue, why do most mid-sized family offices end up in a quagmire when looking for new technology? Based on experience, PetakSys has found that the biggest challenge is that most off-the-shelf platforms are built for an ‘average’ client who rarely exists in reality.
“Mid-sized family offices are complex, but they are not generic. As a result, family offices end up adapting their processes to the software instead of the other way around,” explains Tomas. For example, after purchasing a new tech platform, family offices become so invested in making it work that they resort to workarounds. They end up cobbling together Excel and manual reconciliations, resulting in frustration. And over time, the platform purchased to make things easier ends up becoming a constraint rather than an enabler.
When helping family offices, a recurring observation is that they frequently pay for bundled functionalities that are unused and difficult to remove. Ironically, the most effective solution often involves removing, rather than adding more tools. As Tomas noted, “many family offices already have overlapping features across systems, duplicated logic, and multiple tools trying to solve the same problem in slightly different ways.”
Where to begin?
So, where should family offices begin when upgrading their software? At PetkSys, the best starting point is to look at the business process before focusing on the software itself. To challenge clients, the team often asks a simple question: “What breaks or becomes impossible if this feature is not there? If the answer is unclear, it’s probably not essential.”
As Tomas goes on to explain, a “must-have” feature is something that directly supports a critical daily operation, regulatory obligation or decision-making process. And a “nice-to-have” usually looks impressive in a demo but doesn’t materially reduce risk, time, or cost.
And as far as AI is concerned, Tomas admits that it will be a fundamental game-changer. However, there is a caveat: AI is transformative only if approached correctly. If treated merely as a feature, it will disappoint. However, when built on reliable data and well-defined processes, AI can transform reporting, monitoring, and decision-making. That’s because AI doesn’t replace good systems; it amplifies them.
Ready for AI?
“Most family offices are not fully ready yet. Many are trying to buy the AI promise without investing in data structure, integration, and governance,” says Tomas. And that’s completely understandable given the pressure to “keep up.” However, the reality is that AI needs clean, consistent, and well-integrated data to deliver value.
The good news is that preparing for AI already creates benefits on its own. When asked which functional area to prioritise when getting prepared, Tomas is unequivocal: “Data and integration between systems.” Family offices should ensure clean, reliable data flows seamlessly across all platforms. With proper integration, trust in the outputs increases, reporting becomes more consistent, and teams can finally break free from manual copy-paste routines.
True data integration brings clarity. Family offices can define which system owns each function, streamline data flows, and eliminate unnecessary complexity. With that foundation, adding targeted features, including AI, is easier and far more effective.
Further advice
To help family offices prepare, Tomas recommends focusing on the overall technology architecture rather than relying on a single product to solve everything. He advises against tying all operations to one vendor just because it seems easier at first. Using modular, integrated systems gives family offices more flexibility, resilience, and long-term stability.
In addition, regarding usage, he recommends engaging business users early and often. After all, most technology failures stem from process misalignment, not faulty software. And finally, partner with experts who understand both technology and wealth management. That expertise matters more than any brand name or feature list.
