How to select an MSP

Choosing the right Managed Service Provider (MSP) is critical for family offices seeking secure, scalable, and compliant technology solutions. This guide walks you through the essential steps to make an informed decision.

🧭 Searching for an MSP

Objectives

Identify MSPs with experience in servicing family offices or similar high-net-worth entities.

Ensure alignment with your operational needs (e.g., cybersecurity, cloud services, compliance, data governance).

Steps

• What services do you need from an MSP?:

  •  IT support

  • Infrastructure management

  • Cybersecurity

  • Compliance

• Search Channels:

  • Referrals from other family offices or private banks.

  • Industry directories (e.g., MSPAlliance, Clutch.co).

  • LinkedIn and professional networks.

  • Conferences and events (e.g., STEP, Family Office Forum).

• What should you look for in an MSP?:

  • Experience with regulated environments.

  • Familiarity with wealth management platforms.

  • UK/EU data protection compliance (GDPR).

  • 24/7 support and SLAs.

🔍 Performing Due Diligence

Key Areas to Investigate

• Track Record:

  • Case studies or references from similar clients.

  • Longevity and financial stability.

• Security & Compliance:

  • Certifications (ISO 27001, SOC 2, Cyber Essentials).

  • Data handling policies.

  • Incident response protocols.

• Technical Capabilities:

  • Cloud infrastructure (Azure, AWS, private cloud).

  • Remote monitoring and management tools.

  • Backup and disaster recovery.

• Team & Culture:

  • Background checks on key personnel.

  • Staff turnover rate.

  • Cultural fit with your family office.

Tools

• RFP (Request for Proposal) template.

• NDA before sharing sensitive information.

• Vendor risk assessment checklist.

✅ Selecting the Right MSP

Evaluation Criteria

• Service Offering Fit: Do they cover all your needs or will you need multiple vendors?

• Scalability: Can they grow with your office?

• Responsiveness: Test their support channels.

• Pricing Model:

  • Fixed monthly fee vs. usage-based.

  • Hidden costs (e.g., onboarding, offboarding, premium support).

• Client References: Speak directly with current clients.

Decision Process

• Scorecard based on weighted criteria.

• Internal stakeholder review.

• Final shortlist of 2–3 providers.

📜 Negotiating the Contract

Key Clauses to Focus On

• Service Level Agreements (SLAs):

  • Response and resolution times.

  • Uptime guarantees.

• Termination Clauses:

  • Exit strategy and data handover.

  • Notice periods.

• Liability & Indemnity:

  • Caps on liability.

  • Cybersecurity breach responsibilities.

• Data Ownership & Access:

  • Who owns the data?

  • Access rights during and after contract.

• Change Management:

  • How are service changes handled?

  • Approval processes.

Tips:

• Engage legal counsel with tech contract experience.

• Negotiate a pilot phase or trial period.

• Include regular review points (e.g., quarterly performance reviews).

Need Help Navigating a Service Provider Selection Process?

At Hext Point™, we don’t provide MSP services—but we do help family offices make confident, informed decisions when selecting the right technology partners.

Whether you're starting your search or refining your shortlist, we offer:

• Independent guidance tailored to your operational needs

• Vendor evaluation support and RFP preparation

• Contract review insights to protect your interests

📩 Get in touch to schedule a free consultation or learn more about how we support family offices in building resilient, secure tech foundations.