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Business As Usual in the Family Office

During the COVID19 crisis Family Offices have been struggling with remote working and in meeting client requests for updates - often daily. The impact on staff has been tremendous.

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Path to Family Office of the Future

Professionals working in family offices are experiencing significant and increasing complexity. Manual, high-risk work processes such as spreadsheets and point systems erroneously rely on human reconciliation – leading to incomplete, delayed, and inaccurate reporting and the inefficient use of high-value human resources. Moreover, manual calculations inherently lack cybersecurity, disaster recovery, and business continuity processes and skills. How, then, can family offices remain up-to-date in the tools, software, and security to manage UHNW assets? When family offices look to the future, tools that revolve around Natural Language Generation (NLG), automated BOT processes, and Artificial Intelligence (AI) inevitably become part of the conversation on how to get there.  Part of a family office’s challenge is to remain relevant not only in terms of the need for ultra high net worth wealth management, but also in terms of its ability to deliver such services. Use of antiquated data tools and limited flexibility puts a family office that is not focused on the future in the past. Will family offices have to try and make use of such tools developed for larger markets, like investment management, hedge funds and private equity, and try and make them fit their fact pattern?  This is a well-known problem. Which is not a surprise as most of the point applications that family offices are forced to use were created primarily for other markets. The major question to consider when thinking about the Family Office of the Future  is what are the specific challenges family offices now face that could be remedied using technology?

Maximizing Returns and Mitigating Risks: The Power of Automated Fund Accounting in Private Capital Partnerships

The modern family office industry faces a range of challenges, including complex regulatory environments and the increasing flow of capital towards private capital investments. Private capital refers to investments held through private partnerships that divert funds away from public assets and into focused strategies like private equity, venture capital, and real estate. This shift necessitates the adoption of new accounting systems and processes by family offices to manage their evolving needs. However, the operational silos within family offices hinder the development of robust internal processes and control frameworks, as legal, accounting, and investment professionals operate independently. This outdated approach of tracking and managing privately held partnerships results in diminishing returns and a significant cost burden, including cybersecurity investments. To address these challenges, a streamlined solution is required to enhance the efficiency of family office operations, automate allocation methodologies, and improve financial reporting. By embracing such a solution, family offices can adapt and thrive in the changing landscape of private capital investments.

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