Selecting the right software is one of the most critical and daunting tasks businesses face. As the digital revolution unfolds, an increasing number of processes are digitized, consolidated and automated using software solutions. Today most industries have easily identifiable software frontrunners, yet the private wealth- and family office segment still suffers from fragmentation, a lack of clarity and transparency.
For many family offices, the process can be time and resource-intensive — with limitations discovered after purchase, having serious consequences for productivity and costs. According to Bijan Farsijani, who heads research & insights at Simple, “Choosing software solutions for family offices is a pain – not least because providers and family offices speak different languages. Where providers talk about features, family offices talk about use cases. Culture, geography and regulation further complicate things.”
In order to identify these needs and explore how different software providers tackle this product-market fit, the Simple team conducted The Family Office Software Review. One outcome of the research is standardised categories that help family offices to get a better understanding of what providers offer and what their limitations are.
Outlined below is a roundup of the software providers, alongside the unique value propositions that family offices should be looking out for.
Based in the USA, Addepar is a wealth management platform that infuses complex financial information with transparency. By connecting data, technology and people, it facilitates informed decisions through actionable insights and tailored reporting allows multi-generational family offices to achieve their objectives.
USA-based Allvue Systems is a software solution providing flexible and customizable accounting, monitoring and reporting. Designed to support family offices of any size or structure, their solutions eliminate the boundaries between systems, information and people by creating an adaptable investment software system.
Developed and hosted in Switzerland, Altoo prides itself on Swiss precision in intuitive wealth data aggregation and monitoring. Encompassing a range of functions from consolidated reporting, governance, data aggregation to risk management, the software provides simplicity and control to private wealth owners and family offices.
Based in the USA, Asset Vantage offers an intelligent technology platform leveraging integrated performance reporting and general ledger technology. Providing a consolidated view of the family office’s entire net worth, Asset Vantage is a tool for single family offices, multi family offices and CPA firms to gain a holistic view of financial health. .
USA-based, the Black Diamond Wealth Platform offers a cloud-based solution encompassing accounting, consolidated reporting, compliance, portfolio management, trading and data aggregation Complete with performance reporting, portfolio rebalancing and an immersive client portal, the platform connects to a vast ecosystem of smart integrations.
Singapore-based Canopy is a turnkey and fully customizable software solution, offering private & anonymous wealth account aggregation, portfolio analytics and client reporting. Covering all kinds of asset classes, markets and currencies, Canopy allows family offices to submit their data, with the platform doing the rest.
CORYX iO is a German-based investment management platform which covers all bankable and non-bankable assets for single and multi family offices, asset and wealth managers, funds, foundations and banks. Through individualisation, risk monitoring, accounting and automated corporate actions, the platform provides a comprehensive evaluation.
Developed in the USA, Diligend offers streamlined due diligence and monitoring processes across all asset classes through digitization and automation. Through their platform, they facilitate time-saving analysis, collaboration and the structuring and centralization of data for investors, consultants and fund managers.
Developed by the Monaco-based company that pioneered Microsoft’s next-generation ERP application, Elysys is a secure, cost-effective, scalable and integrated enterprise software for financial services organizations. It serves global, mid-market treasury and investment management professionals working under several regulatory and compliance frameworks.
USA-based Eton Solution’s platform AtlasFive, leverages technology and processes for efficient transaction processing, data collection and reporting. Powered by risk-mitigating workflows and A.I, Atlas Five solves one of the most common industry challenges: inefficiency and a lack of timely and accurate data.
Developed in Finland, FA Solutions is a cloud-based software platform with a modularized approach to various functions from accounting, consolidated reporting, risk management to Impact / ESG reporting. The scalable platform allows clients to select the features they need immediately, but with the functional coverage they need to grow as their businesses do.
Finartis Wealth Management is a Swiss Fintech company that offers an integrated suite of financial applications with investment automation from decision-making to financial statements. Functionality includes accounting, risk and portfolio management, data aggregation, trading, compliance, CRM, and consolidated reporting tools and solutions.
UK-based Finlight makes investment reporting data easy to analyze and integrate through their platform that executes consolidated reporting, data aggregation, portfolio and risk management, and trading. A peer-enriched reporting dashboard also allows for portfolios’ benchmarking against those of community peers.
Denmark-based Hemonto, delivers state-of-the-art consolidated financial reporting through their platform and their permanent team of experts. They ensure that data accuracy and services can be tailored to customized reporting needs without compromising data integrity, enabling real-time and verifiable data to be the basis for financial decisions.
iPaladin’s Digital Family Office is a USA-based blockchain platform designed for family office professionals to orchestrate people, services, documents and activity. Family offices are able to save time, money and stress through a birds eye view platform that allows them to track past, understand present and anticipate future.
IQEQ – Cosmos
Developed out of Luxembourg, IQ-EQ Cosmos provides an end-to-end portfolio monitoring solution for institutional and private wealth investors focussed on alternative and luxury assets. With in-house development services, the solution can be integrated with I.T. systems, data feeds, and open source feeds to create bespoke dashboard for families needs.
Based in Switzerland, the United States, Mexico and Chile, Masttro is an integrated global wealth technology platform. The platform delivers comprehensive & interactive views of total net worth, an intuitive and customizable client experience, and automated & robust operational efficiencies with military-grade security.
Developed in Switzerland, Orca offers a modern governance software that provides a secure, intuitive way to store and share sensitive financial information and reporting that facilitates productive discussions on wealth structuring, tax, compliance, succession planning, family reporting and more.
Denmark’s PandaConnect is a full-scale investment administration solution, covering all assets classes, bankable and non-bankable investments in order to achieve the twin goals of wealth preservation and growth. Through data aggregation and consolidation family members, banks, currencies, and managers can achieve accuracy and transparency.
Belgium’s PaxFamilia helps patrimonial advisors to serve their clients with a holistic and structured approach to their global wealth through their platform. By facilitating the aggregation of the family office’s global wealth in one secured platform, professionals can work and collaborate more efficiently.
America’s PCR combines over two decades of experience and technology to help family offices achieve data independence. By streamlining how their sensitive investment data is aggregated, managed, and used in reporting and other operations, they are able to automate the many complexities of family wealth management.
Private Wealth Systems
USA-based Private Wealth Systems provides the digital infrastructure that powers modern family offices across the world. The platform is able to support even the most complex nested ownership structure through its capturing, correcting, calculating and presenting of actionable information across asset classes and currencies.
QPLIX, based in Germany, offers an all in one next-generation SaaS solution working across consolidated reporting, governance, compliance, risk and portfolio management, trading, data aggregation and Impact/ESG reporting. Handling the full range of asset classes and complex legal structures, it supports all internal and external roles involved in asset management.
The US branch of the multinational company, RSM, offers a family office dashboard that combines industry-leading technology and advisors to increase clarity and transparency around wealth management. Family offices can gain a personalized, holistic and integrated view, alongside complete ownership and access to their data.
USA-based Accordia Group’s RUBY provides a customizable technology platform that enables business intelligence, risk management and diversification while saving clients time and money and allowing them to focus on strategy. Its modern, cloud-native technology ensures faster servicing of business requests with reduced operational risk.
Developed in the USA, SEI’s Archway Platform℠ and outsourced services streamline the accounting, investment data aggregation and reporting operations of family offices and financial institutions. SEI’s platform efficiently handles complex partnerships, portfolios, and corporate accounting alongside investment management and multi-asset class data aggregation.
SS&C Private Capital Group
America’s SS&C Private Capital Group, delivers fully-integrated multi-currency portfolio management, financial and partnership accounting solutions to single and multi-family offices to serve their complex needs. Their software eliminates the cost, risk and time of integrating disparate systems.
With their head office in Sweden, Swimbird’s Platform, SWIP, is a brand new, modern portfolio management solution that offers real-time aggregation and visualization of portfolio data irrespective of format, data source, geography and instrument type. Built on best-of-breed technology, it can be tailored for individual businesses and is continuously evolving to keep up with future demands.
Switzerland-based Tindeco lets clients design and implement rule-based investment strategies flexibly to create performance, hedge and allocate risks and manage workflows. Employing portfolio construction technology that blends simulation, optimization and A.I. methodologies, the solution creates optimal rule-based portfolios.
Belgium’s Trusted Family platform serves global family businesses with a single, secure and centralized governance platform, enabling directors, shareholders and family members to connect anytime, anywhere. Founded by two next-generation entrepreneurs from European business families, the company leverages a decade of industry expertise.
India’s Valuefy offers a digital platform that features accounting, consolidated reporting, CRM, portfolio and risk management, and other solutions. From executing performance analytics, benchmarking complex model portfolios, comparing advisors, and managing rule-based investment mandates, Valuefy allows families to slice and dice investment data where needed.
Operating out of the USA, Way2b1’s innovative systems facilitate decision making, create institutional memory, and ensure information continuity across real-world domains. Dedicated resources are allocated to onboarding, and insights are shared throughout the process into building alignment among key stakeholders.
WIZE by TeamWork
This Swiss, all-in-one Wealth & Asset Management solution offers an integrated data aggregation, CRM, accounting, amongst other services and including 100+ custodian automatic feeds for multi-asset, consolidated reporting. WIZE by TeamWork focuses on providing an intuitive user experience, rich and performing functionalities, and a transparent pricing model.
With headquarters in Cyprus and offices in the UAE, 8topuz is a trading software solution that employs artificial intelligence and machine learning to offer automated and audited investment solutions.
How to get started?
When one considers that the average cost of running a reporting solution amounts to around $50,000 per annum and takes an average of two months to implement, it becomes increasingly vital to get the selection right. “We often receive inquiries on which software tools to use. But choosing software shouldn’t be a matter of opinion, but a matter of fit.” Farsijani concludes.
Even with all of the options at hand, a family office’s requirements are fundamental to narrowing down the field. For a more detailed comparison, visit the review.