From manual to modern: Consolidating all family assets with PrizmaDesk

The need for a tech solution

Before implementing a tech solution, WWC encountered issues when consolidating information from different banks. Initially, they manually entered transactions into an Excel file connected to the Bloomberg terminal. While Bloomberg helped identify each security asset using ISIN and provided in-depth data, it did not exchange information with the bank systems.

Additionally, the Excel file did not include their cash positions in different currencies and interest-bearing instruments, which made it impossible to accurately measure performance. Therefore, WWC needed a solution that could solve their unique problems, streamline their manual processes and reduce operational risk.

The main criteria for selection

“We wanted the new system to be able to receive the data and information automatically using APIs or .txt files. We also needed it to compile them and make them easily readable and available,” says Jean-Pierre Steichen, asset allocation, and risk to preserve and grow family wealth. <a href="https://andsimple.co/glossary/chief-investment-officer/" target="_blank">Read more</a>">CIO of WWC, describing the specific tools they needed.

WWC required a system that was capable of monitoring the performance of both listed and unlisted securities, including their cash positions across different currencies. That would allow them to have a detailed outlook of each asset and the entire portfolio.

Additionally,  WWC wanted to use the information for reporting purposes. That would help them keep their clients informed about the performance of their investments and ensure transparency.

Going with PrizmaDesk

The company researched other tech solutions but found that they either did not meet their criteria or were too costly. Additionally, some products were not very user-friendly. So, they finally settled on PrizmaDesk’s solution because it was the “most intuitive, customisable and had the best price,” says Jean-Pierre.

Once they began working with PrizmaDesk, the team exceeded expectations by offering to develop new features tailored to WWC’s trading and investment strategies. They also conducted an in-depth cost analysis for the company, which led to a significant reduction in expenses.

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Impact on day-to-day operations

After implementing PrizmaDesk, asset managers at WWC were able to simplify their workflow. “It transformed the way we operate and streamlined our daily routine,” says Jean-Pierre Steichen. “Now I have more time to devote exclusively to trading and the owners have a complete overview of our portfolio.”

The platform proved to be beneficial not only for the asset managers but also for the entire family office. It was particularly helpful when it came to reporting to their clients. PrizmaDesk allowed them to generate comprehensive and easy-to-understand reports, providing the owners with a complete overview of their portfolio.

Final takeaways

PrizmaDesk has been able to completely transform the day-to-day operations of asset managers at WWC and enhance the experience of its portfolio owners. By addressing the intricate challenges of data consolidation from multiple banks, it provided a tailored solution, automating processes and reducing high operational risks.

As a single-family office looking to improve its wealth management operations, WWC was impressed with its intuitive interface, customisable features, and cost-effective pricing. “We highly recommend PrizmaDesk, an eye-opening product with a very professional and talented team, ready to tackle any challenge. Great value,” says Jean-Pierre Steichen.

The responses in this case study have been verified by the Simple team.