Streamlining the software selection process with Veracy Family Wealth Partners

Smart selection

Family offices face an arduous and opaque process of determining their technology requirements and then connecting with the right providers to meet their needs. Veracy Family Wealth Partners tackles the software selection process by tapping their network to consult current or previous users of a piece of software they are considering adopting. Spending time with a demo version can help identify pain points that can guide discussions with these users. One problem, however, is that it can be challenging to find users for some of the more boutique offerings.

Continuous support

Once they choose a piece of software, they turn to working with the provider to overcome any hiccups or pain points. Attention to detail is crucial to build trust in the solution’s accuracy and dependability at this stage. If they discover a discrepancy or difficulty, for example, entering data in a capital call statement or missing ITD performance reporting, they immediately reach out to the provider for support.

Veracy Family Wealth Partners has weekly calls with their major software vendors to support their needs and those of their clients to smooth onboarding processes. This underscores the importance of building lasting relationships with providers to stand by your family office to ensure high quality operations into the future.

“Software has allowed us to streamline processes, create sophisticated and helpful data output reports, and provide continuous vendor support.” – Whitney Zeta, Managing Partner & Co-Founder, Veracy Family Wealth Partners.

Client-centric

Adopting new software has allowed them to better interpret data through its capabilities, yet they retain the capacity to customise outputs through systems like Excel. They balance purpose-built products with the still powerful and highly-customisable Excel to meet the unique needs of all their clients. For example, purpose-built family office software streamlines data processing and storage, but they may download data into Excel to finish a deliverable for their clients.

Their experience with AI is informative. Two of their software providers are already offering AI integrations, but they have experienced the continued need for manual updates and the human review. They have also explored demos of products offering AI document reader functionality. This too seemed to require manual updates that raised the costs to a prohibitive level for many of their clients.

Veracy Family Wealth Partners’ approach to software and technology is client- and results-centric. Software is a tool to facilitate best-in-class service built on human knowledge and relationships.