As the digital revolution unfolds, a growing number of work processes can be digitized, consolidated and even automated using various family office software solutions. When carefully selected according to your objectives and implemented strategically, these programs enable higher levels of efficiency and help you to keep up with the growing demands of the business. They also facilitate coordination, data-sharing, and transparency that builds trust and engagement amongst family members as well as internal and external stakeholders.
Still, selecting software or SAAS (Software as a Service) solutions can be a daunting task and there’s much to consider before selecting family office software for various functions. To give you a starting point of reference to what’s available out there for every family office requirement, this is the current list of family office software.
Capital Raising & Investment Management Platforms
Technology is changing the way family offices raise capital and manage their investments, affording far greater degrees of transparency and control than ever before. These solutions are some of the leading offerings in this arena:
Real estate remains an attractive investment for family offices the world over. BrickVest, through its innovative crowdfunding 2.0 model, offers family offices access to institutional quality deals aligned with their preferred location and investment return profiles. All in a regulated and fully transparent environment.
BrickVest Select, an “invitation-only” club, provides a tailored service platform. This offering has a minimum deal size of €250,000 and allows family offices direct investment opportunities without the exorbitant fees that investment advisors or private equity firms command.
The CapRaise platform matches family office capital to curated investment opportunities. The platform enables family offices to set their investment criteria. The office is informed when a deal matching their criteria is available and anonymous access to high-level information about the identified opportunity is provided. If the family office is interested, they can indicate the size of their potential investment and notify CapRaise that they’d like to proceed to the due diligence phase.
As co-investments grow in popularity, FINTRX enables family offices to source distinct opportunities in this space. The platform facilitates network expansion and relationship management, allowing users to organize their investor lists, notes, interactions and activities beside the platform’s dynamic data set.
The demand for consolidated accounting, reporting and wealth management solutions as part of a user-friendly digital workplace has been a growing demand among single and multi-family offices for several years. As such, software solutions in this area have experienced exponential growth. Some options available to family offices include:
Hemonto provides data-driven, consolidated reporting across all asset classes. Using transactions rather than holdings, they are also able to identify transactional errors from banks. Offering both a customer portal and app, family offices always have quick and easy access to information and insights, affording greater control.
PandaConnect for single and multi-family offices offers complete data aggregation, calculation and consolidation across banks, custodians, currencies and managers. PandaCore technology allows for the handling of all asset classes and as new investment classes emerge, they’re added to the system.
Addepar is a cloud-based solution designed to assist family offices in centralizing financial information by streamlining and optimizing operations across data aggregation, analysis and reporting functions. It also allows for the management of investments in one place and facilitates better communication with stakeholders.
A complete, flexible, all-in-one wealth management solution developed for single and multi-family offices. Built on Microsoft Dynamics, Elysys Wealth offers a vast array of additional modules and functionalities that may be deployed on demand. These include loan modules as well as real estate, fixed assets and company governance capabilities, providing a truly scalable and flexible end-to-end family office software solution.
QPLIX delivers next-generation SaaS solutions for consolidated reporting and wealth management for the family office. The software is designed to manage a full complement of asset classes, providing a holistic view of the family office’s portfolio. It can also handle complex legal entity structures. Offering optimal support of both internal and external roles in asset management, QPLIX delivers precise results in the challenging and ever-evolving business environment.
FundCount makes complex accounting and reporting fast and straightforward. This powerful software solution enables the secure aggregation, tracking and management of investment details across your business. It can be deployed as a hosted solution or installed system at your family office premises.
Swiss-hosted Altoo is a wealth platform that empowers family offices to consolidate and interact with their complete and often complex wealth data simply and intuitively. Along with consolidated reporting, Altoo also offers a secure communication platform that allows for the secure sharing of sensitive, confidential information with trusted partners.
Eton Solutions, a third-generation wealth management technology solutions provider, offers a comprehensive enterprise management system and service for family offices. Their offering encompasses a full suite of CRM, data aggregation and investment reporting along with accounting functions with integrated reconciliation and verification.
iPaladin is a digital family office platform engineered to assist in family office management. Using blockchain technology, the platform enables the organization’s activity to be orchestrated around a central source of truth. This helps to mitigate risk, improve efficiency and promote strategic wealth governance.
A Swiss financial technology firm, Masttro, provides state-of-the-art wealth information solutions for family offices. The real-time platform offers consolidated reporting across financial and non-financial assets while also facilitating cross-generational communication of organizational activities.
Diligent is a modern governance single product suite solution that offers seamless integration of historically disparate tools. The platform provides tools and features that enable you to manage board materials, committee intelligence, evaluation, voting and resolutions, document sharing, collaboration, candidate search and entity management, all with real-time insights and comprehensive reporting.
Trusted family is an internationally renowned family office governance platform. It is engineered to offer a comprehensive solution that allows family offices to manage meetings, workflows, communication as well as complex and sensitive information flows in a single place. This helps to increase productivity and facilitate collaboration while keeping everyone in the loop, offering an added plus of next-generation engagement.
Professional family offices, like any business, also need a basic software stack. These options can include:
Microsoft 365 offers a productivity cloud-based solution that provides best-in-class productivity apps – everything you need to build your own family office intranet. It includes the full range of Microsoft Office programs, e-mail and calendar, Microsoft Teams, which enables organizational teams to meet and chat virtually.
Notion offers an all-in-one workspace for collaboration, note-taking, project and task management. It provides cross-platform apps and can be accessed from most web browsers. The platform is very task-oriented, offering the building blocks that enable you to design your own layouts and a toolkit to help you get the work done. It also allows for the storage of information that needs to be accessible for extended periods.
Slack is a cloud-based instant messaging platform that facilitates daily communication. It is essentially a chatroom for the entire business and has been designed to minimize, if not replace, back-and-forth e-mail communication. Slack workspaces enable the organization of communication by channels for group discussion while also allowing those for private messaging that involves more sensitive file and information sharing.
To keep up with the increasing demands of the family office, its stakeholders and the greater business environment, digitization is necessary. Strategically selecting the right family office software that can scale to meet both your current and future requirements is vital. Choose wisely.