A guide to portfolio management software for family offices
Portfolio Management Updated on July 21, 2025Table of Contents
Currently, family offices are dealing with a wide range of complex investments across various locations, currencies, and asset classes. The question is, how can they manage all that wealth in an organised way? Drawing wisdom from some of our service providers and expert advisors, this guide dives into portfolio management software for family offices. It outlines what this type of software entails, lists essential features that every family office should have, and offers a detailed approach to selecting the right provider for your family office needs.
Introduction
Managing and preserving wealth in family offices can present many challenges. For instance, it can be tricky to maintain complete oversight when wealth is invested globally. And spread across multiple currencies and asset classes. Additionally, overseeing multiple entities, each with its own bank accounts, can complicate matters. All this raises a key question: How can one effectively get a holistic view of all their wealth?
Before answering ‘with portfolio management software (PMS),’ it’s worth noting that while PMS for family offices is specifically designed to track all of the above, it might not necessarily be the right fit for all family offices. Each family office has its unique approach to managing its portfolio.
Some prefer an active management style, making all the investment decisions. Others might choose to delegate the investments to wealth managers. Moreover, the preferences of family principals differ; some may want to scrutinise each and every transaction, while others are content with a monthly or quarterly summary. It all depends on your portfolio management needs.
This guide focuses on portfolio management software (PMS) for family offices. It defines and provides actionable steps for selecting the right PMS for your family office. Pulling in insights from some of our service providers, it examines the benefits of using PMS solutions and highlights essential features for family offices to look out for.
The goal is to equip families with the knowledge to make informed decisions, whether or not they choose to implement PMS. By the end of this guide, you should feel well-versed about your software option when taking the next step forward.
What is portfolio management software for family offices?
Portfolio management software for family offices is a digital solution designed to help manage the family’s wealth holistically. In other words, it goes far beyond simple record-keeping. This type of software solution pulls in all the family’s financial data from different sources, provides real-time insights and balances, and generates comprehensive reports. Its purpose is to centralise investment management and simplify family office investment operations.
The Simple take
We’ve discovered from selection advisory projects with family offices seeking software that it’s essential to understand the difference between a wealth management solution and a genuine portfolio management software (PMS). Although many software providers incorporate portfolio management features, only a select few offer solutions that are specifically designed as PMS. Some examples of true PMS are Wize by Teamwork, Infront, Wealtharc, Black Diamond, Etops, and Elysys. In contrast, there are also wealth reporting tools that have included PMS features, like Masttro, Eton Solutions, and Swimbird.
A true PMS is characterised by its sophisticated asset management capabilities. Key features include rebalancing, risk management, look-through analysis, portfolio enhancement, and stress-testing. These systems cater to family office teams looking to move beyond mere wealth reporting and gain deeper insights into their assets.
The unique needs of family offices
Off-the-shelf, generic portfolio management software often does not meet the specific needs of family offices. Family offices are not merely asset managers; they also engage in succession planning, financial planning, and many other functions. As a result, they require more than just the portfolio performance monitoring tools typically offered by standard investment management software. Below are some of their essential needs:
Complex portfolio: Family office portfolios are often very complex. They can include anything from traditional equities and bonds to alternative assets, venture capital, real estate, art, operating businesses, and the list goes on. Therefore, an ideal PMS should be able to seamlessly accommodate such diverse asset classes.
Consolidated reporting: Wealth owners desire to view their wealth in its entirety. Wealth owners desire to view their wealth in its entirety. That means family offices require a portfolio management system (PMS) that can generate reports encompassing all their assets. Additionally, it should seamlessly integrate data from multiple custodians and banks to provide comprehensive insights into their overall wealth.
Privacy and security: Family offices prize confidentiality and security. Due to the highly sensitive nature of family wealth information, the right PMS will have strong cybersecurity measures. This includes using encryption, multi-factor authentication, and conducting regular security audits to protect data effectively.
Investment analytics: Family offices that are actively managing their investments need more than surface-level performance metrics. They need robust PMS that allows for detailed insights into asset-level performance and risk-adjusted returns. This is crucial not just for daily management, but also for long-term strategic planning.
What our service providers have to say
Before continuing to the actionable sections of this guide, we asked some of our agnostic family office software providers to share their experiences working with many family offices:
Q: What advice can you give to family offices searching for a PMS for the first time?
Answer: I’ve seen firsthand how critical the right PMS is to the long-term efficiency and agility of a family office. Selecting one for the first time is a big decision — a foundational step that will shape how the FO operates, reports, and grows.
One common mistake we see is that family offices get distracted by flashy features while underestimating the importance of technical aspects like integration and customisation. A PMS may look impressive in a demo, but the real test is how well it fits into the FO’s daily operations. Will it connect smoothly with custodians? Is it possible to extend it with custom tools? Can it support the FO’s specific reporting workflows or dashboards?
“If chosen wisely, the right PMS won’t just streamline processes — it will strengthen client relationships and scale with the family office’s evolving needs.”– Tomas Petky, Managing Partner at PetakSys.
Q: What advice do you have for established family offices looking to switch software solutions?
Answer: For established family offices considering a switch in portfolio management software, my advice is to start by mapping out the specific pain points in your current setup and the outcomes you want to achieve. Engage stakeholders early – especially those who rely on the reporting and day-to-day operations – to ensure their requirements are captured. Prioritise solutions that offer robust data migration support, customisation capabilities, and strong integration with existing systems. Due diligence on vendor stability and service levels is essential, as is a clear implementation plan to minimise disruption. Lastly, transparency on the total cost of ownership, including onboarding, training, and ongoing support, can help avoid unexpected surprises.
“Transparency on the total cost of ownership, including onboarding, training, and ongoing support, can help avoid unexpected surprises.”– Ethan Bonar, CEO at CFO Family.
Three features for family offices
Given the unique nature of each family, choosing the perfect PMS demands a clear grasp of your family office’s specific requirements. Nevertheless, certain functionalities are universally critical for all family offices. See below:
Data aggregation and integration:
A key feature of any successful Portfolio Management System (PMS) is its capacity to consolidate data from various sources. It’s important to seek out a system that offers broad connectivity to multiple custodians, banks, brokers, and alternative asset managers. Additionally, automated data feeds are essential for obtaining real-time or near-real-time information, which provides the most up-to-date insights.
Robust reporting and analytics:
Since family offices have to compile reports for wealth owners, one key feature is customisable dashboards and reporting. This allows users to personalise displays that highlight important performance indicators tailored to specific family members or investment committees.
Scalability and customisation:
As your family grows and your financial situation changes, your software should be capable of adapting as well. It’s essential to have a design that can evolve over time, allowing for an increase in assets, additional family members, and more complex investments. Moreover, the software should be configurable to align with your unique investment strategies and reporting requirements. This way, you won’t need to rely on extensive custom coding to make necessary adjustments.
The selection process: A step-by-step approach
It's crucial to approach this in a structured way. The wrong decision can be costly, so work with an expert, either as a sounding board or hands on advisor.
1. Defining requirements
The first step before even looking at vendors is conducting a thorough internal assessment. Take the time to make a list of what you actually need. Next, split the list into two sections: your “must-haves” and the features you would “like to have.” Put pen to paper and document existing processes and workflows. Can you identify any inefficiencies or pinpoint any pain points?
If so, can you clearly articulate what problems can be solved by using software? You may find that since your portfolio mainly consisted of real estate, there’s no need for banking APIs or real-time equity price feeds, but simple reporting software. Or it may turn out that you only need family office accounting software. Either way, once you have defined your requirements and portfolio management software is what you need, then it’s time to search the market for a solution.
2. Market research
As you’ll find with a quick Google or ChatGPT search, a number of portfolio management software solutions will come up. There is no shortage of platforms available on the market. While some work better for a single family office, others are designed for multi family offices. Whatever the case, the best place to begin your search is by identifying reputable providers.
The Simple platform offers a list of vendors with a proven track record of serving family offices or similarly complex clients. Our family office solution advisors are also available to talk about each solution’s core features. And help determine whether or not they align with your defined requirements. Going through Simple, or similar family office platforms, can cut the market research time in half and help compile a shortlist of solutions that tick all your boxes.
3. Vendor evaluation
Once you’ve narrowed down your options, it’s important to dig a little deeper into each choice. Start by requesting detailed demonstrations that go beyond just a high-level overview. During these demos make sure to ask the specific questions that deal with your unique requirements.
Then ask the vendors for reference checks. It’s important to reach out to current clients, especially other family offices, to gather insights into their experiences. This way, you can get a clearer picture of what to expect in terms of implementation, support, and ongoing usability.
4. Cost consideration
Portfolio management systems can be a big investment. Therefore, once you’ve decided to pull the trigger, it’s important to understand the pricing structures of the vendor of choice. Some vendors charge subscription fees based on the number of users. Others charge fees based on assets under management (AUM), which can be significant.
Additionally, it’s necessary to be mindful of any hidden costs that might not be immediately obvious. These can include expenses like implementation fees, costs related to migrating data, user training sessions, ongoing support services, and potential custom development if you require specific features. Review such costs before signing on the dotted line.
5. Successful implementation
A successful implementation relies heavily on careful and detailed planning. One effective strategy is to adopt a phased approach. That means beginning with the essential features first or starting with a certain group of portfolios before expanding to a complete rollout.
Another critical aspect to focus on is the strategy for data migration. It’s essential to have a well-defined plan in place to ensure that historical data is transferred accurately and efficiently. This can be by far the most complex part of the process.
In addition, thorough training for all users of the new system is vital. Ensuring that everyone feels comfortable and confident using the new tools is key to a smooth transition.
To sum it up
Even the most sophisticated software requires continuous upkeep for optimal performance. The effectiveness of a PMS heavily relies on accurate data. Therefore, regular audits should be conducted to verify that the data is accurate, complete, and consistent.
Another tip worth repeating is to view the implementation process as a continuous journey rather than a one-off task. This perspective allows you to identify key users within the firm who can become advocates for the software. Additionally, you can gradually incorporate existing workflows, which helps improve information flow across the entire family office.
Finally, in an era where family office software that addresses your specific needs is no longer a luxury, families should have the knowledge to make informed decisions. If you’re considering whether to implement Portfolio Management Software (PMS), it’s important to be well-informed about your software options as you take the next step forward.
Further Reading
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