Many family offices face challenges managing data, conducting analyses, and creating reports due to their varied asset portfolios. That is a big problem regarding wealth management. It hinders their ability to respond to market events and make the right investment decisions on time. Decisions require data; if it takes weeks and months to collect, reconcile and consolidate, that’s an issue. In other words, if asset managers cannot access their capital at the touch of a button, staying ahead of the curve will be hard. This is where family office benchmarking software can help, but choosing the right tool is vital.
Asset managers constantly re-evaluate their investment strategies in this market environment to protect their capital and grow their wealth. Robust and reliable data management is essential for fast and flexible reporting. Which then drives the decisions to adjust strategies and quickly reallocate assets. However, how most family offices performed in a recent data management survey showed a worrisome trend.
Increase in manual processes
In 2019, the Family Wealth Report by WealthBriefing and FundCount surveyed family office efficiency in accounting and investment analysis. When they updated the report in 2022, results showed that institutions’ manual workload may have worsened significantly.
