Since its inception in 2006, Elysys has been a leader in transforming technology for family offices. With a strong focus on innovation, integrity, and a client-centric approach, Elysys delivers customised solutions to over 60 family offices. In this article, Max Wattel shares his expertise on building robust partnerships between family offices and software providers.
Max Wattel joined Elysys in 2007 as an Operations Manager, playing a key role in developing the platform’s initial offerings. As Managing Director, he now guides product development and possesses a deep understanding of how to maintain successful family office and service provider partnerships.
Approach to partnerships
Many family offices encounter difficulties in clearly defining their software needs. This stems from a lack of well-defined objectives and a comprehensive framework to guide their decision-making. As Max puts it, “Without a precise understanding of their needs and goals, it becomes challenging to deliver tailored and effective solutions that meet their expectations.”
As a result, when searching for a new service provider partner, Max advises that family offices dedicate enough time and resources to the process. That means taking the time to clearly define the scope of the project and understanding the strengths and weaknesses of the legacy system(s). This proactive approach minimises the risk of adopting software that fails to address their specific challenges or deliver the anticipated value.
Working with family offices
Given the industry’s complexity and the rapid pace of technological evolution, Max considers it essential for a service provider and a family office to maintain a close relationship. This means that the service provider not only provides the right tooling to streamline operations but also offers continuous support to the family office. That includes maintaining clear lines of communication to ensure that the family office stays informed and can adapt to any changes.
In working with family offices, one of the main challenges Elysys faces is the availability of the pilot team. “These teams can be very busy and can easily be dragged into different tasks, resulting in delays in the delivery of the new financial system,” Max says.
That is why Elysys has developed specific processes to enable ongoing support post-implementation. That encompasses any system documentation as well as training the wider team of end-users to maintain the platform and ensure the family office operations run smoothly. In maintaining close client relationships and responding to their needs, Max stresses the need for ongoing collaboration.
Future plans for the company
Clients are attracted to Elysys because of its comprehensive functionality. The platform covers both back-office and investment management needs. This ensures that all financial operations are seamlessly integrated and managed within a single platform. Additionally, clients benefit from the integrated nature of Elysys’s platform, which optimises their operations by providing a cohesive and streamlined approach to financial management and reporting.
Driven by innovation, Elysys is strategically designed for Microsoft Dynamics 365 Business Central to elevate its family office offerings. This close collaboration enables Elysys to expand the capabilities of this world-class ERP-type financial management platform and turn it into a comprehensive Family Office solution. By closely monitoring Microsoft’s advancements, Elysys also intends to integrate pertinent updates into its solutions. It plans to continuously refine its offerings for the family office sector and sustain its leadership in technological progress.
With client-centricity also at the core of its values, Elysys actively listens to client feedback to guide research and development, ensuring that every product solution remains relevant and impactful. “The core of our solutions has been developed over the last 15 years by listening to our clients’ requirements,” notes Max Wattel.
To sum it up
Max Wattel advises family offices to dedicate ample time to planning and market research before deploying new systems. That’s because the partnership between a family office and the software providers hinges not only on the tooling, but also on clear communication, strategic planning, and ongoing collaboration. Having been in the game for nearly two decades, Elysys’s dedication to innovation and to its client feedback ensures it remains at the forefront of family office technology, delivering tailored solutions and driving future growth in the ever-evolving family office landscape.