As family offices around the world rush to digitise their operations, one of the essential tools they need is portfolio management software. Tasked to preserve and grow the family’s wealth, portfolio management is a critical yet resource-intensive task for any family office. It requires gathering the data of all of the assets across different types, jurisdictions, and currencies. Being able to get a clear overview of such complex wealth structures requires software. This insight lists the benefits of modern portfolio management software for family offices. It also explores the challenges and solutions available for family offices.
The benefits
Managing diverse asset classes such as private equity, real estate, and stocks on any traditional software system can be challenging. Using legacy software can lead to problems in integration and maintenance. Think of constant updates, where fixing a simple bug introduces another bug. Luckily, the family office software industry has been growing in leaps and bounds in recent years, with new service providers niching down to solve specific problems for family offices worldwide.
Today’s modern portfolio management software can consolidate all investments into a single platform, offering a comprehensive overview of all the wealth. Below are three examples of how they can make life easier for any family office: