Family office teams tell us that data aggregation and analytics still consume hours their most experienced people should spend on advice. The question behind this piece is whether technology can give that time back and help advisors, staff and family members work from the same information. We explain how consolidated, current data supports collaboration, so your office can weigh the cost of staying with manual processes against adopting a shared platform.
We used AI tools to help gather research and speed up the first draft. That left more of our time for checking each figure against its original report and adding what we see in client conversations. A Masttro editor reviewed every claim, and members of our team read the article before it was published.
Key Takeaways
Although multigenerational wealth preservation was never a simple thing, the list of challenges facing the profession has swelled in recent years to include COVID-19, talent acquisition struggles, and new asset classes, in addition to perennial forces like competition and regulation.
Can Technology Help Your Family Office?
As in most cases, technology can provide powerful solutions. But to a great extent the family-office industry has fallen somewhat short when it comes to technology adoption. Although some offices have onboarded advanced software systems that reduce costs and improve compliance, many others remain wary, opting to continue operating as they have for years despite the extra labor that typically entails.
Such resistance is often a function of family preference or office culture (or both). Whatever the case, at Masttro we know one truth above all: Family offices that use wealth-management platforms wisely see improvements in performance, efficiency, employee and client satisfaction, and more.
Technology Can Save Your Time
The most significant benefit, in our experience: Technology allows for the elimination of time-intensive data aggregation and analytics processes, which clears the plates of the top financial minds (who are, ironically, often bogged down with basic tasks) at family offices. This allows them more time for high-level strategizing and opportunity seeking.
“Masttro allows us to consolidate all custodians and set up the entire legal structure to offer our clients a true holistic vision of their assets.”
Five Dashboards Every Wealth Owner Needs
Wealth in Full View
What’s more, the right technology can help with the trickiest of family-office tasks: presenting to clients an accurate, actionable, and complete picture of a complex multi-generational wealth ecosystem. This is accomplished through an intuitive interface that presents a holistic view of a client’s portfolio across asset classes, entities, locations and currencies. When clients can see visual representation of their portfolios, it’s easier for them to understand both challenges and opportunities. More efficient, productive and enjoyable conversations inevitably follow.
That’s especially so when clients are guided through these representations by thoughtful family office professionals. In helping our clients maximize Masttro’s patented estate-mapping tool, we’ve noticed that easy-to-understand reporting affords family offices the opportunity to more clearly digest each element of an estate, allowing them to drill down, explore, and scenario-plan.With the ability to access real-time data and reports through the platform, family offices are ideally positioned to recognize risks and opportunities immediately—and act swiftly on clients’ behalf.
With new and old challenges swirling, family offices need to act fast to meet the challenges of the hour. By adopting technology, family offices can not only skirt problems but reap major productivity benefits as well. Those that do are the ones who will thrive in this brave new world.
Want to learn how Masttro can provide you the best tech setup for your family office practice? Schedule time with one of our wealth tech experts.
“Masttro allows us to answer all the different questions from the owner’s perspective. What assets do I have? Where do I have them? Who knows about this information and who is in charge of it?”
“The biggest value for us has been gaining a complete and organized view of our entire patrimonial structure. Today, we have a much clearer map of what we own, where it is held, and how the different entities and investments are connected.”
“We can fully visualize our portfolio and give full transparency to each family member. Additionally, we can now track our performance across alternative investments extremely well and accurately.”
