The 2020 Family Office Software Review from Simple

Wednesday, December 23, 2020 | By Darren Berkowicz, CPA, Managing Director

The 2020 Family Office Software Review from Simple

In this current environment of the COVID-19 pandemic, Family Offices that do not utilize outsource or co-source services have quickly determined they have a significant gap in their operations and reporting environment. Many Family Offices have realized their data is weeks or months stale. Readily available information is hard to pull together due to manual processes across multiple systems. Processes that have been maintained over the years due to legacy technology and workflows have been inherited by their current teams, with replication across teams proving to be complicated.

Choosing software to help your Family Office move away from those legacy systems and manual processes can be difficult without the correct experts and solution. How should a Family Office evaluate whether the software is a good fit for their needs?

Simple recently put out a review of Family Office and private wealth software providers, including SS&C Private Capital Group.

The Family Office environment is fragmented, adding another layer of complexity to choosing the right solution. Simple used a standardized survey to organize responses, which revealed a terminological gap between providers and users. There is also a difference in focus, with providers emphasizing features and technology, while users are more interested in use cases.

The report also notes the role multi-generational requirements will play in a Family Office reporting environment currently and in the coming years. Younger family members tend to be more comfortable with technology.

Other needs that need to be considered when choosing a software include diversity of assets and the aforementioned fragmentation.

SS&C’s Private Capital Group eliminates the cost, risk, and time of integrating disparate systems, delivering solutions to single and multi-Family Offices for their complex needs. SS&C delivers fully integrated, multi-currency portfolio management, financial and partnership accounting for family offices in a secure environment. Our solutions for single and multi-Family Offices address complex needs—from nested entities to sophisticated investment strategies including integrated reporting for multi-tiered ownership structures. Our experts have decades of experience in supporting Family Offices. This combination of a dedicated support team as an extension of the Family Office and SS&C’s integrated platform simplifies the complexity of a Family Office.

Forbes has published a summary of the report, or you can download the full report from Simple.

To learn more about challenges in the industry, download our whitepaper, “Five operational challenges facing the modern family office.”

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