Over the last two years, we have become more reliable than ever before on technology to run our business operations and organise our daily lives.
This increased reliance has raised also expectations of what solutions can- and should be able to do. To amplify this, the next generation (yep, THEM that everyone in the family office industry has been talking about for years) has started stepping into their family offices, and it’s these next-gen owners and employees that want to up their game and have answers on-demand and at their fingertips.
The big question though is whether tech has kept up with the expectations. The short answer? Kind of. Let’s unpack why that is.
- Users’ expectations are created by day-to-day experiences delivered by large tech companies.
- Yet, small startups and scale-ups focussed on family offices don’t have the capacity to keep up with this idealistic notion of “what could be” and instead, need to focus on core features
- Overall most family office tech vendors are ambitious with good intentions but can sometimes be lacking in talent, track record and experience or even willing customers that can partner with them to raise the game.
All is not lost, however. Through strong client partnerships, it is possible for tech vendors to leverage their client relationships to fuel their development and fund their roadmap while delivering a great and valuable solution to a customer. But to make for smooth partnerships, there is a lot of expectation management needed from tech providers. Most family offices have never had to buy solutions and because of that, so they rely on the vendor to lead and provide relevant information about what their product can and can’t do.
In order for the buy and the sell side to understand what’s possible (and more importantly, what’s not), it’s crucial to start with a clear overview. Family office technology can be defined into three broad categories, roughly related to the tasks family offices need to be done, and all solutions fall into one or more of these:
- Data, Aggregation & Consolidation – connecting to various data sources, custodians and other solutions.
- Management, Collaboration & Operational – Making investments, running day-to-day operations, collaborating and getting actual work done.
- Reporting & Insights – Answering questions, measuring performance and gaining insights.
Most solutions choose to carve out their niche by providing their own unique take on what a product should look like and that could create confusion or solutions that are difficult to compare to others. Rather than a unique value proposition, this could actually have to opposite effect on potential customers, not knowing what box to place a solution in.
In particular, there are three interesting industry movements that have become more pronounced over the last year:
- Large players continue to grow: Even though there have been “old school or legacy” tech players active since the 70s and 80s with several thousand employees, we now see even new-breed companies nearing 1000 employees after a decade in operation.
- Last-movers emerging: As a counter to the idea of first-movers, last-movers are able to enter a market once there’s a clearer idea of best practices, customer needs and market opportunities.
- Consolidation play and eco-system investing: Several smaller tech companies have been merged or acquired but this activity also extends beyond the actual tech platforms with service companies seeing serious growth investments from PE funds.
All in all, these speak of an industry that’s still in high-growth mode. In Simple’s latest family office software and technology review, it’s easy to see the trajectory of this landscape. One where service providers are responding to the needs of family offices, but in some cases are even helping them identify their needs.
As within other spheres of the family office space, there are a number of niche products revolutionising specific operations, such as providers specialising in ESG data, cryptocurrency management and even real estate asset management, as covered previously.
This year the following providers stood out within the core functions of family office software products – Consolidaiton & Aggregation, Day-to-day Management, Reporting. Even though they’re grouped in specific regions, many providers have a multi-region coverage.
Addepar: A wealth management platform that infuses transparency into complex financial information across functions and reporting, Addepar connects data, family office technology and people.
Arch: Arch provides an intuitive, digital investment admin platform that tracks data from all private investments. Arch’s automated system collects K-1s, manages cash flows, and provides reporting-ready data, removing the need to access 3rd party portals.
Asset Vantage: Asset Vantage offers an intelligent family office technology platform with integrated performance reporting and general ledger technology. Serving global single- and multi-family offices and CPA firms, its functionality provides comprehensive overviews and insights into their wealth data and full net worth.
Bill.com: Bill.com is a leading provider of cloud-based software that digitises and automates complex back-office financial operations for small and mid-size businesses. They also offer a tailored product focussed explicitly on wealth management firms supporting high-net-worth clients.
Black Diamond: Black Diamond offers a cloud-based wealth platform solution designed to meet the complex business needs of wealth management professionals and their clients. Their offering encompasses accounting, consolidated reporting, compliance, portfolio management, trading, and data aggregation. The platform connects to an ecosystem of smart integrations with performance reporting, portfolio rebalancing, and an immersive client portal.
Canoe: Canoe redefines alternative investment data processes for family offices and wealth managers by combining industry expertise with sophisticated data capture technologies. Canoe’s technology automates the time-consuming and costly manual workflows related to alternative investment documents and data management, extraction and delivery.
Canopy: Canopy is a private and anonymous wealth account aggregation, portfolio analytics and client reporting platform for high-net-worth Individuals and their wealth managers. Their services cover all asset classes in all markets and any currency with reporting in the format of the family office’s choice.
Copia Wealth Studios: Offering a mobile-first financial intelligence platform, Copia helps wealth owners to have complete control and complexity management of their family office affairs, by enabling them to track and document assets and investments to report on performance or cost and exercise better governance.
Empaxis: Focusing on middle- and back-office investment operations, California-based Empaxis leverages data and deep experience to lower costs. The company serves asset and wealth managers.
Eton Solutions: AtlasFive, Eton Solution’s platform, was built by a family office for the family office market. Designed to solve the most common industry problems, inefficiency and lack of timely, accurate data, AtlasFive leverages technology and processes for efficient transaction processing, data collection and reporting.
FundCount: FundCount is a unified accounting and investment analysis platform providing actionable intelligence to family offices and their advisors. Based on a general ledger, they started in the hedge fund space but today provide fund- and partnership accounting to a wide range of asset- and wealth professionals.
Ledgex: Ledgex delivers a next-generation, cloud-native platform, Ledgex Pro, to provide comprehensive portfolio management and accounting solutions for family offices. Ledgex offers its clients a unique combination of capabilities: data management, general ledger, portfolio accounting, beneficial ownership, performance & analytics, modelling and private investment tracking.
Masttro: Servicing clients across the globe, Masttro is a SaaS solution for single- and multi-family offices. Their platform delivers the complete wealth overview, from both illiquid and liquid investments to liabilities and passion assets. Apart from a real-time, customisable view of the complete balance sheet, product features are comprehensive across data aggregation, analysis, and reporting – all protected by Masttro’s advanced, military-grade security and encryption framework.
Mirador: Mirador delivers financial and operations reporting solutions to the UHNW wealth management industry. Mirador is a team of financial and technology experts who leverage decades of experience to enable client success, from best-in-class financial reporting services to technology consulting and solutions, and middle office services.
Northern Trust Family Office Technology: Providing asset servicing, investment and wealth management for institutions, high-net-worth individuals and families, Northern Trust offers full-suite solutions and a-la-carte services. Their Global Family Office technology strategy includes services such as partnership accounting, tax and accounting, data visualisations, performance, and integrated general ledger functions.
PCR: PCR helps family offices achieve data independence by streamlining how their sensitive investment data is aggregated, managed, and used in reporting and other operations. Their secure global data-sharing platform is specifically designed to address the challenges of the family office. It offers automated solutions to the many complexities of family wealth management, including hard-to-aggregate illiquid investments, complex family ownership and simplifying how information is transferred to a family’s reporting and accounting systems.
Private Wealth Systems: Private Wealth Systems’ ground-breaking innovation has allowed it to differentiate from other software providers in consolidated investment analysis and reporting with more data, faster processing, with greater accuracy and trust.
Ruby: RUBY is Accordia Group’s customisable family office technology that solves data integration problems in investment management and eases the complexity in reporting across asset classes, functions and geographies.
Sage Intacct: Sage Intacct serves thousands of organisations from startups to public companies to improve their performance and make finance more productive. They offer cloud accounting software products and financial management solutions with accounting capabilities across multiple industries, including real estate, health care or hospitality.
SideDrawer: Canadian SideDrawer develops an online life planning platform intended to organise and share personal and family information and important contacts related to banking, investing and estate.
SEI – Archway Platform: SEI’s Archway Platform is a wealth management technology and outsourced service solutions for family offices and financial institutions. It is designed to help family offices and independent advisors better serve their ultra-high-net-worth clients by handling complex partnerships, portfolios, and corporate accounting alongside bill payment investment management and multi-asset class data aggregation.
SS&C Private Capital Group: SS&C’s Family Office Services division delivers fully integrated, multi-currency portfolio management, financial and partnership accounting for family offices in a secure environment. SS&C delivers integrated reporting for multi-tiered ownership structures, multi-asset class investments and increasing demands that characterise this market.
Summitas: Summitas gathers information from various resources to provide a single point of presence for all things digital, with the aim of improving client engagement and retention.
Trusted Family: Trusted Family is a secure, one-stop governance platform for multi-generational family businesses and family offices. Founded by two next-generation entrepreneurs from European business families, the company leverages a decade of industry expertise to help multi-generational family businesses thrive and achieve sustainable, long-term success.
Venn by Two Sigma: Venn helps RIAs, advisors, asset owners and asset managers embrace a quantitative approach to multi-asset portfolio risk and investment decision-making, and modernises the analytics experience and helps investors embrace a quantitative approach to multi-asset portfolio risk and investment decision-making.
Way2B1: Founded in the USA, Way2B1 is a collaborative platform that helps families and their extended network manage all aspects of life. The platform maintains a detailed log of all family projects, decisions, and activities — safeguarding their history and providing a seamless way to transition responsibilities to future generations.
1fs Wealth: British 1fs Wealth is an easy-to-use sophisticated platform that allows its clients to control all of their investments and collectables in one place.
Abbove: Abbove developed a wealth planning technology for financial advisors that want to serve their clients with a structured and holistic approach to their wealth. The platform enhances considerably cooperation by uniting advisors, their clients, data and technology in one place.
Aladdin: Powered by Danish-based BlackRock, Aladdin improves profitability, better front-office productivity, and efficiency. The technology brings clarity and connectivity to the world’s financial ecosystem, covering the needs of investment managers, pensions, insurers and more.
Altoo: Altoo’s solution goes beyond data aggregation and reporting; it is a secure digital home for clients’ total wealth, carefully designed to make daily use intuitive and help them understand and manage the most important and complex aspects of their wealth.
Asora: Denmark’s newest entrant Asora securely connects and aggregates clients’ data to provide benchmarking, risk and performance reporting. Asora’s platforms allow it to track and monitor both private and liquid assets.
Assetmax: This Swiss software serves independent asset managers, family offices, and banks with integrated multi-custody portfolio management, client relationship management, invoicing and reporting.
Assure Wealth: Danish reporting provider Assure Wealth provides clients with a simple and understandable overview of total wealth, risks and returns. This solution reports across all asset classes, allowing for comprehensive securities management. Tools like the “Wealth Navigator” provide portfolio benchmarking and access to funding fact sheets.
Centtrip: Meeting the demands of clients with complex, cross-border affairs, Centtrip supports family offices with a tailored, single solution for expense management and payments. Centtrip provides a flexible and secure, single solution, assisting family offices in managing and controlling their expenditure whether that be domestic or international. The company offers real-time 24/7 visibility of transactions across all accounts and cards, support for international acquisition and divestment of assets and strategy and planning support.
Elysys: Elysys is designed to serve global, mid-market treasury and investment management professionals working under several regulatory and compliance frameworks. They offer secure, cost-effective, scalable and integrated enterprise software for financial services organisations.
Etops: Etops offers outsourced services for all back- and mid-office tasks. The combination of electronic interface is based on a unique machine-learning parser technology developed by Etops, which reads and processes bank statements and booking confirmations, ensuring a high proportion of custodian bank coverage. Etops also offers full PMS/CRM solutions that deal with all business and regulatory requirements and support all types of assets.
eXeer by Point Group: eXeer’s platform aggregates, analyses and visualises multiple sources of data to create a single source of investment truth. eXeer acts as the family office’s data keystone’, it collects, controls and secures investment and market data from underlying custodians, platforms, AIFMS, direct investments, real estate and specialist market data providers. eXeer facilitates the integration of family office tech stacks, providing the capability for users to create customised, modular and agile operating models.
Expersoft: Expersoft provides modern task management, collaboration, and communication facilities and offers both batch and real-time connectivity via modern interface technology.
Fincite: This cloud-based investment software provides all parts of the value chain of digital asset management by holistic wealth aggregation, financial analytics, quantitative research and automated digital advice, enabling asset managers and insurers to build proprietary digital investment technologies for their customers.
FNZ: Equipping end-investors with the knowledge and ability to make more informed investment decisions, FNZ is the global platform that aims to open up wealth. Their platform integrates technology, infrastructure and investment operations and is fully compliant with local regulations.
GreenLock: GreenLock provides an analytical platform to automatically consolidate, benchmark, and monitor the total investment fees across the entire value chain (custodians, intermediaries, investment managers, brokers, etc.). The platform helps investors to get full transparency on how much they pay in fees, and negotiate them down by 0.5-1.5% for above $10M AuM.
Hemonto: Hemonto delivers state-of-the-art consolidated reporting with trusted data that forms the basis for financial decisions. A permanent team of experts supports their professional reporting platform to ensure data accuracy.
IQ-EQ – Cosmos: IQ-EQ Cosmos provides an end-to-end outsourced consolidated reporting & portfolio monitoring solution to institutional and private wealth investors focusing on alternative and luxury assets. The solution combines one of the best-in-class accounting systems for closed-end funds or private assets (FIS Investran) and open-ended funds or public securities (Paxus) with leading online visualisation technology.
KeeSystem: KeeSense software grants its clients access to an enhanced version of their business, automatically connected to their ecosystem. KeeSystem’s software is a one-for-each solution integrating portfolio & order management, CRM & electronic document management, compliance & risk management, and consolidation & reporting.
Landytech: UK-based Landytech is a financial technology company empowering family offices to make informed investment decisions. Its solution, Sesame, is the investment reporting platform that brings clarity to complex wealth.
Lombard Odier: Lombard Odier delivers consolidated financial reporting with trusted data that helps clients make financial decisions. Lombard Odier’s Global Assets+ solution caters to professional investors and family offices and is supported by their operational capabilities, investment expertise and cutting-edge multi-currency banking technology.
LucaNet AG: LucaNet is a single tool for financial experts, that presents financial data in a transparent, easy-to-understand way and provides robust figures to back up business-related decisions.
Nucoro: London-based Nucoro enables financial institutions to build digital savings, investment and wealth management propositions at speed and scale.
Orca: Orca helps family offices and investment companies in managing crucial information about their legal entities, private equities, real estate, and other assets. The software enables a fast and intelligent way to draw and visualise investment structures, consolidate any investment-related key data, calculate high-level net wealth and cash flows, securely store and share documents and receive automated completeness checks for data and documents.
PandaConnect: PandaConnect is a global full-scale investment administration solution that covers all asset classes and bankable and non-bankable investments – helping family offices achieve the twin goals of wealth preservation and growth. In addition, the solution also provides complete data aggregation and consolidation across family members, banks, currencies, and managers.
Performativ Performativ is a SaaS front-to-back wealth management system offering powerful performance and risk analytics on an entire portfolio. The software is built with the latest tech allowing fast and real-time analysis, including quick and pain-free onboarding.
QPLIX GmbH: QPLIX delivers next-generation SaaS solutions for family and investment offices, wealth management, banks, and asset manager. It offers an all-in-one solution, consolidating all asset and owner structures, to enhance high-quality investment decisions.
Sharpfin: As a complete wealth management suite, Sharpfin serves independent asset managers, single and multi-family offices. Their easy-to-use cloud solution with superior quality and IT security includes the management and reporting of unlisted securities to provide detailed reports supporting risk control.
Swimbird: The Swimbird Platform SWIP is a modern portfolio management solution, which gives the client a holistic view of their total portfolio. SWIP is a platform which in real time aggregates and visualises portfolio data, irrespective of format and data source.
Tindeco: Switzerland, Tindeco’s VISION provides a platform to manage any investment portfolio efficiently. The company offers portfolio and risk management, compliance, data aggregation, CRM, consolidated reporting and trading (orders only) solutions. In addition, it provides performance and risk analytics that help family offices to develop essential insights.
WealthArc: As a data-driven wealth management platform, Wealth Arc serves family offices and other wealth managers. This platform consolidates and unifies data with automation in order to reduce the time needed for reporting and other administrative tasks.
WIZE by TeamWork: Offering an all-in-one Wealth and Asset Management solution, WIZE by TeamWork is one of the fastest growing FinTech companies in Switzerland offering a GDPR compliant 100% web-integrated SaaS secured cloud system that includes portfolio management, order management, CRM, reporting, compliance, e-access and back-office with 200+ custodian automatic feeds.
Bambu: Bambu is a Singapore-based B2B FinTech company that develops tech for financial institutions. Their platform helps users save and invest for their future. Bambu builds solutions that empower financial institutions with technology, intelligence, and insights.
Integrated Portfolio Solutions: Operating from Australia, IPS offers a truly integrated portfolio administration solution through the incorporation of administration, reporting, SMSF, research, CRM functionality, and instruction management to give advisors, staff and clients a cohesive, branded, genuine fee-for-service solution.
Privé: Hong Kong-based Privé Technologies provides end-to-end technology solutions for enterprises and small and medium-sized businesses. As a Software as a Service (SaaS) provider, Privé serves financial institutions to digitize their wealth management offerings.
Wealth Spectrum: With headquarters in India, WealthSpectrum is developed and owned by Applied Software Pvt. Ltd., a software product company focused on the financial services industry. Applied Software has a successful track record of over two decades of providing solutions based on leading-edge technologies to customers in India and the United States.
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