Whilst some industries are struggling to keep their business floating, others are flourishing during the COVID-19 pandemic. Businesses are shifting their strategies in order to keep existing and to keep making a profit. Investments companies, family offices, wealth management firms, and trust companies will also be hit.
Former corporate finance banker, Peter Brock is an independent advisor to entrepreneurial families. As such, he counsels family offices on family wealth and family office structuring, governance, succession solutions, impact investing and direct investments. Check6 spoke to him about how technology could improve the ways wealth is tracked and reported on so that it can help families gain the kind of oversight and control of their assets that they want to achieve.
Topics: single family offices, multi-family offices, wealth advisors, Next Gen Wealth, wealth reports, daily wealth reports, asset managers, financial data management, consolidated reporting, Private Assets Module, PAM
There is plenty of information decrying corporate use of Excel for financial data. Even as far back as 2013 Forbes published an opinion piece with the ominous and provocative title: ‘Microsoft’s Excel Might Be the Most Dangerous Software on the Planet.’ The article pointed to perils including the errors that can occur from manual entry of data and mistaken calculations resulting from incorrect equations, which, distressingly, had cost some banks billions of dollars. For most companies, including Family Offices, however, Excel has represented one of the only available options for inputting and calculating financial information. Yet, as we move forward toward integrating that financial data, Excel’s risks and limitations appear all too frequently.
Topics: single family offices, multi-family offices, wealth advisors, Check6 Portal, Data translation, Online Wealth View, interactive wealth management tools, direct data feeds, 360-degree overview, HNWI and UHNWI, wealth reports, asset managers, financial data management, data reconciliation, consolidated reporting, Private Assets Module, PAM
As co-founder and CEO of Team Blockchain, Ltd., Jonny Fry is a frequent contributor to print and broadcast publications on Blockchain-related issues. In the 1980s he started, and later became CEO of an asset management company, which was floated on the London stock exchange. After over 20 years, and having grown the funds under management to over £1 billion, he wanted to do something different. He was attracted to the opportunities to help companies that Blockchain technology presented and, even more, believed that crypto-currencies had created a new asset class for investors that could help digitize many industries in important ways.
Topics: single family offices, multi-family offices, wealth advisors, Next Gen Wealth, Changing consumer expectations, Tokenization, Blockchain, Jonny Fry, Team Blockchain, Blockchain Real Estate, Leaseum, HNWI and UHNWI
Topics: "wealth management reporting", single family offices, multi-family offices, wealth advisors, connection to bookkeeping systems, FinTech, Online Wealth View, interactive wealth management tools
Within the investment industry, ESG is a hot topic these days. Last week I was inspired by an article in the “Het Financieele Dagblad” regarding ETF’s with an ESG overlay*.
Topics: data analysis, Client Services, single family offices, multi-family offices, wealth advisors, impact investing, ESG, socially responsible, sustainability, environmentally friendly, Detailed Look-Through
Investment reporting is often seen as a post-trade accountability tool to show performance of an investment portfolio. It’s often mixed with financial reporting, which is the administrative processing of the things happening in the portfolio over a specific period resulting in a balance sheet and P&L account.
The beginning of 2019 has been a busy one at Check6 as we launch updates to our Business Intelligence Tool beta version. The B.I. Tool enables interactive functions to apply multiple filters to specific information for focussed analysis and strategic insights. The video for this blog post is based on test data set and is not associated with any client or third party.
Topics: "wealth management", "wealth management reporting", innovation, data analysis, single family offices, multi-family offices, platform architecture, FinTech, Online Wealth View, Detailed Look-Through, interactive wealth management tools
This week we continue from our last blog post on “Planning for the Next Generation”. We briefly covered mentoring, education, succession, governance and how a Family Office could assist in formalising wealth management for the next generation.