C o n v e r g e S o l


Every time we talk to CTOs / CIOs of a Family Offices, be it Single Family Office or Multi Family Office, the discussion is around how to affectively use tons of data available in a meaningful way.
Just like any industry today, Family offices suffer from Information overload. Much of the time, data is from different sources and in silos (neither integrated) not available when crucial decisions are to be made.
Integrating these data from different sources into comprehensive and meaningful financial information is a major challenge faced by CIOs across Single and Multi-Family Offices. Further, getting a client’s full financial picture is not always easy and some families’ financial landscape is so vast and diverse that it can be seemingly impossible to assemble a complete, reliable snapshot and keep it up to date.
Some of the major challenges include –
• Accurate and meaningful financial information and analysis that helps management take insightful decisions.
• Real time disclosure to meet ever increasing compliance requirements and regulations.
In response, Family offices have resorted to stop gap measures – with little to no success. For a long time, family offices got by with cobbled together solutions – performance reporting software, some portfolio optimization platforms and back office functions. More often, record keeping is done using Excel spreadsheet.

What Is Data Aggregation and why should CIOs care?
Ineffective data aggregation is currently a major component that limits query performance. And, with up to 90 percent of all reports containing aggregate information, it becomes clear why proactively implementing an aggregation solution can lead to performance benefits to family offices.
To put it simply, data aggregation is any process in which information from multiple sources is expressed in a summary form for affective data analysis and reporting purposes.

Finding the right technology partner to solve this difficult situation can change a family’s decision-making dynamic and empower management to develop wiser, more cohesive strategies for managing family wealth. This is the new paradigm of wealth management—integrated, thoughtful and informed, thanks to new technology. Showing families’ timely data—reconciled and normalized—delivered in a way they can use and then share with the many professionals they work with, can free families from information overload and give them control over their future.

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