We worked with the head of the family office and analyzed the operation to objectively present their strengths (institutional knowledge and investment expertise) and weaknesses (antiquated technology). We realized the biggest challenges
the family office faced were supporting the subsequent generations of the office. The spending was getting more onerous; marriages were occurring; more tax complexity was being created from the creation of new trusts—we helped the office develop tracking procedures and an education program for the second and third generation. We implemented enhanced aggregation of account data and worked with the family office to incorporate time-saving and at once more rigorous reporting methods, lessening day-to-day tracking burdens while enabling a smoother planning process. Our technology allowed transaction level information to pass through straight to the family office and into their systems for tax, spending, and entity reporting.