Selecting the right software is one of the most critical and daunting tasks businesses face. As the digital revolution unfolds, an increasing number of processes are digitized, consolidated and automated using software solutions. Today most industries have easily identifiable software frontrunners, yet the private wealth- and family office segment still suffers from fragmentation, a lack of clarity and transparency.
For many family offices, the process can be time and resource-intensive — with limitations discovered after purchase, having serious consequences for productivity and costs. According to Bijan Farsijani, who heads research & insights at Simple, “Choosing software solutions for family offices is a pain – not least because providers and family offices speak different languages. Where providers talk about features, family offices talk about use cases. Culture, geography and regulation further complicate things.”
In order to identify these needs and explore how different software providers tackle this product-market fit, the Simple team conducted The Family Office Software Review. One outcome of the research is standardised categories that help family offices to get a better understanding of what providers offer and what their limitations are.
Outlined below is a roundup of the software providers, alongside the unique value propositions that family offices should be looking out for.
Based in the USA, Addepar is a wealth management platform that infuses complex financial information with transparency. By connecting data, technology and people, it facilitates informed decisions through actionable insights and tailored reporting allows multi-generational family offices to achieve their objectives.
USA-based Allvue Systems is a software solution providing flexible and customizable accounting, monitoring and reporting.