DATA, PEOPLE AND PROCESS: KEY CONSIDERATIONS FOR FAMILY OFFICES IMPLEMENTING A WEALTHTECH SOLUTION

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SEI Household Workplace Providers delivers know-how and outsourced providers that help the accounting, funding administration and reporting capabilities of household places of work, personal banks, personal wealth advisors and different asset managers. Designed to assist household places of work and advisors to rich households higher serve their ultra-high-net-worth purchasers, SEI’s award-winning Archway Platform℠ and high-touch outsourced providers effectively deal with complicated partnership, portfolio and company accounting alongside invoice cost, funding administration and multi-asset class information aggregation.

At SEI Household Workplace Providers, we frequently discuss concerning the significance of knowledge, individuals and course of in overarching household workplace wealthtech methods. But it surely bears repeating that this trio can—and will—be particularly utilized to the implementation of household workplace know-how options too.

Leveraging our in depth expertise implementing the Archway Platform℠ for household places of work and monetary establishments serving ultra-high-net-worth households, SEI Household Workplace Providers is aware of a factor or two about how the selections associated to those three core areas can influence your implementation timeline (take a look at our latest weblog Household Workplace Software program Implementations: 5 Frequent Timeline Delays and How you can Stop Them) in addition to the long-term viability of your chosen household workplace resolution.

To assist your loved ones workplace suppose by these inflection factors, SEI Household Workplace Providers has put collectively a brief listing of concerns related to every theme: information, individuals and course of.

Information. The muse of your wealthtech resolution.

Arguably some of the difficult elements of a wealthtech implementation undertaking is gathering, validating and delivering information to your know-how vendor. Whereas tech outlets can mitigate the influence of this step by automation, information feeds and intuitive information meeting instruments, household places of work also can take steps to assist create a seamless conversion.

Listed below are a couple of data-focused concerns:

  • Do you may have an inventory of entities, accounts and possession constructions?
  • Do you may have an inventory of all custodial and financial institution accounts, together with points-of-contact?
  • Do you may have an inventory of all managers for different investments?
  • Have you learnt the right way to extract information out of legacy programs, together with basic ledgers, custodian portals and portfolio reporting platforms?
  • Can you present correct, validated information to make sure a clear place to begin in your new system?
  • Do you may have entry to historic monetary reviews, together with stability sheets, earnings statements, trial balances and custodial paperwork?
  • Do you may have data for all historic different funding money flows?
  • If migrating to a brand new accounting system, are you ready to shut out the final accounting interval in your present system?
  • If migrating to a brand new reporting device, is historic funding efficiency information available?

Individuals. The engine that drives your success.

Implementing a brand new wealthtech resolution takes equal elements talent, information and resourcing. And whereas most individuals assume resourcing wants have to be met internally, we’ve discovered that this isn’t at all times the case given the rising variety of household workplace consultants that may provide capability and experience on an as-needed foundation. With that in thoughts, placing the suitable stability of inside and exterior sources is vital to making sure that you’ve the suitable workforce in place to efficiently full the implementation undertaking and maybe, extra importantly, function the answer long-term.

Listed below are a couple of people-focused concerns:

  • Who will likely be chargeable for evaluating options?
  • Will you interact a marketing consultant throughout the know-how choice?
  • Who would be the final decision-maker?
  • Who will handle the implementation undertaking?
  • Who will help the gathering, validation and supply of knowledge to your vendor?
  • Who will oversee the profitable completion of undertaking milestones?
  • Will you may have a devoted workforce to function the know-how post-conversion?
  • Who will likely be chargeable for speaking with the seller, sharing product updates internally and coaching inside employees on the right way to use the answer?
  • Will you outsource any elements of your operations to your know-how vendor or different third-party contractor?

Course of. The nuances that outline your operations.

If in case you have the info and you’ve got the individuals, the ultimate piece within the trifecta of implementation success is your course of. Do you may have a course of outlined that assembles the right sources to gather, validate and ship the info that’s required to face as much as a brand new know-how resolution? Whereas this may increasingly look like overkill, remember that most often, household workplace workers don’t merely abandon their day jobs throughout a know-how implementation. By planning a course of forward of time, and remaining versatile all through the implementation undertaking, you’ll be in a greater place to set cheap expectations that don’t over-burden your sources.

Listed below are a couple of process-focused concerns:

  • What are an important capabilities it’s essential to carry out in your new platform?
  • Have you considered the way you wish to prioritize the adoption of those new capabilities?
  • What reporting outputs do you hope to achieve utilizing your new platform?
  • Have you ever communicated your targets to your most well-liked know-how vendor?
  • Have you ever labored together with your inside stakeholders in addition to your most well-liked know-how vendor to set priorities and milestones?
  • Have you ever begun change administration discussions?
  • Do you perceive what information is required to succeed in undertaking milestones?
  • Is your anticipated milestone timeline achievable primarily based on different, pre-existing tasks and priorities?
  • How will you allocate sources to finish undertaking milestones?
  • Have you ever created a workflow for gathering, validating and delivering information to your most well-liked vendor?
  • Who will log off on the completion of undertaking milestones?
  • Have you ever established standards to find out when you may successfully lower ties together with your outdated programs and processes?

In our 20 years of implementing the Archway Platform, SEI Household Workplace Providers has realized firsthand how impactful pre-work will be. We acknowledge that having information, individuals and processes aligned is the important thing to simplifying know-how migrations. By going by the workouts of organizing and making ready your information, planning sources and defining processes upfront, your loved ones workplace will likely be higher geared up to hit the bottom working in your implementation undertaking and efficiently scale up your new resolution.

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