The Fine Art & Science of Delivering Institutional-grade Technology Solutions and Practices for Family Offices of all Sizes
Mar 10, 2023
Hubbis is delighted to report that we held a remarkably successful one-day Family Office Forum in Singapore on February 9 in exclusive partnership with US headquartered family office advisor and solutions provider Eton Solutions.
The event was sub-titled ‘Creating & Operating a Modern, Efficient and Fit-for-Purpose Family Office’ and brought together speakers and attendees from Single-Family Offices, Multi-Family Offices, private banks, independent wealth firms, trustees, lawyers, accountants, consultants, immigration specialists, regulators and other experts from the wider family office and wealth management ecosystem.
Nimish Soni, Chief Operating Officer of Eton Solutions, told delegates how in each family office they know – and the firm has more than 400 family office clients globally - there was always resistance amongst team members to new technologies, solutions and practices, as those changes require almost ‘unlearning’ what they had become familiar with.
Accordingly, Nimish realised early on in his roughly five year tenure to date at Eton that to help these clients adapt to these “beautiful technologies”, Eton needed to build a services team that could assist the client, almost like a co-pilot. And that is what he drilled down into for the delegates, in other words how Eton not only brings the right technologies but also the right support and services that help clients through that challenging data management, reporting and operational efficiency technological and process journey.
As part of the talk and slide show, he articulated the value of a tiered service offering including incorporation of bank feeds and non-financial assets to provide holistic wealth views, smart, real-time investment reporting and for the handling of complex transactions like capital calls for Private Equity. He also highlighted some of other vital reporting capabilities, and the need for access to a seamless mobile application. In short, he demonstrated how Eton offers the right platform to bring the best institutional-level solutions to any size of family office.
And the Eton Solutions team certainly know their business. Eton Solutions has developed an ERP platform that was built by a family office for global family offices. They now serve about 400 families, and over 1100 users, with 300 plus employees, of whom around some 75 are in the United States, and about 225 around the world.
"Presently," reported Soni, "almost all family offices provide a monthly or quarterly consolidated reporting covering all asset classes. But wealth owners would love to get these reports on a daily basis. Which means all data has to be aggrageted and accounted (investment, GL and Capital) on a daily basis. This daunting task can be supported by Eton’s services team freeing up family office staff to focus on higher value tasks."
In turn, Soni explained that “generally 85% a family offices staff goes into data aggregation, reconciliation and basic accounting. Eton’s services team can free you up to focus most of time on higher value tasks.”
Link to the On Demand version of this workshop: https://www.hubbis.com/event/family-office-forum-2023-2023-2-9/presentation/workshop-administrative-family-office-proposition
Chief Operating Officer at Eton Solutions
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