TOS Advisors

More to come! Thanks for the great conversation, John Yeager, Susan McDermott, Ryan Kerry, and Kristen Keith #familyoffice #familyofficeoperations #dataaggregation Addepar --> KnowLedger --> Sage Intacct, Inc.

Stay tuned for more! The first podcast episode in a new series on family offices will be released on November 21st. We had a great time discussing their benefits, complexities, and nuances with John Yeager of Whitley Penn, Susan McDermott of Addepar, Ryan Kerry of KnowLedger, and Kristen Keith of Sage Intacct, Inc.

Great post, Shaun Parkin, and thanks for highlighting Raymond DiNunzio's contribution to this report. Many of our clients see data stemming from Arch and moving to Addepar, then through KnowLedger, and into Sage Intacct, Inc. with minimal intervention. The more freely data can move from system to system, the more teams can focus on strategy and insights and less time on data "chores".

Operating a Digitally Run Family Office: The Future is Now In recent years, the family office (FO) landscape has been inundated with software solutions promising to ease the growing operational burden. However, no single piece of software can fully address the complex needs of a high-performing family office. At TOS Advisors, we've discovered that the key isn't just in adopting more software but in optimizing operational workflows. A well-run family office requires real-time access to updated information for critical wealth management processes. These include: -Intra-year tax planning -Securities exposure monitoring -Risk management (interest rate, cash flow, tax exposure) -Cash-flow management -Regulatory reporting and more Our approach at TOS is rooted in continuous improvement and automation. We believe in: 1. Minimizing manual data entry 2. Implementing a "touch once" philosophy for data handling 3. Seamless data flow across systems 4. Flexibility to integrate new technologies We focus on three primary objectives for data management: 1. Data Extraction 2. Data Structuring 3. Data Analysis and Insights Our persona-based approach ensures that everyone - from board members to family members, CIOs to CFOs - can access tailored insights through dashboards without static, manually produced reports. As talent acquisition in the FO space remains challenging, we believe staff should focus on strategic "core" work rather than manual "chore" work. While Excel has its place, we recognize its limitations as a long-term, scalable solution. In 2024, operating a predominantly digital family office with minimal manual intervention is entirely possible. Imagine a system where: -Data flows seamlessly from private investment portals -K1s are automatically captured and processed -Performance statistics are calculated automatically -Portfolio-level reporting is consolidated and updated daily -Your legal structure and entity ownership charts are updated live -Investment information integrates directly into your general ledger At TOS, we're committed to helping family offices embrace this digital future, optimizing operations and freeing up valuable resources for what truly matters: strategic wealth management and family legacy building. Are you ready to step into the future of family office management? Let's connect and explore how we can transform your operations. Arch Addepar ORCA KnowLedger SAGE Intacct Software Collation.AI #familyoffice #digitaltransformation #operationalefficiency

Second on the list for actionable recommendations for family offices: 2. Technology is a key driver of excellence AlTi Tiedemann Global identified six actionable recommendations for family offices to consider as they look ahead: 1. Value for your costs;? 2. Technology is a key driver of excellence;? 3. Vigilance is key. Ignore cybersecurity at your peril;? 4. Prioritize sustainability, governance and next-generation preparedness;? 5. Seek honest feedback often; and? 6. Outsourcing is a key component of any successful family office. https://lnkd.in/g7w74qAq KnowLedger and our business partners: Addepar, SS&C Advent, Canoe Intelligence, Arch, Sage Intacct, Inc., NetSuite, and others address many of these key areas identified to create a technology platform to sustain the business operations for years to come!! We also see a lot of outsourcing with business partners such as: TOS Advisors, iCapital, Strategic Accounting Outsource Solutions, LLC, Andersen

Great article by Institutional Investor. Newer family offices are growing more comfortable outsourcing their technology needs as they struggle to identify and adopt top tech solutions. Managing outsourced technology and third-party teams is not a family office head's idea of a fun time. This is exactly why TOS Advisors exists. https://lnkd.in/daZjprua

Congrats on your continued success! Tomas Hurcik Charmaine Tang Gregor Feichtinger Silvan Oberli

"Establishing strategic partnerships with family office aggregator platforms and leveraging technology to offer tailor-made solutions will be instrumental in capturing value..." The landscape is changing. Leveraging multiple teams and various software components is the future. Managing all of these elements can be complex. We can help. #familyoffice #technologytrends #outsourcing https://lnkd.in/gH7RA9wQ

Building a more digitally run, high-performing organization is on many #familyoffice professionals’ minds for 2024.?Let’s build one together.?Here is a list of 10 action items to consider when setting your goals for this year: 1. Conduct a technology audit - evaluate your current technological infrastructure. Identify areas where workflow automation can enhance efficiency. Streamlining processes, from data entry to reporting, reduces reliance on manual tasks. 2. Invest in #integratedsolutions: explore platforms that centralize data and eliminate the need to log into disparate systems. Integrated solutions provide a holistic view, enabling your team to work smarter and more collaboratively. 3. Implement #workflowautomation - identify repetitive tasks and implement workflow automation. This frees up valuable time, ensures consistency, and reduces the risk of errors. Focus on automating routine financial and administrative processes. 4. Embrace cloud-based collaboration - leverage cloud-based tools for seamless collaboration. This lets your team access critical information from anywhere, fostering flexibility and responsiveness. 5. Tax and investment strategy platforms - invest in specialized platforms that assist in tax strategy and investment management. These tools can provide real-time insights, aiding in informed decision-making and ensuring your strategies align with your financial goals. 6. Regular assessments and evaluations - establish a routine for assessing your family office's performance. Regularly evaluate the efficiency of your processes and adapt as needed. Stay vigilant on emerging technologies that could further enhance your operations. 7. Expense management and negotiations - regularly review your expenses to ensure you receive top-notch services at optimal costs. 8. Banking relationships - periodically assess your banking relationships. Are you getting the best rates and services? Stay proactive in optimizing these crucial financial relationships. 9. Training and skill enhancement - invest in ongoing training for your team to ensure they are proficient in utilizing the latest technologies. Equip them with the skills needed to navigate the digital landscape efficiently. 10. Continuous improvement culture - foster a culture of continuous improvement within your family office. Encourage feedback and ideas for optimization from your team and your clients. Embrace change and stay agile in adapting to evolving technological trends. Let's drive #productivity and #efficiency together this year and position your office to make more informed financial decisions, ultimately reducing costs and maximizing the value of your wealth management. #kaizen

Check out our partner, Raymond DiNunzio, discussing what it means to be a high-performing family office. Julie Cooling RIA Channel RIA Database #familyoffice #operationalexcellence #technology #bestpractices https://lnkd.in/dZHR6637