Family Office Technology Hub

Full Episode is available on our members podcast : ⁠Listen Here⁠ A live panel from our November 2024 Virtual Tech & Ops Conference covering how outsourced family office providers approach selecting and implementing technology to meet client needs, reduce risks, drive transformation, and gain leadership buy-in. It also touches on balancing cost and innovation to ensure success for both their firms and their clients.The panel was moderated by Michael G. Perez, MD, from the Family Office Practice at F2 Strategy. Michael's panelists were:  Patty Esslinger, VP & Head of Product at Trove Family Office Sophia Loh, Partner-in-Charge of Family Office Practice at Frank, Rimerman + Co. Neil Shapiro, Head of Family Office Practice at TAG Associates Join out Network: FOTechHub.com 00:00 - Introduction04:15 - Vendor Selection The value of having a clear roadmap to guide technology decisions. Discussing the root challenges, inefficiencies, and scaling needs before vendor evaluation. Recommendations: Request demos, references, and sandbox environments. 07:41 - Long-Term Planning The importance of vendor longevity and cybersecurity. Planning for potential acquisitions or changes in vendor availability. 09:16 - Case Studies Successful portfolio reporting system update using Black Diamond. Challenges with legacy systems and gradual client migration. 11:15 - Cost vs. Innovation Balancing budgets while ensuring efficiency and return on investment. Quantifying intangible benefits like staff efficiency and client service. 15:18 - Change Management Internal champions and training - factors in technology adoption. Building a firm culture that embraces innovation for long-term success. 20:30 - Future-Proofing Tech Stacks Strategies for creating a robust and scalable technology roadmap. Integration of open platforms and avoiding technology silos. 32:46 - Audience Questions Example of adjusting processes to fit software or vice versa. Insights on due diligence: evaluating security, vendor flexibility, and integration.

Full Episode is available on our members podcast : Listen Here Join Our Monthly Tech-NEW-logy Sessions: FOTechHub.com Moderated by Erin Hulse, founder of Deviate Consulting, a software consulting firm specializing in family offices. Erin brings extensive experience in accounting, software implementation, and private wealth. This episode features Kareem Hamady, CEO and Co-Founder of AltExchange, and Alan Perl, Director of Client Service and Business Development at Fi-Tek Wealth Solutions. AltExchange: Simplifies alternative investment reporting with automated data aggregation and enhanced transparency, recently acquired by iCapital to advance data management capabilities. Fi-Tek Wealth Solutions: Offers Rockit® Command, a technology platform originally built by the Rockefellers, streamlining multi-generational family office operations with comprehensive reporting solutions. Discover how these tools are transforming financial reporting, operational efficiency, and data management for family offices. Summary: (03:48) Speaker introductions (05:15) RockIt Command Overview: developed by the Rockefellers for family office needs, and its evolution after Fi-Tek's acquisition in 2016 (09:18) Modularization and integration with Fi-Tek's wider wealth platform (12:19) Implementation challenges: collaboration and co-sourcing (17:26) Modularization trends and challenges with legacy general ledger systems in family office tech (20:28) Data Integration for RIAs and family offices, including alternative investment support (30:11) AltExchange: founding, interoperability, and leveraging AI (33:55) AltExchange Differentiators (41:59) iCapital Acquisition: insights into AltExchange’s integration with iCapital for post-investment reporting capabilities (47:58) Pricing Models (56:10) Future Roadmaps

Full Episode is available on our members podcast : ⁠Listen Here⁠ Join our network at ⁠FOTechHub.com⁠ A live panel from our November 2024 Virtual Tech & Ops Conference discussing AI adoption in family offices, with practical use cases, challenges, and insights from leading industries. This panel explored AI adoption trends in family office operations, covering practical use cases, challenges, and strategies for implementation. It also drew insights from industries at the forefront of AI adoption.Moderated by:Tania Neild, CTO & Owner, InfoGratePanellists:  Yoni Malchi, MD, AI & Data Solutions Consulting, World Wide Technology  Amy Freidinger, Chief Operating Officer, Tao Capital Partners Tim Macherone, COO, Shade Tree Advisors  Neil D'Anniballe, Principal, Manager, Private Client Systems, Brown Advisory   Summary 00:30 Part 1: Tania Neild & Yoni Malchi 03:15 AI's Evolution: Differentiating traditional machine learning from generative AI, which rose with ChatGPT in 2022.6:30 Security & Data: Securing gen AI, addressing risks of public data training, and methods like fine-tuning and RAG for proprietary data.10:40 Applications & Limits: AI's growing but limited ability to process data tasks like balance sheets and general ledgers; improvements in GPT-40's table and diagram processing.12:50 Security Tips: Virtual private clouds vs on-premises solutions, and guardrails to prevent bias, data leaks, and prompt injection.15:00 Part 2: Discussion of practical use cases16:00 Panelists: Amy (single-family office, 30 employees), Tim (multifamily office, 60 employees), and Neil (large organization, 1,000 employees). Three AI Strategies: Co-Pilot; private ChatGPT; integrating AI through the FO’s main operating system.17:20 AI Use Cases: project management, document handling, bill payments, investment research, presentations, and legal reviews.18:05 Neil: Built an AI-powered research hub for investment insights and client queries. Focused on adoption through easy wins, with success measured by usage and reduced inquiries.23:03 Amy: Automated alternative statements processing, saving time and improving efficiency in the spirit of "progress over perfection". Future plans: integrate AI into general ledger and streamline cash management.28:17 Tim: Automated custodial statement processing with 96% accuracy, reducing time from 8 to 1.5 minutes per statement. Tackled challenges with capital account statements and focused on high-impact tasks.33:16 Bill Payments: Amy’s team automated OCR-based bill payments, simplifying workflows and improving accuracy. 36:46 Legal Reviews: Tim’s AI analyzed and summarized legal documents efficiently, indexing 500,000+ documents for better data access.41:55 Project Management: Neil automated tagging and migration of documents into Box, linking them with Salesforce. Amy used Monday.com and Co-Pilot for CRM projects, meeting notes, and task summaries.46:58 Change Management: Incremental adoption of AI recording/transcription tools in sensitive settings improved engagement and action tracking. Engage employees to design and adopt new roles with technology.50:12 Benchmarks: Tim’s AI integrated external benchmark data with internal systems, automating repetitive monthly tasks. Join our network at FOTechHub.com Next Tech-NEW-logy programme, 19 December - Register here

Live seminars by FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute. In this episode, Shaun Parkin - Founder, Hall Road Investments - interviews: Private Wealth Systems - offering financial reporting and data aggregation for family offices - represented by Charlie Brown, Director of Sales. Arqa AI - providers of AI-based tools for investment management and risk assessment in family offices - represented by Haik Sahakyan, Co-Founder & CEO. Episode page:⁠ Tech-NEW-logy Institute: Shaun Parkin Interviews Private Wealth Systems & Arqa AI | FOTechHub⁠ Join our virtual family office tech & ops annual conference, 19-20 November: ⁠FOTechHub Second Annual Tech & Ops Conference (ringcentral.com)⁠ Show Summary: 00:00 – Introductions 04:16 – Sean’s opening remarks 05:55 – Haik & Arqa AI: focus on automating data entry and aggregation (capital calls, k1s, custodial statements, etc) 07:26 – Charlie & PWS: data consolidation, reconciliation and analytics 08:22 – Data challenges, complexities of onboarding tech, automating data handling, master investment book of record 12:06 – Data accuracy and efficiency, errors in custodial feeds 16:38 – Resource limitations in family offices, power users and outsourced back office 24:00 – Client feedback on ai tools: not just for data extraction but also portfolio rebalancing; document management 30:04 – Arqa and PWS in the ecosystem Arqa: focus on investment and operational workflowsPWS: data management platform integrating with other systems 39:11 – Global client demand 47:58 – Pricing models and ranges 52:59 – Data security and privacy 58:19 – Closing remarks

FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute: Tania Neild of InfoGrate interviews: BlackCloak- a holistic cybersecurity platform, safeguarding executives’ personal and financial data, and protecting corporate assets without invading personal lives. Abacus - a global IT and Cybersecurity provider, offering specialized services for the financial sector through its abacusFlex platform, ensuring secure and compliant scalability. Copia - a real-time portfolio management platform for diverse asset classes, enhancing “Assets Under Intelligence™” with a team experienced in creating top applications, building fast-growing companies, and developing complex enterprise software. The discussion will introduce these companies and their services, and focus on the impact and future implications of the 7/19 CrowdStrike incident on cybersecurity practices for family offices. Show Summary 00:05 - Introductions  06:34 - Chris Pierson and BlackCloak overview  09:13 - Michael Sikorsky and Copia overview  11:41 - Paul Ponzeka and Abacus overview  14:00 - Explanation of EDR (Endpoint Detection and Response) tools and their role in cybersecurity. Comparison with traditional antivirus software 19:11 - What happened with the CrowdStrike incident? Strategies for protecting client endpoints; diversifying security tools to mitigate single points of failure  26:20 - Implications of the CrowdStrike incident for family offices; Importance of multi-layered defense approach, including EDR, MFA, and email security; prioritizing prevention, backup, business continuity and rapid recovery plans 33:00 - Sentinel One vs CrowdStrike 39:51 - Recommendations for how family offices should handle communication during incidents 47:46 - Balancing the urgency of releasing security patches with the risk of issues like the CrowdStrike incident  50:14 - Some of the most common attacks targeting wealthy individuals and family offices (scams, fraud, malware infections, account compromises, etc)

This is a special episode in the tax track for the Larry Kraus Institute’s family office community. It is a recording of a virtual program presented on June 26th titled: Ransomware: What Family Offices Need To Know, If And When Data Is Compromised.  The moderator was Tony Gebely, CEO of Annapurna Cybersecurity Advisors. The panelists were David Sun who leads the cybersecurity incident response and computer forensic services for CohnReznick and Annmarie Giblin, Partner in the Global Cybersecurity and Privacy Group at Norton Rose Fulbright.  The video from this program can now be viewed on www.myfotech.net  The FOTechHub podcast is a collaboration with Phil Strassler's Larry Kraus Family Office Tax & Tech-NEW-Logy institute. If you like this discussion please follow us or join our network through fotechhub.com to be invited to future virtual and in-person events. 00:05 - Introductions  06:05 - Evolution of ransomware attacks, from encrypting systems to data exfiltration  13:11  - Legal implications and requirements, notifying authorities and regulatory scrutiny 27:39 - 27:39 - Cybersecurity measures and proactive approach: EDR (endpoint detection response), MFA (multi-factor authentication), testing, analysis, monitoring and training 52:28 - Cyber insurance and ransomware coverage, different types of insurance, limitations  

FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute: Natasha Pearl interviews Way2B1 - a platform that streamlines life management for families, and Nines - a household management platform.

FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute: Jon Carroll discusses various aspects with live audience polling, including investments in technology, innovation, automation, integration, AI, business continuity planning, and tools for supporting operations and data security. Jon also interviews Eton Solutions, an integrated accounting platform leveraging generative AI for its Eton GPT tool, and Summitas, a secure, flexible collaboration tool for wealth management.

FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute: Michael Perez Interviews Collation.AI and SumIt Michael Perez from F2 Strategy interviews Collation.AI - a data aggregation and reporting platform and SumIt - a new generation general ledger. Both startups leveraged our My Family Office Tech & Ops Conference in November 2023 as a launchpad to introduce themselves. 01:00 - Introductions 05:55 - Founder's journey: Alex 08:40 - Founder's journey: Tanmai 10:50 - Markets covered 12:35 - Relevant metrics: speed to market and time saved 16:30 - Client base and characteristics  23:20 - Value prop & use cases 23:50 - Alex: simple & sophisticated accounting: access, visualisation, consolidation & integrations 26:25 - Tanmai: aspirin for your data headaches & consistency problems 29:40 - Room for improvement? 32:45 - Extracting information from PDFs 38:15 - Competition 41:45 - Workflow capabilities  45:10 - Migrating data from Quickbooks  47:20 - What’s next on the roadmap  50:00 - Pricing  51:30 - Implementation timescales

FOTechHub & the Larry Kraus Family Office Tech-NEW-Logy Institute present: Efrat Avigdor, a Family Office Advisor, interviews Luminary and K1x. This program focuses on managing and visualizing trust & estate strategies, and AI automation software for K-1s, K-3s and 990s.

Published  on 29 December 2023  As we wave goodbye to 2023, let’s take a look at some of the most interesting recent developments in family office tech - new products, integrations, partnerships, funding news and a flurry of activity in the alts space! Our news bulletin might've taken a little longer to reach you, all thanks to our smashing virtual conference that received rave reviews! (Check out the highlights here) But worry not, we’re not idly scrolling through news feeds—we're knee-deep in plans for 2024! In this post:  #Accelex  #Addepar  #Alkymi  #Altoo AG  #Amplify Advisory Solutions  #Arch  #Canoe  #Deviate Consulting  #Eton Solutions  #FactSet  #Forest Systems  #Foundation Source  #iCapital  #IQ-EQ  #K1x  #Ledgex  #Maestro FS  #Mirador  #PBI  #Performativ  #SS&C Advent  #SS&C Black Diamond  #TIFIN  #Trove If we missed anything or you have suggestions, email info@myfotech.net 

Welcome to the inaugural episode of FOTechHub Podcast, where we delve into the world of technology solutions for modern family offices. This interview is brought to you by FOTechHub and Phil Strassler from the esteemed Larry Kraus Tech-New-Logy Institute. For over two years, the Tech-New-Logy Institute has been paving the way, and now, FOTechHub is expanding its horizons to reach a wider audience. Our aim, guided by top technology consultants, is to introduce cutting-edge tech solutions tailored for today's family offices. In our latest episode, Andy Fox engages in insightful interviews with Trusted Family - communications and governance solution for families, boards and shareholders, and RSM - cloud-based tech platform centralizing data for family offices.