Family Office Challenges — Front and Center at FWR’s Fintech Summit
FundCount was pleased to be a sponsor of the Family Office Fintech Summit in New York for the second consecutive year. One of the few industry events specifically focused on technology solutions for family offices and HNW individuals, the Fintech Summit attracted over 100 attendees on a snowy March day — a clear indication of the substantial interest in the market for this type of event.
Making Essential Upgrades to Ensure You Aren’t Left Behind, a panel discussion including FundCount’s Mike Slemmer, was the first of many engaging sessions throughout the day. Rounding out the panel were Melissa Mattison, Managing Director & Chief Operating Officer, Athena Capital Advisors and Chris Martinez, Managing Director, Oakbrook Solutions. Stephen Harris, publisher of Family Wealth Report, served as moderator.
Discussion focused on the steps a family office can take to ensure they select the right provider. Although the panelists represented different players in the industry -- a vendor, a practitioner and a consultant -- all agreed that the up-front work starts internally. A family office needs to:
- Understand its current environment and workflows
- Determine what problem(s) it is trying to solve
- Be true to itself — know what the family office can handle and/or wants to handle
- Focus on core needs
Once internal priorities are in line, it’s a matter of assessing “fit” based on the vendor’s ability to meet a family office’s unique requirements. Use cases provide insight into how a solution can solve a real-world challenge and due diligence will shed light on critical factors such as security, business recovery and financial stability. However, an alignment of culture is equally important for the overall chance of success.
Download highlights from all conference sessions by FWR’s editor, Tom Burroughes.