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Is your data correct ? – Quick checks

Family Offices are characterized not only by their significant net worth but also by the complexity of their personal wealth: multiple entities, diversified asset classes, numerous advisors and a multitude of bank and Demat accounts.

Complexity is the reason why many of them opt for a consolidated, digital system, to get an anytime, anywhere view of their personal capital. Wealth management and accounting system’s calculations and reports are based on data input from multiple sources; direct linkages, data uploads and manual entry. Failure to enter data or incorrect data results in erroneous output.

There are several ways to verify if data is accurate and up to date, without which reports and analytics could be misleading. The most straight forward is to simply tally balances of external hard copy or PDF statements with system balances on any given date.

Few of the initial checks that can be done are:

External Data System Data under corresponding section
Bank account statement Cash (bank account number)
Consolidated Account Statement (CAS) Equity Mutual Funds / Short Term Income Funds (fund name)
NSDL or CDSL statement Stocks (Demat account number)
Public Provident Fund (PPF) passbook balance Fixed Income (PPF account number)

This screen shot of the Wealth Register (In Asset Vantage) contains dummy data, for representative purposes only.

Asset Vantage’s Wealth Register report gives the ability to have primary and secondary grouping where the user can select from an array of options like asset-classes, advisor, accounts, holdings etc in order to have a clear and detailed picture of their wealth and cross-check the data with physical documents.

Any discrepancy in balances should be treated as a red flag. The mismatch could be caused by a range of factors, starting from errors in master data to subsequent data entered incorrectly or incomplete data entry.

Click here for a quick demo of Asset Vantage and ensure your wealth data is represented correctly and accurately.


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