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This year’s VCCircle Family Office Summit was an advent for family enterprises and their trusted advisors. They had the opportunity to learn about modern investment opportunities, efficient capital and generational wealth structures. Additionally, also understanding the ecosystem available to them to identify and navigate these fast-growing opportunities in India.
The Asset Vantage team was fortunate to have engaged in countless conversations with Family Principals and operators about whether they were running their systems or whether their systems were running them. In our decade plus experience of onboarding hundreds of global clients on a Financial Operating system, we’ve learnt that running a Family Office on outdated and make-shift systems is like riding a two-wheeler on a highway without a helmet- risky, unstable, and bound to fail.
Family Offices are built to last generations, yet many still rely on systems that haven’t kept up with this decade. I see it all the time- multiple advisors, fund admins, and accountants each with their own way of recording and reporting. One relies on PDFs dumped into spreadsheets, another on basic accounting tools. Reports are manually cobbled from fragmented formats and somehow, it all works. Until it doesn’t.
Whenever there’s a change of advisor or accountant or a key person leaves, everything unravels. Families scramble to track down reports, dig through multitude of files that are outdated, and realize their decisions were based on fragmented, inconsistent, and incomplete data.
The result?
The solution is having a structured decision-making framework that makes financial oversight process oriented and people independent.