Family Office 4.0: managing wealth in the 21st century
Family Office 4.0: managing wealth in the 21st century!
Cloud computing has given us innovations such as the Internet-of-Things, Artificial Intelligence (AI) and automation. The Fourth Industrial Revolution, commonly known as Industry 4.0, is driven by tech-savvy companies using these technologies to transform their factories and other business operations.
The revolution is not just industrial. Its impact is felt everywhere. Companies are inventing exciting new subscription-based business models that give consumers access to unlimited computing power and let them personalize products and services. Why wait for a TV company to schedule a movie when you can stream it at your leisure? Why wait until month end to receive a personalized financial report when you can have it on demand?
In the world of wealth management, we see the emergence of a software-enabled Family Office 4.0 (FO4.0). It’s the latest staging point on a journey of evolution that began with family offices that were homes to dusty ledger books (FO1.0). Then we had the arrival of personal computers and one-size-fits-all accounting software (FO2.0). Next we struggled through an era in which teams of accountants spent time and money customizing expensive software that never quite communicated with each other (FO3.0). Some are still in that twilight zone, while others are enjoying the flexibility and freedom that comes with the next wave.
Family Office 4.0, like the Fourth Industrial Revolution, is built on cloud computing. It has ushered in the era of the virtual family office.
Some, though not all, families have adopted this efficient system of managing their complex financial and investment information. It allows them to use a single software platform for all family office operations. Accounting and report generation can be automated. Data storage and document management can be digitized. And all of this rich information can be easily accessed. Secure cautions can be initiated from anywhere, giving family office principals unprecedented control.
Asset Vantage (AV) is the key to unlocking Family Office 4.0.
A bellwether of family office investment reporting and accounting, AV changes the way wealthy families manage their finances. Our software solution gives families greater visibility and better control over their financial data. This enables them to make insight-driven investment decisions.
Financial information securely stored on the cloud gives single-point access to consolidated data. Even if all operations are outsourced, they are bound together on a single platform, the keys to which are held firmly by the family. The principal can control access to the data by family office professionals and external advisors. This reduces personnel-dependency, costs and risks.
While families are quick to harness technology for their businesses, some have remained traditional towards their personal finances. But many forward-looking families have adopted virtual family offices and experienced the benefits.
You too can join the Family Office 4.0 revolution. Set-up a modern family office and take the first step towards your family’s financial security and freedom.
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