Automated asset consolidation of your wealthy clients: where are you?

Consolidation automatisée des actifs patrimoniaux de vos clients fortunés

Automated asset consolidation of your wealthy clients: where are you?

Consolidating the wealth assets of your wealthy clients is a major challenge for Family Offices Consolidation of the wealth assets of a wealthy individual is a prerequisite for effectively providing quality financial, tax or legal advice.

Indeed, the overall vision of your clients’ assets is of crucial importance when it comes to measuring the degree of risk and performance.

An approximate or outdated consolidation can lead to non-optimal recommendations or late and penalizing decisions for the client.

Consolidation of financial and non-financial assets remains complex

For Family Offices advising families or wealthy individuals, the consolidation and the monitoring of client wealth is a difficult task because the asset structure is often complex:

  • The types of assets can be very varied: listed and not listed financial investments, real estate, works of art, etc.
  • Assets may be held in various forms: indirect, in trust, shares in investment funds, assets under custody, co-ownership with family members or third parties, etc.
  • Assets may be held in different countries: their country of residence, countries with favorable taxation or the country in which their bank has established its service account…

What are the answers put in place by Family Offices to get a 360° view of the assets and liabilities of their wealthy clients?

To address this puzzle, many Family Offices dedicate significant internal resources to collect information at first and then present a clear overview of the overall situation to facilitate decision-making.

Some Family Offices have therefore decided to semi-automate the collection of information by collaborating with their clients’ custodians. Then, Custodians send monthly secured files to Family Officers. This collection allows the follow-up of the investments of the customers at their different custodians.

Our recommendation: to be accompanied by a professional consolidation service

The semi-automated process remains imperfect for two reasons. The first one is that the entire risk lies with the team or more often only one collaborator who created this consolidation. The second one is related to the case of a new client for the Family Office with assets held by a new custodian that requires building a new connection.

This is why, in order to mitigate the risk and gain operational efficiency, it is highly recommended to be accompanied by a professional consolidation service.

Mon Gérant Privé can help you build a state-of-art consolidation service to provide additional high quality services to your clients.

This data aggregation and risk monitoring service will help you develop a comprehensive and consistent understanding of your client’s wealth through ad-hoc reports on all assets managed in different banks or countries.

By focusing on your specific issues and constraints, we carefully analyze your needs in order to offer you a tailor-made solution, able to evolve with your requirements while guaranteeing a level of security adapted to the most stringent regulations.

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