Wealth Management – The Controller Pain Chain – Part II

wealth management

This is the last in our series of articles analyzing the Pain Chain as it relates to Wealth Management.  We conclude with the final pain points of the Controller in a Wealth Management Organization.

Wealth Management Goal 3 – Minimize Risk

The Requirement

You need a full audit of intercompany transactions, due to, due froms and void transactions and be able to go back and track why you made certain intra and inter operating company business decisions – e.g rent in a shared office. You also need to simply add/remove users to one or more entities.

The Pain

Today you use email to discuss both intra and inter operating company business. It is impossible to go back and track why you made certain decisions – e.g rent in a shared office.

The Need

Tie conversations and decisions to financial data and audit those conversations front-to-back office. We need multi-entity audit and user management.

Wealth Management Goal 4 – Compliance

The Requirement

You need to use a GAAP compliant accounting system.  You may fail an audit soon.

The Pain

The cost of Switching from QuickBooks.

The Need

A GAAP compliant accounting system that consolidates across multiple operating companies and is easy to migrate to from QuickBooks.

As you may have already surmised…

The Solution Remains The Same

The World’s Leading Multi-Entity Cloud Accounting System for Investment Management Firms.

Intacct works with data-driven Chief Financial Officers, Chief Investment Officers and Controllers who need access to integrated financial and management reports, across their holding and operating companies, in minutes not 10’s or 100’s of hours, to grow and drive their investment business.

Intacct is the only cloud accounting system, chosen by the AICPA that provides best-in-class, continuous consolidation and drilldown across multiple funds reducing rollup times from up to 100 hours to minutes with full GAAP compliance and a 97% customer satisfaction rating. With built in features like Intacct Collaborate, tying conversations to financial data and transactions becomes seamless.

Find out how one Wealth Management Company optimized their Finances. View the On-Demand Webinar here.

Since we are on the topic of Wealth Management, if you are in the Toronto area and plan on attending Quant World Canada 2016 on November 10th, drop by the Black River booth, we will be there and would very much look forward to seeing you!