Wealth Management

Family Office Trust

A few months ago I wrote an article about Family Office Loyalty.  As we close out the year, I wanted to address an element that goes hand in hand with loyalty, and that is the element of Trust.  Earlier this month we attended the Family Office Club Super Summit in Miami, FL.  I was lucky enough t

The Single Family Office Generation Shift

Family Offices are changing. Objectives are changing, reporting requirements are changing, family members are requiring deeper financial insights, and yes the generation is changing.  In a Bloomberg report, The Future of Family Offices in 20171, the number one objective of the family office, ranked

Closing the Books – It Doesn’t Have to be Difficult!

As a CFO, Accountant, Bookkeeper, or even someone who works alongside one of these individuals, you probably know that closing the books can be a daunting task. An added stress is if you are a family office, asset management or private equity firm that needs to consolidate the books from multiple en

Family Office Loyalty

Family Offices are unique organizations.  One topic not often talked about, but always present, is Family Office Loyalty.  Over the course of the past week, Black River secured an engagement to implement Intacct with a large single family office in the western United States.  While we are only

What The Affluent Cannot Buy

I attended the Family Office Deal Flow Summit in San Francisco on Friday.  The sessions were both valuable and very insightful.  And yet I was surprised with my ultimate takeaway.  What the affluent cannot buy.  TIME.  When we think of the affluent and family offices, we think there is nothing

Family Office & Private Equity Deal Flow Collaboration

According to Investopedia* - While deal flow can be generated from a number of sources, the proposals that are likely to garner the most attention are the ones from companies or entrepreneurs where a previous investment has been successful, or where there is a solid existing relationship. On the oth

Family Office Direct Investing

Last week I talked about the Family Office Deal Flow Summit and how Family Office Direct Investing is beginning to gain a lot of traction in the investing community.  This week I would like to elaborate with some details on what that translates into for Family Offices in practical terms.  First o

Family Office Deal Flow Summit

The Family Office Deal Flow Summit is being held on July 14th in San Francisco, CA at the Julia Morgan Ballroom.  Black River is once again proud to be participating as a strategic partner at this Family Office Club sponsored event.  For complete details and a list of speakers please follow this

Family Offices Replacing Quickbooks

“Instead of looking at what has happened we use Intacct as the single source of the truth to proactively analyze and drive the business looking forwards” - Jason Gabauer, Controller Halstatt Halstatt Real Estate Partners is a family owned investment management firm that made the switch from Dyna

Making the Switch – Historian to Futurist

I have had the opportunity to attend various tradeshows and events as a member of the Black River Technologies team over the past few years. Time after time, I never cease to be surprised by the number of organizations that are still 'chugging along' with either an entry level software package like

Family Office Accounting And Discretion

There are innumerable topics of discussion surrounding family offices.  One of those topics, family office accounting, has nuances unique to the family office space, which leads me to the following observation.  As it relates to family office accounting or any dealings with a family office for tha

Family Office Real Estate Summit

Real Estate is in the forefront of our minds this week with the upcoming Family Office Real Estate Summit in Miami on Monday April 10th. The focus for this year's event is to promote a collaborative, relationship-building environment where family offices and institutional investors can share insigh

Ad Hoc Reporting Not Filling The Gap

Fast access to data has become crucial to making the right decision.  Take the following for example.  A wealth management organization has an opportunity to invest in a venture of some description, but the window for the decision is a tight time frame.  What will that organization need to know b

Success & Action – The Relationship

Each week I look forward to writing my blog post.  I always try to make it interesting, perhaps throwing in a question now and then to challenge the reader. Always in the hope that it will expand the readers' horizons.  As I was thinking about this week's topic, I came across the quote from Picass

“I Need This” – Heard at the SFO Summit About Intacct

That's right, we heard that verbatim at the Single Family Office Summit which we recently sponsored in New York.  A gentleman walked up to our table, featuring Intacct, looked at the rolling demo of Dashboards designed for the Family Office and simply said "I need this."  Quite frankly, we were so

A Move To The Cloud & The Dickens Process – Really???

Can our decision of a move to the cloud and The Dickens Process be related?  The Dickens Process is based on the the character of Scrooge in Charles Dickens classic book, A Christmas Carol.  Without delving into the psychological weeds of this issue, the principle is very simple. What will my futu

Family Office Monthly Reporting

The accounting department has long been viewed as custodian and curator of financial data. However, whether it’s bringing the data together or distributing the financial results broadly, the financial reporting process has long been an onerous drudgery of information assembly, validation, and repo

Single Family Office Summit

We are looking forward to once again being a sponsor at a Family Office event. On February 17, 2017 we will be sponsoring the the Single Family Office Summit being held at the Fordham University School of Law.  We look forward to reconnecting with friends and making new ones at this event. About Th

Wealth Management By The Numbers

This simple success story discusses how one financial services firm was able to scrap Excel & Dynamics GP, as well as reduce financial reporting time Following some simple steps outlined in this whitepaper on Driving Performance in Wealth Management Firms, you can expect to drastically reduce fi

Wealth And Asset Management Firms Thriving With Intacct

  A true cloud based accounting system for investment management The Infographic below speaks for itself Listen To The Halstatt Webinar 2017 The Year of Instant Financial Consolidations To Learn More, Please Click Here

Dashboard Reports

Dashboard Reports are to businesses what cockpit control panels are to pilots. It’s the business equivalent of dials and meters, all designed to provide a user with a snapshot of the status of the business using KPIs. The KPIs on Dashboard Reports should be a mix of financial and non-financial in

Aggregate Data – The Data Driven CFO

Approach 2 - Aggregate data from disparate sources to improve analysis Today, leading financial systems address many of the shortcomings of the traditional approach to ad hoc reporting. These systems enable operational data from outside of the financial system to be integrated with the other dispara

Family Office Dashboards – The D In CCD

Many financial professionals who work in the Family Office space of the wealth management sector regularly experience the pain of CCD – Consolidation, Chart of Accounts and Dashboards. Consolidation – Taking up to 100 hours across complex entity structures Chart of Accounts - Growing out of cont

Are You A Data Driven CFO?

3 new approaches to attaining deeper financial analytical insight Approach 1 If the old ways are now less effective, then what ideas and technologies are replacing them? Industry leading finance teams (led by data driven CFO's) are adopting and following three new approaches for achieving a timelier

Wealth Management – The Controller Pain Chain – Part II

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 t

Wealth Management – The Controller Pain Chain – Part I

Continuing our analysis of the Pain Chain as it relates to Wealth Management, this week and next we will explore the pain points of the Controller in a Wealth Management Organization Wealth Management Goal 1 - Maximize Growth and Profitability across the Operating Companies The Requirement You need

Wealth Management – The CFO Pain Chain – Part 2

Continuing last week's theme, the following are the other two noteworthy pain points experienced by CFO's in the Wealth Management Sector   Wealth Management Goal 3 - Minimize Risk The Requirement Your Wealth Management firm has created a network of operating companies to minimize liability an

Wealth Management – The CFO Pain Chain – Part I

Wealth Management Goal 1 - Maximize Growth and Profitability across the Operating Companies The Requirement You have created a network of operating companies to minimize liability and protect the assets. You need access to on demand, financial and management reports that consolidate and drilldown by

The Pains of Fund Management

Fund management is becoming an increasingly challenging task.  From the Chief Financial Officer on down, the pains of many fund managers have a common theme.  Using QuickBooks and then using Excel to do the required quarterly consolidations.  This can take from 10's to 100's of hours and is an er