Wealth Management – The CFO Pain Chain – Part 2

  • By zoltan-szakal
  • October 20, 2016


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 and protect your assets. You need to control user access to operating company data and have a simple way to create audit trails showing that, for example, arms lengths transactions have provably been executed. You need an audit trail not only of what you did, and when you did it, but why you did it

The Pain

Today it is impossible to go back and track why you made certain intra and inter operating company business decisions – e.g rent in a shared office. Also, you manually add/remove users to operating company systems, which is error prone.

Wealth Management Goal 4 – Compliance

The Requirement

You have created a network of operating companies to minimize liability and protect your assets. You need to have a simple way to be GAAP compliant across all operating companies.

The Pain

Today you use a non GAAP compliant accounting system. You may fail an audit soon.

The Solution Remains The Same

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Since we are still 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!

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