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.
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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!
