I know it doesn't sound too exciting but "time series data" is the answer whenever someone asks what will be the main factor that determines how long onboarding new investment aggregation infrastructure will take.
Big or small, family offices should be maintaining accurate and easily accessible records of every transaction, corporate action, distribution, brokerage and anything that can affect the tracking of performance of the any asset. Use Excel or a basic could platform if you have to, but have a process of recoding and reconciling.
The reason I'm making this point? One of the biggest switching costs of moving suppliers is the upload of new data and the backfill of past data. If you're on the cusp of moving from Excel to a more sophisticated aggregation platform as an example, the frustration risk will nearly always be determined by how long it takes to get the new data into the platform and to reconcile that against statements.
If you're like some clients this will be a relatively straight forward process - either because they have kept incredible good internal records, or more often that not they have had to go through this process already.
This is also true for counterparties such as brokers and asset managers - one aspect that can derail an onboarding process is for the counterparty to be unable (or unwilling) to provide accurate transaction data across the life of the client's investments. When I provide due diligence on these counterparties, one of the factors is going to be ease of access to their portal and the staff that manage these processes.
For any family office looking to their future aggregation, automation and analytics requirement's I make one major recommendation - even if you're not sure of your needs, the accuracy of your time series data will make any changes less painful.
“Hall Road Investments Pty Ltd is a Corporate Authorised Representative (CAR No. 001279456) of Non Correlated Capital Pty Ltd (AFSL No. 499882). Shaun Parkin is an Authorised Representative (AR No 001279458) of Hall Road Investments Pty Ltd (CAR No. 001279456) and is authorised to provide general advice to wholesale investors”
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