01 Choosing the Technology
The digital age brings a variety of wealth management tools that can help your family office gather and analyse data, create reports, and automate tasks. Technology can streamline processes, expose vulnerabilities, and manage risks. By embracing the benefits of modern technology, you can gain valuable insights and safeguard your family’s future.
The Altoo Wealth Management Platform is designed to meet the specific demands of the family offices. Its technology enables them to have modern access and provides a clear picture of the family´s accumulated wealth. Data consolidation and management, as well as freeing up resources, can help FOs make strategic decisions based on real-time reporting.
02 Succession Planning
Succession planning is crucial to ensuring a smooth transition of leadership. Choosing your heirs wisely is only the start, and it doesn’t end there. Will your heirs be ready to step into their roles when the time comes? It is necessary to provide them with practical financial education and instill in them the values that matter most to you.
Keeping wealth concentrated in family ownership is often held up as an exemplar of success. Devolution and fragmentation into individual, autonomous family units do not necessarily mean that a family has failed or achieved a suboptimal outcome. In some families, fragmenting wealth is a better and more appropriate solution, especially if the decision is planned and the family is well supported by a relevant and experienced internal team and an external advisory network.
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03 Communication and Outsourcing
“The most important thing in communication is hearing what isn’t said,” said Peter Drucker, the business management mentor. Communication is not just about an exchange of information; it’s the building block for the entire relationship between a FO and external service providers and therefore demands appropriate consideration.
If required, Altoo´s Collaboration tool allows you to create a closed-user ecosystem to securely share messages and documents within your network. Moreover, the FO can gradually involve further family members on the platform and prepare a smooth transition of assets if needed.
When you’re expecting really good advice or you’re having to work through a complex problem, rushing things or being obsessed with daily moves is not the right approach. Outsourcing might be the key.
04 Social Responsibility
Many wealthy individuals have increasingly recognised the need for socially responsible investing. By aligning investment decisions with environmental, social, and governance principles (ESG), your family’s commitment to making the world a better place can be visible. Additionally, prioritising sustainable investments provides long-term financial returns.
Alongside the family’s philanthropic activities, many of the next generation believe the ESG impacts of the wealth invested are as important as the financial returns. For those family offices that are not currently required to advise on responsible investing, there is a good chance they will be asked to in the future and should be prepared.
05 Implementing the Innovations
The clients of Altoo experience a complex wealth technology solution based on the newest development. It consolidates all managed portfolios and delivers innovative client services. Automated and integrated reporting for any period required, a secure client portal with client access to reports, or the secure use of email and data display with clients and third parties are only some of the benefits of Altoo´s Wealth Platform tools.
The world of wealth management is constantly changing. Therefore, FOs must foster a culture of innovation and agility. That means encouraging creativity, embracing new ideas, and supporting collaboration. In many cases, those opportunities may come in the form of new technology you can use to optimise your efforts.
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