2022 FOX Technology Showcase, Day One Recap

Daily Review of the FOX Technology Showcase is prepared in partnership by Erin Hulse of Deviate Consulting, a FOX Technology Resource Partner, and by Kent Lawson of FOX.

Welcome to the Showcase

Kent Lawson, Director of Technology Integration Services, kicked off the 2022 FOX Technology Showcase.  He began by sharing with everyone the upcoming FOX events including the Family Office Forum in Chicago, July 12 – 13; the Cyber & Personal Security Showcase, a virtual event scheduled for September 20-21, and the annual flagship event, Family Forum to be held for the first time in Atlanta, October 24-26.

Kent went on to give a brief description of those attending this year’s Technology Showcase.  Something that should delight all the contributing technology vendors is the fact that 100% of those attending either influence the technology decisions for their organizations or are the actual decision makers themselves.  Those attending are 2/3rds in the Family Office space and 1/3rd in Advisor firms servicing families and family offices.

Another interesting characteristic of the attendees is that 82% are in midst of or are planning to begin technology changes during the course of 2022 with the top 3 technology types being looked at are Financial Reporting, General Ledger, and Accounts Payable/Receivable solutions.  Lastly, the most challenging area of business in need of technology solutions is Cybersecurity.

To close out the welcome session, Kent proceeded to identify and thank all of the participating technology vendors for the Technology Showcase.  This included the following:

• FOX Premier Technology Resource Partners
  • Eton Solutions
  • RSM
• FOX Executive Technology Resource Partners
  • Addepar
  • Private Wealth Systems
  • Sage Intacct
  • SEI
• FOX Classic Technology Resource Partners
  • Arch
  • Deviate Consulting
  • Entole
  • Giving Place
  • Masttro
  • Summitas
• FOX Champion Sponsors
  • Canopy
  • KnowledgeNet.AI
  • RockIT Solutions
  • Way2B1

Kent then proceeded to welcome and introduce Rob Mallernee, the Founder and CEO of Eton Solutions.

Educational Session: Eton Solutions

Rob Mallernee – Founder and CEO

Rehumanizing the Family Office: How to Enable High-Value Humans to do High-Value Work

• • FOX’s 3Ts: Transition, Talent Technology
  • Family Office Technology helps humans flourish
    • Collaboration is key to human-tech relationships
    • The adoption of new software makes employees more productive
    • Make their work for enjoyable and fulfilling
  • Converge Tech with Talent to Retain Employees
    • 82% of family office professionals say they will be moving roles this year
    • They are burdened by manual processes, left to do low-value work
    • Need to streamline mundane tasks
  • Let Humans do Human Work
    • Software to manage the data
    • Humans to provide the insights
    • Empower your employees with an infrastructure that leaves them with Value Added Tasks
  • Implement Tech that Models Human Relationships and Interactions

Snapshot – Company Introduction: Summitas

Bill Wyman – President, Family Office services

• • • Summitas Platform® is accessed through Web browsers and mobile applications.
    • Simplify operations
    • Increase communication
    • Provide a safe way to organize, protect, and share information
    • Digital vault
    • Integration of financial information
    • Branded portal
    • Streamline workflows
    • Modern cryptographic algorithms and strict internal policies and controls protect user data and privacy.
    • Summitas EngageSM - professional services team that oversees setup, branding, training, bespoke platform app development, and ongoing “white glove” support.

Demonstration Review

Company Name:  Arch

• What is the difference between competitors?
  • Have an easy-to-use platform, very intuitive, doesn’t require a lot of training
  • Great service – very responsive to clients and questions
  • They connect to all the different sources of private investment information, not just some of them.
  • Pull info into the platform without having to do it manually
  • They can collect calls and K1s, automatically store documents, full operating system
  • Moving beyond portals and platforms
• How much historical data do people usually load?
  • Let’s go live as of today and move forward
  • They are not charging for onboarding
  • Can work with the client to scope historical data onboarding and charge the appropriate rate
  • Ryan loves the daily email aspect.  Makes it very easy to stay on top of the data.
  • Costs – Starts at $250/month
  • Costs - $100/investment/month

Educational Session: RSM

Michael Johnson and Tony Wood

• Modernizing the Family Office
  • Technology Issues Facing Family Offices
    • Fragmented and delayed data
    • Delays and inaccuracies
    • Security risks
    • Customized reporting issues
    • Impaired Visibility
    • Insufficient Availability
    • Inability to aggregate real-time data
    • Difficulty in restricting data
  • How Tech Addresses the issues
    • One Ecosystem
    • Innovative automation
    • Secure document exchange
    • Customizable reports
    • Critical business and family events
    • One-Click Access
    • Cloud-based technology
    • Unique permissions

Snapshot – Company Introduction: Masttro

Lucy Millard

• Masttro provides wealth owners and family enterprises with a 360-degree view of net worth across:
  • All financial and non-financial assets
  • Banking relationships
  • Ownership structures
• Masttro provides:
  • Intuitive, client-centric user experience
  • Automated front-to-back-office operations
  • Global data aggregation, portfolio analytics and reporting
  • General ledger and accounting functionalities

Demonstration Review

Company Name:  Entole

• Digital command center that provides centralized governance and a secure repository for assets and legal entities.
  • Scalable Family Office Platform
  • Complete Transparency
  • Private Social Network
• Family Office Needs
  • Easy Communication
  • Transparency
  • Centralized Governance
• Integrated Financial Management
  • Secure digital solutions
  • Current Ecosystem Problems
  • Difficult to provide full transparency
  • Demonstration of value is difficult
  • Data often fragmented between advisors
  • Confusion around the “golden” record
  • Limited Standards for cross-disciplinary or automated collaboration
• Entole Solution
  • Integrates best practices
  • Provides a secure and centralized way to view and manage assets
  • Empowers the family enterprise
• Entole Functionality
  • Industry leading integrations
  • Consolidated wealth dashboard
  • Governance
  • Score cards
  • Secure document sharing
  • Compliance Tracking
  • Private Blockchain Ledger
• Integrations:
  • Addepar
  • Oracle
  • Bill.com
  • Schwab
  • UBS
  • BOX
  • Amazon S3
  • Plaid
  • First Republic

Demonstration Review

Company Name:  Giving Place

• Giving Place is a software solution for optimizing family charitable giving.
  • Offer a single portal for all giving vehicles
    • • Cash
      • Donor advised funds (DAFs)
      • Community foundations
      • Private foundations
  • Reporting, forecasting and other analytics for a family's complete giving.
• Remove the burden of administering charitable gifts
  • Free donors to focus on the who and why they want to give, making philanthropy a more enjoyable experience for the whole family.
• Most family offices are managing complex and large-scale philanthropy in disconnected spreadsheets
  • Limited solutions in the marketplace were either specific to DAFs or private foundations and did not integrate both.

We will continue to review each day of the Technology Showcase and present as best as possible

* Please note that multiple Demonstration Session and multiple Roundtable sessions were occurring simultaneously.  Each day’s reviews only include 1 Demonstration and 1 Roundtable session as the reviewer could not attend more that one simultaneous session at a time.