Going Beyond the Traditional Quarterly Financial Report

Overview

In this 2012 Financial Executive Forum session, a panel of Heather Asher, Family Office Exchange; W. Jackson Parham, Jr., Chief Investment Officer, Eton Advisors, LP; and Michael Madigan, Director, Product Management, Advent Software, Inc.; discussed approaches to reporting that promote readership, prompt broader family involvement and engagement, and ultimately help family members remain focused on their long-term goals.

Family Office Exchange Relationship Manager Heather Asher began with a review of results from new FOX research on financial reporting. Some key takeaways from the report include:
 
  • Accounting and reporting consumes an average of 32% of the family office’s time.
  • Despite this time commitment, customized reporting remains a challenge. Nearly two-thirds provide clients a standard report
  • Family offices seek reporting enhancements, including real-time availability, more informative graphics, and online dashboards.
  • They also seek more unified financial reporting and better forecasting models.
W. Jackson Parham, Jr., Chief Investment Officer, Eton Advisors, LP discussed ways his organization went beyond traditional financial reporting to deliver greater insights on the firm’s performance. Some highlights:
 
  • Eton recently underwent a review of their reporting processes with an aim of reduce the time spent compiling, reviewing, and publishing quarterly investment reports, while delivering metrics in a more visual style.
  • Maintaining data integrity, homogeneity, and completeness is a primary requirement of any successful reporting process
  • Family offices must make several key decisions before embarking:
    – Which functions to in-source and which to out-source
    – Which tools to build and which to buy
    – How much flexibility is optimal, given the tradeoffs
Michael Madigan, Director, Product Management, Advent Software, Inc. discussed the key elements of financial reporting: 
 
  • Reporting is a broad term that encompasses the full spectrum of data, presentation and delivery
  • Data supports the story you want to tell
  • Presentation style needs to be substantive while ranging from logical to differentiating
  • Delivery of reports needs to accommodate how your clients want to receive the information
Michael then discussed the capabilities of Advent’s reporting software and how their product is evolving:
 
  • Native support of private equity and hedge funds
  • Building out the standard report library
  • Easing the report writing tools
  • Extending standard delivery to iPad & Web portals
  • Redefining the internal reporting paradigm through enhancements to business intelligence capabilities and the APX dashboard framework

Download the full presentation to learn more.

 

FOX Event Replay

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