Transforming Family Offices with Asset Vantage

Chirag Nanavati is part of the founding team of Asset Vantage (AV) and leads its business operations, including global product management and customer success programs. Chirag holds an MBA from the University of North Carolina at Chapel Hill and a BS in Computer Science from Michigan Tech University.

How has the family office space changed over the years?

CN: Post the 2008 global financial crisis, wealth has increasingly become more complex, and families were forced to depend on multiple advisors to bring together a complete picture of their wealth. ​Additionally, black swan events, such as the recent pandemic, changed the face of global wealth management. Today, the vast majority of ultra-high-net-worth (UHNW) families lack access to a single view of their assets and liabilities and need that visibility to make informed decisions and take control. It is not just liquid allocation and performance reporting that matters. Overall cash flow, risk analysis, tax and entity structuring, and future opportunities are all important decision-making points. That’s why we’re seeing a surge in demand for a family office with solutions like Asset Vantage (AV).

What’s a major challenge of working with family offices?

CN: There is a saying that when you have seen one family office, you have seen one family office. It means that every family office is unique. What’s not unique is the challenge of providing clients with a single pane view of all of their wealth. This was a key challenge that we were able to overcome through integrations and by leveraging products such as Alkymi Patterns Studio, which significantly reduced this complexity.

What type of technology should people invest in/what are the tech trends in the space?

CN: We strongly believe family offices and their trusted advisors must invest in technology partners that can grow with them and help make their decision-making process seamless by bringing together best-in-class solutions. The fundamental technology trend driving this is the ease with which customers can adopt integrated best-in-class systems that allow customers to own their data. Automated document processing is a strong trend and a key strategy for AV.

Why is technology so essential?

CN: Data is the new oil, but more so for the family and their trusted advisor. Technology is essential because it enables families to turn their disparate and complex financial data into knowledge and then wisdom to create actionable views. Technology also helps make communication within the family and across generations easier.

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