Tech Corner June 8, 2022

Transforming Family Offices with Asset Vantage

by Harald Collet

629fcb877f72f145f0ce2d1c Blog Image 20 p 800

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.

Discover what Alkymi can do for you by accessing our free trial today!

More from the blog

September 22, 2023

A high-performance approach to personalizing an LLM

by Elizabeth Matson

Fine-tuning is not the only way to get relevant, domain-specific responses out of an LLM. Alkymi’s team of expert data scientists explain an alternate route.

September 6, 2023

IDP: find the right document processing solution for your business

by Bethany Walsh

Find out which type of automated document processing solution is right for you: data extraction, an IDP, or a complete business system for unstructured data.

August 29, 2023

Alkymi and Portfolio BI partner to empower alternative asset managers

by Elizabeth Matson

We’re partnering with Portfolio BI, a provider of portfolio analytics and reporting solutions, to bring structured and unstructured data sources together.