DISCOVER DCI
For Family Offices
Single and multi-family offices rely on the quality of their systems and data, as clients have high expectations about the service delivered and the confidentiality of their information. Family Offices must also balance clients’ often unique demands within the regulatory framework, making accurate data essential.
Poor data can create problems in multiple areas
Client Reporting
misleading, inaccurate or out of date policy/plan data being reported
High value dealing errors
due to incorrect client or security set-up
Inadequate dealing restrictions
leading to erroneous trades and frustrated clients
CASS breaches
such as mis-calculated fees being charged or erroneous regulatory submissions
Inaccurate MI
used for critical and strategic decision making
The consequences of bad data can be significant:
- Damaged client relationships caused by inaccurate communications
- Lost reputation if the above happens at any scale
- Increased staff costs to monitor and resolve data-related issues
- Reduced productivity from continuously allocating valuable resource to address data problems
- Regulatory fines if customer data is misrepresented or regulatory reporting is inaccurate.
- Strategic decisions based on poor data can be damaging to both clients and the firm
- Cost of compliance will grow if data issues are ignored
To find out how to avoid these pitfalls
Insights for Family Offices
The hidden cost of bad data
Regulatory imperative
Pain points from bad data