For Family Offices

by | Jan 10, 2023

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.

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Family office

Poor data can create problems in multiple areas

Client reporting

Client Reporting

misleading, inaccurate or out of date policy/plan data being reported
Dealing errors

High value dealing errors

due to incorrect client or security set-up
Inappropriate investments

Inadequate dealing restrictions

leading to erroneous trades and frustrated clients

CASS breaches

CASS breaches

such as mis-calculated fees being charged or erroneous regulatory submissions

Inaccurate MI

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
Family offices need to keep a keen eye on how data is collated, processed and reported to ensure they can run an efficient operation, avoid falling foul of the regulator and maintain customer trust.
Data block

To find out how to avoid these pitfalls

DCI Data Analyst Screenshot

Insights for Family Offices

DCI The hidden cost of bad data

The hidden cost of bad data

Regulatory Imperative

Regulatory imperative

Bad data pain points

Pain points from bad data