POST-SUMMIT REPORT:
Family Wealth Report
Family Office Fi nTech Summit
An in-depth exploration of fintech innovations for family offices, covering liquidity management, AI integration, and cybersecurity. Gain insights into optimizing technology, enhancing financial flexibility, and safeguarding against digital threats to ensure resilience and sustained success.
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Contents
Introduction
PANEL 1: Technology: Navigating Current Challenges and Future Opportunities
PANEL 2: Configuring the Right Tools for your Family Office: Considerations for Tech and Operations
PRESENTATION: Liquidity Management for Illiquid Balance Sheets
KEYNOTE: The Family Office of The Future
At the Ninth Family Wealth Report Family Office Fintech Summit 2024, hosted on October 10 in NY, presenters, panelists and audience members discussed several critical topics about fintech for family offices and wealth management, including liquidity management, the integration of AI in financial operations, and building robust cybersecurity frameworks.
PANEL 3: AI in the Accounting and Finance Functions of Your Family Office: Why and How to Embrace the Revolution
PANEL 4: A Cybersecurity Playbook for Family Offices
Other Providers
Tel: +44(0) 207 148 0188 www.clearviewpublishing.com
These discussions focused on optimizing technology use, ensuring financial flexibility, and protecting against digital threats, all with the goal of driving long-term success and resilience for family offices in an increasingly complex and interconnected world.
The evolving technological landscape presents both challenges and opportunities for family offices. To navigate these complexities, it is essential to integrate advanced tools and configure the right technology stack, ensuring seamless operations, enhanced security, and strategic growth.
Managing liquidity is a significant challenge for family offices with illiquid assets such as real estate or private equity. Effective strategies are needed to balance liquidity requirements with long-term asset allocation, ensuring financial flexibility and sustained wealth growth.
Artificial Intelligence (AI) is transforming the accounting and finance sectors, offering family offices opportunities to streamline financial management, improve decisionmaking, and enhance operational efficiency. AI can automate routine tasks, provide real-time insights, and optimize financial strategies, supporting long-term success.
As cyber threats grow increasingly sophisticated, family offices must prioritize cybersecurity. A comprehensive cybersecurity framework is essential to safeguard sensitive financial and personal information. Best practices in risk management, threat detection, and data protection are vital to building strong defenses against evolving digital threats.
We thank our sponsoring partners and speakers for their support, thorough preparations, and informative presentations. Their contributions have been key to the success of this event.
We trust that this post-summit report provides a comprehensive overview of the key takeaways from the event. Additionally, the report includes a detailed list of summit partners along with their contact information, should you wish to reach out to them.
Technology: Navigating Current Challenges and Future Opportunities
Examine the evolving technologies, workflows, and client-facing challenges of today. Gain insight into emerging trends and understand how current decisions will shape your office’s ability to meet client expectations. We’ll explore why it’s crucial to consider the impact of technology both now and in the future.
Kristina Conner Advisory Director, BPM
Kristina Conner is a seasoned CPA and Sage Intacct implementation specialist, specializing in family offices. With extensive experience in financial management and technology integration, she combines technical expertise with a deep understanding of the unique financial complexities faced by family offices. She excels in guiding high-net-worth families through seamless transitions to Sage Intacct, optimizing operations and compliance. She fosters lasting partnerships centered on financial clarity and efficiency. Kristina is a trusted advisor known for delivering tailored solutions that enhance reporting capabilities and streamline processes, empowering family offices to achieve their financial goals effectively.
Rick Higgins Founder & CEO, Risclarity
Rick Higgins brings decades of experience to provide leadership and innovation in financial reporting for wealth managers and family offices. Having dedicated his career to innovation in family wealth technology, Rick is widely known for his ability to connect with people, overcome challenges, and offer reporting expertise. Rick is an alumni of MyCFO when his firm Digital Partner was acquired by MyCFO in 1999. From Rick began WealthTouch a Multi-Family Office and technology offering in 2001. Rick served in leadership roles at WealthTouch until 2009. As founder and CEO of Risclarity, Rick continues to innovate and support reporting technology for family offices and ultra high net worth wealth managers. A creative at heart, Rick is also a successful filmmaker, having directed and produced several works, and earning three Heartland Emmy® Awards along the way.
Bill Wyman
President, Family Office Services, Summitas
Bill joined Summitas in 2010 and has over 40 years of experience working with single- and multi-family offices and registered investment advisors (SFOs, MFOs, and RIAs). Today, Summitas is the award-winning reference platform for communication privacy and data security in the family office and wealth advisory space.Previously, he was a Senior Director with BNY Mellon Family Office and Managing Director with Rockefeller & Co. Earlier, he was Managing Director at Deutsche Bank, and a Vice President with J.P. Morgan in Geneva, Switzerland. Bill is a regular at industry conferences where he speaks about software trends, technology risks, and family office operations. He earned his BA from the University of Notre Dame and MBA, summa cum laude, from Fordham University.
KEY QUESTIONS ADDRESSED BY THE PANEL:
1. What drives tech decisions? Who influences your technology choices – the office or the family?
The panelists, including Kristina, Bill, and Rick, highlighted that the primary drivers are family members and family office professionals who recognize the challenges affecting information flow, decision-making, and operational efficiency.
They may also attend conferences like this Family Wealth Report event where you meet top technology service providers, see what they offer, and realize there are many options available to you to secure communications, bring transparency to information for stakeholders, and gain the critical information needed by the family to make insightful decisions.
2. In-house vs. outsourcing: What are the pros and cons?
The panel acknowledged that there’s no one-size-fits-all answer, as both options have unique benefits. However, significant challenges for in-house solutions include:
• Talent Acquisition: Finding skilled technology professionals can be difficult, as top talent often gravitates toward firms that offer growth opportunities.
• Cost: Building in-house technology can be five times more expensive than anticipated. This can be due to various factors such as scope creep along with the costs for initial setup and ongoing enhancements can be substantial. It is easy to underestimate the total cost (e.g., development, training, onboarding, future enhancements).
• Implementation Timeline: Developing, testing, and launching a new platform can take much longer than planned.
• Personnel Risk: If key team members leave, maintaining and upgrading the built solution becomes problematic.
• Future Proofing your Tech Stack: Given the evolving nature of technology, a single entity with a purpose-built
solution may find it difficult to keep current on trends and may find themselves, in our rapidly evolving environment, with obsolete technology in a very short period.
For outsourcing, success hinges on finding the right partner who understands your needs and can customize solutions accordingly. Finally, another benefit of outsourcing is the ability to get your solution operational quicker so you can start to realize the benefit sooner.
3. How can family offices utilize accounting technology to improve financial reporting and transparency?
Rick and Kristina emphasized the importance of using accounting technology to consolidate financial statements and provide real-time visibility within family offices. They advocated for leveraging technology to automate workflows instead of relying on manual processes. Modern solutions can integrate key metrics beyond basic financial data, enabling more informed decision-making when it’s needed, rather than just when the books are closed.
4. What is the role of integration between accounting software and family office management tools in enhancing efficiency?
Kristina and Rick discussed how effective integrations can streamline and automate workflows, allowing financial professionals to focus on high-level decision-making instead of manual data entry. By preventing data silos, these integrations ensure that information is seamlessly shared across systems.
5. How do you foster change within your office and secure buy-in?
Bill, Rick, and Kristina agreed that leadership support is crucial, but staff buy-in is equally important. Employees need to feel involved in the process and reassured that their roles are secure with new technologies.
BPM LLP, one of the 35 largest U.S. public accounting and advisory firms, serves clients across a broad range of industries. As a Certified B Corp, we offer diverse perspectives and progressive solutions. At BPM, we partner with single-family and multi-family offices to address their unique needs and maximize efficiency. Our approach is customized to your family’s wealth management goals, helping you to navigate multi-generational challenges. Recognized as one of IPA’s 100 Fastest-Growing Firms, BPM creates exceptional experiences for individuals and businesses worldwide.
For more information visit: www.bpm.com | KConner@bpm.com
Risclarity fills in the technology gaps wealth firms face when serving the complex needs of ultra-high-net-worth individuals and families. We enable firms to simplify complexity so they can scale efficiently and securely.
For more information visit: www.risclarity.com | mwickersham@risclarity.com
Award-winning Summitas Platform® helps families and wealth managers enhance client engagement with an unsurpassed combination of security, privacy, and flexibility. From the Digital Vault to collaboration tools, integration of financial information, and the ability to manage projects and tasks to streamline workflows, a branded Summitas portal provides measurable value to family offices, wealth advisors, and other client-facing businesses.
For more information visit: www.summitas.com | bill@summitas.com
Configuring the Right Tools for your Family Office: Considerations for Tech and Operations
Alan Baron Managing Director, SS&C Technologies
Mr. Baron is a Managing Director within SS&C’s GlobeOp Fund Services and is responsible for overseeing fund services client operations from SS&C’s New York location. With over 20 years of financial services experience, currently focusing on Family Office clients, he has also managed operations for SS&C’s Fund of Funds, Hedge Fund and Private Equity clients. Alan joined SS&C in 2005 when the company acquired Eisnerfast LLC, where he managed the staffing and reporting requirements of clients. Alan holds a bachelor’s degree in accounting and business administration from the University of Albany and is a Certified Public Accountant.
Adam Cleland Founder & CEO, Asora
Adam is the founder and CEO of Asora. Asora was founded in 2021 as a software platform dedicated to meeting the needs of family offices. Adam’s diverse background of advising wealthy families for almost 2 decades as a qualified accountant, tax adviser and Chartered Financial Analyst helps shape Asora’s mission of being the operating platform of choice for family offices globally. Before Asora, Adam co-founded and was COO of Argeau an MFO, Head of Wealth Advice at Davy and previously worked at PwC & Goldman Sachs.
Ryan Kerry
CEO,
KnowLedger
Ryan Kerry, CEO of KnowLedger, has an extensive career on providing services to the financial services market. His 30+ years of experience is defined around the service and support of clients at his core. Ryan’s vision for KnowLedger within the market stems from his previous role as CEO and owner of Accusource, a service provider for management, oversite, and operational due diligence for financial services firms that outsource their portfolio accounting. Some of his clients were family offices and had no other option than to manually enter the investment related data into a General Ledger platform.
Anne Beal (Moderator) Operations
Director, Deviate Consulting
Anne oversees the daily operations for Deviate Consulting LLC, which focuses on software selection, implementation, and accounting services for single and multi-family offices. Anne’s diverse background in planning and infrastructural management has carried her from a successful career in non-profit educational services to solutions-based development for Deviate, which is based out of Indianapolis, serving clients globally.
There is so much value in structuring your family office data within an advanced technology platform that does more than Quickbooks and Excel for day-to-day operations. The cultural change that new tech brings should be managed within realistic expectations while acknowledging the importance in the journey that will come with the implementation, from start to finish. Embracing the nuances of advanced technology becoming part of the daily landscape and truly planning to use it across all generations in the family, will be key and should be intentionally addressed within the office’s dialogue. Feeling open to the idea of multiple applications or multiple integrations as your team delves into the best fit overall will create the opportunity for greater strategies going into the process.
A more encompassing, or “beefier,” and structured platform, or perhaps multiple platforms, for everything from general ledger reporting and oversight to estate planning or even property management will ultimately be a growing need that nearly every expanding office and the family itself will value for greater transparency across generations and job roles within the family office.
The key takeaways from this panel focused on the notion that utilizing different platforms or those for multi-integrations might be a key to success and will take time to implement. Be sure to ready the office and staff on this time being separate from the already day-to-day tasks. It will not be a single-day, “turn the lights on” journey to implement the
data, and it will be based on the intentional practice of engagement with both the servicing platform company as well as an “out-of-house” lift via a consulting company with expertise in the industry as a whole. Think beyond the “status quo” by first honing in on the family office’s individual needs, not simply determining that what worked for another family office would be what works for yours. Hold discussions to determine the family office’s bottlenecks, assess them with a mitigation on highest priorities, and that will create the natural war strategy for what needs are most pertinent to fix or find solutions.
While there will likely be moments that seem almost too new for comfort, leaning into some of the overwhelm, and knowing that reaching the other side of an implementation may mean the office’s operations will experience possible shifts in roles or silos, as well as daily tasks and oversight. Ultimately, it will bring about an end result that, if executed properly, makes communication easier and the daily operations will benefit greatly. Ideally, more efficiency will prevail in the end and will better prepare all stakeholders for the next era in your family office’s success.
Finally, the time to act is now. With technology evolving in the blink of an eye and the investment economy being a fast-moving landscape, modernizing your family office and arming it with solutions for oversight will become a greater priority as the baton is passed from generation to generation.
Deviate Consulting is a professional services firm that focuses on software selection, implementation, and back-office services for single and multi-family offices. Deviate is an independent, objective partner serving the best interests of our clients, resulting in successful long-term relationships. Deviate was founded in 2015 in Indianapolis and has a team of 20 consultants throughout the country.
For more information visit: www.deviateconsult.com | anne@deviateconsult.com
Asora is a SaaS solution for single and multi-family offices to track and oversee assets, automating data capture and providing digital on-demand reporting on the web and mobile. Asora provides a single secure location for all the family’s data. The data is protected with always-on encryption and robust security protocols. Time-consuming manual handling of data and report creation are replaced with automated data feeds, comprehensive data cleansing and enrichment and digital on-demand reporting.
For more information visit: www.asora.com | thomas.nicholson@asora.com
SS&C is a global provider of services and software to over 20,000 companies in the financial services and healthcare industries. Fund services and technology are a core pillar of the organization. SS&C Family Office Services offers a comprehensive solution for operations, accounting, analytics and reporting for single- and multi-family offices supported by a team with deep industry expertise. SS&C helps reduce costs and risks while refocusing staff on higher-value activities: harvesting alpha, family office management, quality reporting, deeper analysis/planning, engagement with the family. Our scalable, efficient solutions meet the needs of family offices of all sizes, structures and investment strategies.
For more information visit: www.ssctech.com | kgraysoninman@sscinc.com
KnowLedger is a data service that moves data from portfolio accounting systems (Addepar, Black Diamond, Tamarac, etc.) , private equity aggregation services (Arch, Canoe), banks, brokerages, trusts, and custodians with a rules-based approach that ensures accuracy, completeness, and data confidence. Our team works closely with you to establish mappings and data flow, then oversees the recurring movement of the data from your source data to your GL. We not only move your data, but in doing so, we simultaneously audit your data health. We monitor your entity and portfolio rules. We eliminate data entry problems.
For more information visit: www.knowledgerllc.com | rkerry@knowledgerllc.com
PRESENTATION:
Liquidity Management for Illiquid Balance Sheets
WRay Denis Founder & CEO - Sandbox Wealth
Ray Denis is the Founder and Chief Executive Officer of The Sandbox Companies. With 18 years of industry experience, Ray leads the strategic direction, product management, sales, and all related control functions for Sandbox Wealth, a turnkey banking solution for non-bank financial institutions, including RIAs, Family Offices, and Independent Broker-Dealers. Ray has previously served in senior roles at Bank of America, Raymond James, Deutsche Bank, and J.P. Morgan Chase. He started his career as an analyst at Bear Stearns. Ray lives in Manhattan, and is a graduate of the University of Notre Dame, with a bachelor’s degree in American studies.
e’re amid The Great Wealth Transfer, where an estimated $70T of assets will soon be inherited from Baby Boomers and The Silent Generation by Gen X, Millennials, and Gen Z. Meanwhile, according to UBS, over 40% of family office assets are allocated to alternative investments. Portfolios have become more illiquid as wealthy individuals and families have sought low-volatility and longterm investments, with 73% targeting additional investments in private equity or hedge funds over the next five years.
What these investments offer in terms of stability is often offset by illiquidity, meaning less capital is available to purchase real estate, make opportunistic investments, pay tax liabilities, or meet other short-term liquidity needs. This issue is often exacerbated by the lack of access to credit secured by illiquid assets, usually driven by opaque reporting and the lack of real-time financial data on borrowers.
With the emergence of global open banking regulations, real-time payments, and a slew of data aggregation solutions now available to family offices, there is an opportunity to use these cutting-edge solutions to drive efficiency in how wealthy families manage their spending, liquidity and borrowing needs. Firms like Sandbox Wealth can combine enterprise-grade analytics across households to build a secure bridge between a family’s consolidated financial reporting and a lender’s underwriting requirements.
In a world with open finance, moving capital across financial institutions becomes far more seamless. Funds can move in real time to meet capital calls, make mortgage payments, pay vendors, or seamlessly sweep funds to the highest-yielding accounts. Historical data no longer needs to be tethered to a financial institution, so clients can own their data in perpetuity while freely moving between institutions.
Next-generation clients expect digital native solutions that can report on assets ranging from cash and securities to fine art and commercial real estate. Similarly, lenders are eager to access tools that can standardize a mixture of structured and unstructured data to underwrite and originate transactions quickly. By combining these solutions into a single platform, Sandbox enables the free flow of data and capital, mirroring what Bloomberg terminals did for capital markets. Traditional private banking platforms were built for a world of liquid assets and manual processes. Today’s complex portfolios demand sophisticated solutions that can:
1. Provide real-time visibility across all asset classes, enabling proactive liquidity management rather than reactive remediation efforts.
2. Create a standardized data layer that connects disparate systems, eliminating the information asymmetry that historically limits access to credit.
3. Automate capital movement and reporting, reducing operational overhead while increasing execution velocity for time-sensitive transactions.
Sandbox Wealth’s ability to bridge the gap between traditional banking infrastructure and modern financial technology makes it an essential tool for managing complex, illiquid balance sheets. By providing a unified view of assets, liabilities, and cash flows, our platform enables families to optimize their capital structure while maintaining the privacy and control they require.
The future of family offices lies in platforms that seamlessly integrate traditional banking services with modern technology infrastructure. We are positioned at this intersection, enabling wealthy families to manage their complex spending and liquidity needs.
Founded in 2023, Sandbox Wealth is a turnkey banking platform for non-bank financial institutions, including family offices, RIAs, and insurance carriers. We combine cash management, credit solutions, and enterprise-grade analytics to provide our partners and members with a differentiated banking experience. Sandbox is led by a career banker who has originated billions of dollars of loans for wealthy families at major institutions and a team of talented engineers with experience building and scaling products from zero to one. We are backed by strategic investors, including Northwestern Mutual, and have established partnerships with top institutions seeking deeper relationships and organic growth.
www.sandboxwealth.com | ray@sandboxwealth.com
Navigating the Future of Family Offices with AI and Real-Time Data
ILitan Yahav Co-Founder & CEO, Vyzer
Litan Yahav, Co-Founder and CEO of Vyzer, is an accomplished entrepreneur and investor with a diverse background in the Israeli Navy, technology, and wealth management. He co-founded Segoma, a cutting-edge diamond display technology that transformed the global diamond industry. After the successful sale of Segoma, Litan turned his focus to passive real estate and private equity investments. Recognizing the challenges families and family offices face in managing diverse portfolios, he co-founded Vyzer — a platform designed to simplify and optimize wealth management, providing greater control and clarity over financial assets.
have three things to talk about with you today. Cybersecurity. Artificial Intelligence. And the point at which those two forces come together. Pretty simple.
Litan discussed the evolution of family offices through the lens of a familiar metaphor—road trips. Just as we moved from paper maps to real-time navigation systems like Waze, the wealth management landscape is transitioning from static, manual processes to dynamic, AI-driven solutions.
Traditional family offices operated much like paper maps — relying on outdated information, manual processes, and intuition. While this approach worked in the past, today’s complex financial environment requires more adaptable, real-time solutions. With the rise of digital tools, family offices gained visibility and efficiency, akin to using GPS devices. However, these tools still couldn’t predict or react to sudden changes in the market, much like early GPS systems couldn’t adjust to real-time traffic or road closures.
For more information visit: www.vyzer.co | litan@vyzer.co KEYNOTE:
Today, AI and real-time data are transforming how family offices operate. By using systems that adapt dynamically — like Waze or Google Maps – family offices can now predict risks, highlight opportunities, and offer personalized, data-driven insights for families. AI serves as a co-pilot, not a replacement, empowering family offices to focus on relationships and strategy while automating routine tasks.
Looking forward, the family office of the future will be fully integrated, using AI to provide proactive solutions, anticipate challenges, and navigate the complexities of generational wealth management with confidence.
Vyzer redefines family wealth management through comprehensive financial intelligence and tailored services. Our cutting-edge platform consolidates and continuously updates financial data from any source, creating a single, accurate financial source of truth. In addition, Vyzer offers a suite of value-added services that elevate wealth management capabilities. By handling complex data infrastructure, we empower family offices to focus on delivering strategic advice. Vyzer creates essential infrastructure for modern wealth management, combining advanced data capabilities with customized services to transform how family offices support their clients.
AI in the Accounting and Finance Functions of Your Family Office: Why and How to Embrace the Revolution
Alex Lee
Co-Founder & CEO - Truewind
Alex is the co-founder and CEO at Truewind, a San Francisco-based technology startup building AI-powered Accounting. Previously, he was an investor at Alliance Ventures and Schematic Ventures, where he invested in early stage industrial and mobility companies. An engineer by trade, Alex was an engineer at Boeing where he helped design the 777X aircraft. Alex received his MBA from Columbia University and BS in aerospace engineering from USC. He is an avid skier, basketball player, book reader, and outdoor enthusiast.
Alexandre Lin
Co-Founder & CEO - SumIt
Driven by frustration with existing accounting software, Alex founded SumIt to simplify family office accounting. As a second-generation leader of his family’s real estate ventures in France and China, he now dedicates himself to SumIt. Collaborating with 30+ family office advisors, he’s tailored SumIt to meet the unique needs of the sector efficiently. Alex holds an MBA from Chicago Booth and a Master’s from London Business School.
Andrew Thomas
Strategic Account Executive - BILL
Andrew Thomas is a Strategic Account Executive at BILL who works with our family office partners to elevate their bill pay process by eliminating manual work, centralizing accounts, and placing internal controls around disbursements. His previous experience includes LPL Financial, where he worked as a Regional Director streamlining and standardizing family office services.
Sophia Loh Partner, Family Office - Frank, Rimerman + Co.
Sophia, a trailblazer in the accounting industry with over 30 years of public and private sector experience, leads Frank, Rimerman + Co.’s Family Office practice. Recognized for her forward-thinking approach, she is among the first to integrate cutting-edge technology and artificial intelligence to enhance the value her team provides, offering clients deeper insights and more effective solutions. Sophia believes true client value goes beyond transactions, focusing on uncovering new possibilities to achieve financial goals. Out of the office, she applies the same intellectual curiosity and passion to her philanthropic work and impactful board service.
THE IMPACT OF AI ON ACCOUNTING SERVICES: INSIGHTS FROM INDUSTRY LEADERS
Artificial Intelligence (AI) is transforming the accounting landscape, driving efficiency, accuracy, and new service opportunities. Recently, I hosted a panel discussion with experts from BILL, SumIt, and Truewind to explore how AI is impacting accounting practices. We discussed AI’s transformative effects on accounting services, the role of security in AI adoption, and best practices for introducing AI into Client Accounting Services (CAS). Below are the key insights from the panelists.
1. THE TRANSFORMATIVE IMPACT OF AI ON ACCOUNTING SERVICES
AI is reshaping accounting by automating routine, time-consuming tasks. By streamlining processes like data entry and reconciliation, AI allows accountants to focus on higher-level, value-added services such as strategic advisory, financial analysis, and client management.
As panelists noted, AI can handle large volumes of transactions in real-time, ensuring that accounts are accurate and up-to-date with minimal manual intervention. This automation not only boosts efficiency but also reduces the risk of errors, helping firms scale operations without compromising service quality.
Andrew Thomas, strategic account executive at BILL emphasized that AI tools can also provide deeper insights into spending in Accounts Payable. By identifying patterns, flagging anomalies, and offering recommendations, AI empowers accountants to make more informed decisions. The ability to analyze vendor spending may enable accountants to negotiate favorable pricing.
However, the panel stressed that AI should complement human expertise, not replace it. While AI can enhance decision-making and operational efficiency, accountants’ judgment and client relationships remain irreplaceable. AI tools are best used to augment accountants’ capabilities, helping them deliver more insightful and strategic services.
2. SECURITY IN AI ADOPTION
Despite AI’s potential benefits, security remains a top concern in its adoption, particularly because AI systems process vast amounts of sensitive financial data. As AI automates accounting processes, protecting this data becomes a critical priority.
The panelists emphasized the need for firms to adopt AI solutions with robust security measures. According to Alexandre Lin, SumIt’s CEO, it’s essential to ensure that AI tools comply with strict data protection standards to mitigate the risks of cyber threats.
Data privacy is also a major concern. The panel recommended that firms be transparent with clients about how their data is handled and protected when using AI tools. Establishing clear communication about security protocols helps build trust and ensures clients feel comfortable with AI integration.
3. INTRODUCING AI TO FAMILY OFFICES
Integrating AI into the accounting functions in family office requires a careful, gradual approach. The panel agreed that AI adoption should be done in phases, starting with simple step such as recording transaction. Truewind’s CEO, Alex Lee, explained that this incremental adoption allows firms to test and refine workflows, ensuring that AI aligns with clients’ needs and enhances existing systems .In addition, SumIt’s CEO, Alexandre Lin, mentioned that it’s crucial that firms tailor AI solutions to their specific business workflow. Without a properly defined workflow, it will be hard to maximize the benefits of AI.
Training is another key aspect of successful AI adoption. Panelists noted that employees must be equipped with the necessary skills to effectively use AI tools. Continuous training ensures that accountants understand how to interpret AI-generated insights and apply them to their work, helping them become more efficient and better able to serve clients.
4. CHALLENGES AND THE FUTURE OF AI IN ACCOUNTING
While AI offers numerous benefits, it also presents challenges. The panel discussed concerns around data privacy, the complexity of AI systems, and how accountants adopt AI. Sophia Loh, partner with Frank, Rimerman + Co’s Family Office Practice, shared the common pitfall of believing AI must solve all the steps in the accounting process waiting for the perfect design. On the contrary, Sophia shared her journey with her team resetting expectation that adopting AI with a small task create the success needed to expand to wider adoption throughout their month end accounting close.
Looking to the future, panelists were optimistic about AI’s continued evolution in accounting. As AI technology becomes more sophisticated, it will be increasingly integrated into accounting workflows, helping accountants deliver faster, more accurate services while reducing manual labor.
CONCLUSION
AI is fundamentally changing accounting by automating routine tasks, providing deeper insights, and enhancing the value accountants deliver to families and clients. While adopting AI requires careful planning, robust security measures, and clear communication, the benefits are substantial. By using AI strategically, accounting firms can improve operational efficiency, enhance client service, and position themselves for success in the evolving industry. The future of accounting lies in embracing AI as a powerful tool that complements human expertise, driving innovation and growth.
Truewind is a technology company based in San Francisco developing a next generation AI-powered accounting platform. Adhering to the highest standards of data security, Truewind’s close management platform automates routine tasks and finishes your monthly close with time to spare. Automate data categorization, supporting documentation collection, and client follow-up. Truewind’s AI agents will follow up on outstanding action items while the accountant can work on strategic tasks. This is fully integrated and unified across your accounting operations. We make it easy to get work done and get visibility into your team’s processes. Trusted by accounting firms Frank Rimerman and EisnerAmper, along with fast-growing companies such as Wefunder, SuperAnnotate, StartPlaying and Mozart Data. We’re backed by the industry leaders of accounting and AI, Thomson Reuters Ventures, Y Combinator, and Fin Capital.
For more information visit: www.truewind.ai | alex@trytruewind.com
SumIt is an intuitive family office accounting software that consolidates your financials across multiple entities with a couple clicks. We are specifically designed for you with Bill.com and Addepar integrations, and statements such as our net worth statement. Leveraged by accountants, controllers, CFOs, and principals, SumIt gives time and confidence back to family offices and a much simpler view of their complexity.
For more information visit: www.getsumit.com | alex@getsumit.com
BILL (NYSE: BILL) is a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables and spend and expense management. Hundreds of thousands of businesses rely on BILL’s proprietary member network of millions to pay or get paid faster. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers.
For more information visit: www.bill.com/wealth-management | brothenwander@hq.bill.com
Frank, Rimerman + Co. is a premier certified public accounting firm rooted in the dynamic culture of Silicon Valley. With a 75-year legacy, we have built enduring relationships with pioneering individuals and businesses, offering expert tax consulting, investment advisory, and family office services. Our success is driven by a deep commitment to aligning your evolving needs with our expertise, from early venture capital pioneers to today’s life altering startups. Recognized for our creative and innovative contributions, we provide peace of mind by managing financial complexities with the highest level of personalized service.
For more information visit: www.frankrimerman.com | sloh@frankrimerman.com
A Cybersecurity Playbook for Family Offices
Allen Blount
National Cyber Product & Technology Leader - Risk Strategies
As a solutions-oriented insurance professional, Allen brings a strong background in cyber, risk management, client service, claims, policy interpretation, relationship management, and law. In addition to Cyber Insurance, Allen brings his clients deep knowledge and solutions for Directors & Officers, Errors & Omissions, Crime, and Fiduciary coverage. Allen is known for his expertise in insurance program evaluation, claims handling, and overall risk management for Cyber and Professional Liability lines of insurance. Allen and his team work closely with Family Offices, successful families and individuals, and businesses across the country. Allen holds a BA and a JD from SUNY (State University of NY).
Warren Finkel Managing Director - Omega Systems
Warren Finkel is the Managing Director of Omega Systems’ Northeast region. He previously led ACE IT Solutions for more than 13 years, before its acquisition by Omega in March 2022. Through his career, Warren has delivered tailored IT solutions and white-glove service to his customers, notably those in the financial services vertical, including hedge funds, RIAs, family offices and other alternative asset firms. Warren brings decades of experience to the company, with impressive experience across business development, marketing, customer service and IT strategy. His long-standing relationships with customers and strategic partners in the financial services sector make him a trusted resource and sought-after advisor.
Tony Gebely CEO - Annapurna Cybersecurity Advisors
Tony Gebely, CEO of Annapurna Cybersecurity, is a seasoned cybersecurity expert with over two decades of experience in the information technology field. As the former Chief Technology Officer for Family Office Exchange, a prestigious organization with over 500 members, Tony served as a subject matter expert on cybersecurity. In this role, he advised families on cybersecurity best practices, authored numerous papers, and facilitated the firm’s first Global Family Security Workshop. Tony also founded the Technology Operations and Data Security Network at Family Office Exchange, comprising over 325 family office executives responsible for technology and cybersecurity. His wealth of experience and expertise positions Annapurna Cybersecurity as a trusted partner for those seeking peace of mind and robust protection in the ever-evolving landscape of cyber threats.
At the recent Family Wealth Report Fintech Summit, a panel discussion titled “A Cybersecurity Playbook for Family Offices” addressed the multifaceted cybersecurity challenges faced by family offices today. The expert panelists included Warren Finkel from Omega Systems, Allen Blount from Risk Strategies, and Tony Gebely, CEO of Annapurna Cybersecurity, who moderated the discussion. The panel delved into how family offices can adopt a multi-layered approach to protecting assets, data, and communications, with a specific focus on IT, insurance, and financial technology.
CYBER THREATS FACING FAMILY OFFICES
The conversation began with an overview of the heightened awareness of cyber threats within the family office space. According to RSM’s latest Family Office Report, 83% of single-family offices now view cyberattacks as their most significant operational risk. Family offices have become prime targets due to their concentrated wealth and sensitive data. Panelists agreed that the increasing complexity of cybersecurity necessitates outsourcing to experts who can help family offices navigate these threats effectively.
EMERGING SECURITY CHALLENGES
Allen Blount from Risk Strategies shared insights on the types of cyber incidents that family offices typically encounter, including ransomware, phishing attacks, and social engineering schemes aimed at individual family members. He emphasized the importance of investing in preventative security measures, noting that incident response is far more costly than prevention.
Warren Finkel from Omega Systems highlighted the biggest security challenges facing family offices today, such as the difficulty of keeping up with evolving threats and maintaining compliance with security frameworks. He advised family offices to undergo regular cybersecurity assessments, regardless of their registration status with the SEC. These assessments help identify weak links and allow for a structured approach to mitigation. Finkel stressed that building a cyber program requires more than an ad-hoc approach; it involves concerted, ongoing efforts to stay ahead of evolving threats.
INCIDENT RESPONSE PLANNING
Incident response was a focal point of the discussion, with panelists underscoring its critical role in any cybersecurity program. Many family offices mistakenly believe they are too small to be targeted by a serious cyber incident. However, Finkel explained that without certain technologies, such as Security Information and Event Management (SIEM) systems, family offices may not even realize they’ve experienced a breach. Moreover, without these tools, forensics and recovery after an incident become increasingly challenging. Allen Blount further emphasized that the cost of responding to a cyber incident far outweighs the cost of prevention, making proactive measures essential.
MANAGING VENDOR RISK
Security risks extend beyond the family office itself to include external service providers. Warren Finkel noted that
vendor risk management is critical, as vulnerabilities in a vendor’s systems can expose the family office to significant risks. He advised family offices to thoroughly vet their service providers’ cybersecurity protocols and ensure they have robust security measures in place.
CYBER INSURANCE: A MUST-HAVE
Another major topic covered was the importance of cyber insurance. Blount explained that many family offices remain hesitant to purchase cyber insurance due to perceived costs or the belief that they are not at risk. However, he highlighted the significant benefits of having a comprehensive cyber insurance policy to mitigate the financial impact of a potential incident. Additionally, he clarified that personal devices and personal email addresses are typically not covered by commercial policies, underscoring the need for family office employees and family members to use organizational email for business-related matters.
CONCLUSION
The panel offered family offices a comprehensive playbook for mitigating cybersecurity risks. Key takeaways included the importance of outsourcing cybersecurity needs to experienced professionals, conducting regular security assessments, managing vendor risk, and securing cyber insurance. By adopting a proactive, multi-layered approach, family offices can better safeguard their data, assets, and communications in an increasingly complex digital landscape.
Risk Strategies, the 9th largest U.S. privately held insurance brokerage firm, specializes in providing comprehensive insurance solutions, expert risk management advice, and consulting services designed to meet the unique needs of businesses and individuals across the country. Our Private Client Services team, together with our Cyber liability experts, focus on preparing family offices and successful families to face a complex future with confidence. We offer a full suite of Private Client insurance solutions to protect our clients’ assets and passions, including their homes, vehicles, collector cars, yachts, equine interests, aviation exposures, fine arts, private collections, data, personal information, and more.
For more information visit: www.risk-strategies.com/private-client-services | ablount@risk-strategies.com
As a multi-award-winning managed service provider (MSP), Omega Systems is passionate about delivering the security and compliance expertise today’s businesses need alongside the responsive and reliable managed IT support they deserve. Omega’s service-driven IT solutions portfolio includes 24x7 managed IT support, cybersecurity risk management, managed detection & response (MDR), backup and disaster recovery, IT compliance services and more. Serving financial firms across the U.S. and internationally – including family offices, RIAs, hedge funds, and other investment firms – Omega Systems delivers a superior and satisfying customer experience unparalleled by other MSPs.
For more information visit: www.omegasystemscorp.com | kalessandro@omegasystemscorp.com
Annapurna Cybersecurity was founded in 2021 by Tony Gebely. Before founding the firm, Tony held the distinguished position of Chief Technology Officer at Family Office Exchange. There, he became a trusted cybersecurity advisor for over 500 member firms, providing invaluable insights that aided families in developing, refining, and maintaining robust cybersecurity programs. It was during this time that Tony gained a deep understanding of the threats facing UHNW individuals and families, and where most cybersecurity offerings fall short. From these revelations at Family Office Exchange, the concept for Annapurna Cybersecurity took root. Recognizing the gap in specialized cybersecurity assessments tailored to UHNW families, Tony established the firm with an unwavering commitment to unparalleled threat evaluation. But our expertise doesn’t end there. Annapurna Cybersecurity has curated a specialized team of cyber experts and has built strong strategic partnerships. This ensures that once we’ve assessed your vulnerabilities, we are poised to lead a robust response strategy, leveraging the best in the industry to fortify your digital landscape.
For more information visit: www.annapurnasecurity.com | tony@annapurnasecurity.com
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360 Privacy’s mission is to protect the digital identity and reputation of high-profile executives, professional athletes, ultra-high-net-worth families and family offices. With experts from Special Operations, Intelligence Community, Corporate Security, Finance, and Technology sectors, we give our clients the ability to regain control over their personal information and privacy by reducing digital risk. We combine our decades of professional experience with propriety technology to provide the most comprehensive and customized Digital Executive Protection available.
www.360privacy.io | bbarrontine@360privacy.io
Addepar is a global technology and data company that helps investment professionals provide the most informed, precise guidance for their clients. Hundreds of thousands of users have entrusted Addepar to empower smarter investment decisions and better advice over the last decade. With client presence in more than 45 countries, Addepar’s platform aggregates portfolio, market and client data for over $6 trillion in assets. Addepar’s open platform integrates with more than 100 software, data and services partners to deliver a complete solution for a wide range of firms and use cases.
www.addepar.com | jaclyn.milian@addepar.com
Advyzon offers a comprehensive, cloud-based wealth management platform and investment management services through Advyzon Investment Management, (AIM), tailored for RIAs and wealth managers. A team of entrepreneurs led by CEO Hailin Li, Ph.D., CFA®, have built a single source destination for portfolio management, customizable performance reporting, trading and rebalancing, client portals, CRM, billing and secure storage. AIM further enhances this offering with investment management services and a model marketplace. Advyzon also fosters networking and practice management through its annual Advyzon Conference. Advyzon delivers innovative solutions and seamless integrations that enhance the advisor experience through exceptional technology and unmatched service.
www.advyzon.com | kartik.srinivasan@advyzon.com
For over 45 years AgilLink (formerly Datafaction) has focused on solving the pain points of adding the controls needed to offer multi-client bill payment and client accounting. We enable firms to scale their business while putting the proper controls and security in place. AgilLink provides scale, control and security to family offices, business managers and sports professional firms that offer bill pay and accounting services for their high-net-worth clients. Our secure bill payment and specialized cloud accounting solution incorporates approval workflow, integration with City National Bank, document management and investment data integration. AgilLink is an RBC company and is an affiliate of City National Bank Member FDIC.
www.agillink.com | michael.balt@cnb.com
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Eton Advisors is an independently managed investment advisory firm serving affluent multi-generational families across North America. Based in Chapel Hill, North Carolina, Eton utilizes a goals-based framework to provide a full suite of integrated advice designed to fulfill the family’s needs, priorities, and aspirations in a multi-generational context.
www.etonadvisors.com | Phil.Ierardi@eton-solutions.com
At Polaris, global risk is our business. With over 50 years of global security, crisis management, cybersecurity, and investigations experience, Polaris is a leader in the corporate risk management space. Clients in over 80 countries have relied on Polaris’ practiced and practical methods, with expert assessments scaled to match the size, industry, market presence, and risk exposure of its clients – resulting in targeted, actionable reporting. Our stable of domestic and international subject matter experts deliver complex, cost-effective services consistently designed to meet the high standard of Polaris’ ethos: Attentive. Nimble. Relentless.
www.polarisrsk.com | m.ghatan@polarisrsk.com
With its patented, AI-powered SaaS automation and collaboration platform, K1x digitizes and distributes IRS Schedules K-1, K-3, and 990 data seamlessly–connecting investors, advisors, tax software, portals, accounting firms, IRS and state taxing authorities.
www.k1x.io | Scott.Turner@k1x.io
Private Wealth Systems is reimagining the world of ultra-high-net-worth portfolio management through a cloud-based platform uniquely designed to improve efficiency, accuracy and agility. UHNW individuals, family offices and private banks leverage Private Wealth Systems to transform how they aggregate investment data, validate data accuracy, report on multi-asset class portfolio performance and evolve complex investment portfolios over time. Private Wealth Systems’ UHNW portfolio management technology platform provides critical insights investors needs to effectively manage portfolio performance, risk and liquidity – delivering an accurate pulse of the portfolio.
www.privatewealthsystems.com | cpearson@privatewealthsystems.com
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Sage exists to knock down barriers so everyone can thrive, starting with the millions of small and mid-sized businesses served by us, our partners, and accountants. Customers trust our finance, HR, and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks, and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology, and experience to tackle digital inequality, economic inequality, and the climate crisis.
www.sage.com | Flip.Chavez@sage.com
SEI Family Office Services delivers technology and outsourced services that support the accounting, investment management and reporting functions of family offices, private banks, private wealth advisors and alternative asset managers. Designed to help family offices and advisors to wealthy families better serve their ultra-high-net-worth clients, SEI’s award-winning Archway Platform℠ and high-touch outsourced services efficiently handle complex partnership, portfolio and corporate accounting alongside bill payment, investment management and multi-asset class data aggregation. As of March 31, 2023, SEI Family Office Services has $593 billion in assets on platform.
www.archwaytechnology.net | cfrancis@seic.com
