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Why wealth owners need interactive dashboards—not periodic statements
October 27, 2022
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In today’s world, periodic financial statements are like phonebooks: informative, yes, but also static and out-of-date almost immediately after their release.
Increasingly, family offices and wealth managers are realizing that traditional reports are as anachronistic as Yellow and White Pages. The families they serve are used to receiving real-time data on everything else in their lives, from the arrival time of their packages to updated flight information. Why, the thinking goes, should their financial data be any different?
Key Takeaways
That’s why many wealth owners are increasingly expecting instant answers to all manner of questions about their holdings. But as wealth pros know, questions that appear simple at face-value are often quite complex. That’s especially so when multiple investment vehicles and non-traditional assets are involved. Still, not only do clients assume their wealth managers have immediate access to this data, they expect to be able to pull up those answers themselves on their personal devices.
Recognizing this new reality, leading family offices are turning to a new generation of technology. By implementing a carefully curated suite of dashboards, wealth managers can supply their clients with a clear—and current—picture of their holdings.
The result? A view into wealth that is both dynamic (with updated data on demand) and interactive (with drill-down abilities for comparing performance and holdings). And, of course, clear visuals mean easily discernible trends—resulting in more productive conversations between wealth managers and their clients.
The best dashboards, in other words, eliminate many of the shortcomings inherent traditional periodic statements, including:
- Printed statements are quickly outdated. Transactions, changing valuations, updated performance—none of that is reflected in yesterday’s hard copy. Dashboards provide real-time data.
- Balance sheets don’t encompass the full gamut of a wealth owner’s holdings. They simply cannot suffice for families that hold assets through multiple names, trusts, joint ventures, and other investment vehicles. Dashboards provide a panoramic view of all entities in a portfolio.
- Traditional reports hide the performance of individual money managers. Often, wealth owners want to understand who is overseeing which assets and how they are performing. Dashboards give them side-by-side comparison abilities.
All of the above—and more—is why Masttro has published the e-book “Five Dashboards Every Wealth Owner Needs.” In it, we list the most important displays to today’s wealth owners, which their wealth managers can easily provide with the right tech. We also highlight the key elements and abilities of each. You can download it here now.
And, should you decide your family office could use some technology improvements, the Masttro team is ready to assist. Contact us today.
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