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Case Study
Futura Grows from Independent Advisory to Multi-Family Office
What started as an independent advisory has today evolved into a Multi-Family Office (MFO) supporting and serving wealthy families around the world.
Henry Urquidi set up Futura Asset Advisors in 2005, after thirteen years working at Lehman Brothers across equities and private client services. What started as an independent advisory has today evolved into a Multi- Family Office (MFO) dealing with wealthy families around the world.
But when they started, working with multiple custodians and consolidating data from various banks around the world was a highly manual process, despite working with existing technology systems at the time. In 2017 they started to explore new solutions that could comprehensively handle multi-jurisdiction, multi-currency custodians, and implemented the Masttro platform early that year. Seven years later, Henry reflects on how Masttro has delivered not just a data aggregation solution, but empowered their evolution to offer far broader services as a fully-fledged MFO.
“There are a lot of data consolidation software tools out there that compete with Masttro,” said Henry, “But what I like about Masttro is that it takes a true global approach to family wealth.”
A Technology Solution Built with a Family Office Mindset
Henry met the Masttro founders when they were running a family office and immediately noted their global approach to develop a wealth management platform. He also liked that they understood international markets and currencies, and brought a comprehensive digital family office mindset.
“With Masttro we have the tools to manage assets that are nontraditional, and that’s translated into an opportunity to provide a much broader service than investment management.”
Henry Urquidi
Director, Futura Asset Advisors
“At one point we had fourteen different bank data feeds, and to consolidate all of those accounts into one report would be extremely difficult - we had to set up monstrous macro spreadsheets,” recalls Henry. “This isn’t the case with Masttro, because whatever is required, the tools are there since all the information is in the database - and that’s made a huge difference for us.”
Masttro’s Unique Suite
of Tools Creates the Opportunity for Broader Client Services
Working with multiple custodians had presented several challenges for the Futura team, notable of which was how most banks didn’t show consistent performance data, but this was quickly solved once Masttro was implemented. Henry also found that implementing Masttro not only solved their data consolidation challenges, but as a financial advisor software it enabled an end-to-end digital family office solution that allowed them to expand with additional services.
A Platform that Facilitates Growth yet Reduces Overhead
Prior to working with Masttro, compliance was a major headache for Futura: to generate the necessary reports for SEC compliance required significant resources, with the need to go through individual bank statements and set up multiple spreadsheets.
“At one point we had fourteen different bank data feeds, and to consolidate all of those accounts into one report would be extremely difficult - we had to set up monstrous macro spreadsheets,” recalls Henry. “This isn’t the case with Masttro, because whatever is required, the tools are there since all the information is in the database - and that’s made a huge difference for us.”
Another Masttro feature that Henry highlights is the Global Wealth Map, which Futura uses to help clients manage all their financial documents in a single place. Henry notes how each client’s ability to understand how they can organize their whole family wealth structure has been a big selling point, and greatly facilitates legacy management.
“I think it’s a great way to gradually bring in the next generations to just learn what there is, because that’s a conversation that rarely happens,” said Henry. “Usually it happens too late, so we’re trying to preempt that, and clients see the value of that transition tool.”
Above all, while empowering Futura to offer a host of additional services, Henry reinforces that Masttro has allowed them to reduce their overhead as only a cutting-edge wealth tech solution can.
"It’s what Bloomberg did for us 20 years ago when we were in the bond business: the work that took four people to do then can now be done by one person. Masttro generates that kind of productivity increase."
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