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10 Questions to Ask When Choosing Wealth Management Software
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At Masttro, we’re constantly engaging with family offices and their advisors as they look for a wealth management software solution.
Every family has their own unique challenges, influenced by anything from how big the family is and how many entities are involved to the diversity of their assets and what jurisdictions they operate in.
While no two are alike, there are shared concerns that repeatedly come up along the way to find the right solution.
Here are some of the common questions we encounter, along with how Masttro provides a suitable answer.
Key Takeaways
1. What types of financial data can the platform handle?
Masttro ingests and aggregates data on all liquid and illiquid investments. The platform can process any asset class, regardless of size or complexity, to give a holistic view.
2. How do you handle integrations with new custodians?
Masttro has 600+ direct data feeds with custodians around the world, and we have an experienced integration team that works with new custodians to ensure data received in any format is seamlessly and accurately processed into the platform.
3. How does Masttro manage data where no transaction feed is available?
We can map and pull transaction data files using Secure File Transfer Protocol. Files are then then imported into the platform, processed and allocated accordingly.
4. What about processing for alternative investments?
One of Masttro’s most useful features is a proprietary AI module that automatically ingests and processes capital calls, distributions, and valuations seamlessly, without the need for manual reconciliation.
5. How customizable is the classification of asset classes and underlying attributes?
Highly customizable - there are preset master asset classes but users can create new asset and sub asset classes, and have the ability to add custom fields to track granular detail on any asset.
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6. How does Masttro support reporting at different structural or individual levels of an estate?
Our Global Wealth Map is an intuitive, interactive tool that allows users to easily visualize and report on the entire estate - across companies, trusts, groups or individuals, and asset classes and geographies.
7. Does the platform work with document storage solutions?
Masttro provides a comprehensive document management solution, with digital document vaults to safely secure sensitive documents, which are accessible at any time on the platform.
8. Can ownership percentages be assigned for joint accounts?
Yes, every account, entity or structure has a percentage setting to capture share of assets, and this is also visually reflected in the Global Wealth Map.
9. What control of information is there for different users?
While Masttro provides transparency across the entire estate, you can set specific internal controls and permissioning settings for each individual user. Beyond this, it even has features for legacy planning to help prepare next-generation users for wealth transfer.
10. What security precautions are built in to control access?
The platform requires multi-factor authentication at login, with a client-owned data encryption key. Masttro also operates military-grade cybersecurity and data encryption, and data is never stored on any device.
If you have any questions on how Masttro can solve the challenges that your family office faces - speak to us today.
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