Empaxis was born out of a multibillion-dollar multifamily office and has a deep understanding of the unique reporting requirements and market challenges your business faces.
We also understand that your firm’s continued commitment to growing client wealth from one generation to the next requires a more sophisticated investment approach that can often put stress on your back-office resources.
What challenges face family offices?
It’s one thing for those of high- and ultra-high-net worth to know what they want out of the family office, but it’s a lot harder implementing the steps to achieve the goals, especially if they lack experience in operations.
Without experience, doing things on one’s own can prove costly and inefficient.
Family offices often make the same mistakes, including:
With operations outsourcing, family offices are paying strictly for labor costs; they’re not having to pay for benefits, perks, sick-leave or vacation days associated with in-house hires. Family office reconciliation and other reporting requirements can be run at lower costs than if they were to be done in-house.
Outsourcing provides family offices a low-cost way to have experts who understand portfolio accounting and the software to run the reports. These firms should have mature processes in place for report generation, data accuracy, quality controls and protecting personal information.
For a family office to try and set everything up on their own can be ineffective and a waste of resources; outsourcing firms may help prevent those situations.
Outsourcing makes it easier for family offices to ramp up or down their operations. When things get busier or slower, the services provider adjusts staffing needs accordingly, as they already have the trained backups to perform the work and can be used and set aside at any time.
Outsourcing your family office’s operations can help you in other ways too, including less overall operational complexity for the organization, access to the latest technology, more time to focus on core competencies and increased reporting quality.
At Empaxis, we focus on operations do you don’t have to. We believe your efforts should be on activities that will grow and preserve family wealth, and your operational costs should be minimized and your efficiency maximized. We offer a fully customizable and highly cost-effective back-office accounting and reporting services that will ensure operational objectives are met.