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How Right Technology Can Be Transformational For Family Offices

How Right Technology Can Be Transformational For Family Offices

Experience the perks of accurate family office reporting solutions with our family office investment management software. Visit this page to learn more.

Last Updated: ‎‎‎‎‏‏‎ ‎
January 24, 2023

Technology is the heart of any business, either it's manufacturing, selling of products & services, or investing. Technology is involved in every step. Because every business requires better security, transparency, measurement & forecasting of data. More & more companies are adopting the latest technology to grow & manage their business effectively. As with all businesses, family offices are also moving toward adopting the latest & improved technologies to measure, analyze& forecast data to manage & grow capital effectively. It's also important to keep in mind that, until recently, many family offices were hesitant to invest in technologies becauseof the complexity & cost of the software. However, now there are a rising number of family office SAAS tools that are affordable & simple to use.

In this article, you will learn which technology is best for family offices? And how using the right technology can transform family offices?


Meaning Of Right Technology

Not all technology is worth your time & money. Choosing the right technology is a crucial task family offices need to perform. Today every business needs technology to automate processes, improve security& collect data. Family offices need to choose the right technology because a consequence of choosing the wrong technology will be both time &productivity costing.


Technology helps family offices to achieve their objectives in the most efficient manner. The typical objectives are-

●      To keep your data in one place.

●      To keep data safe &protected.

●      To set & analyze data as you wish.

●      To forecast data as per the preferred format.

●      To cover all asset classes.

●      To connect with various banks.

●      To connect multiple users.


Before choosing any software, you must see that the software checks all the points above. When you choose the right technology, it helps you in various ways. Keep reading because I'll share how using the right technology can transform family offices.


5 Benefits Of Choosing Right Technology

Choosing the right technology can help you in various ways. Here're 5 benefits that you get with appropriate technology.

All Your Data At One Place

Today data is the most powerful asset for any business. In investing or capital management, data works like fuel. Without proper analysis of data, it's impossible to imagine the growth of funds. And to analyze data, you need to store it in an organized manner. You need technology that helps in storing all your crucial data in a harmonized & centralized manner. Software like Canopy helps to record all your transactions, amount invested in the various asset class & other financial data. It helps to aggregate data from any bank, custodian, or fund manager.

Analyze Data As You Wish

After you have data stored in an organized manner, then come analyses of data. Analysis of data is a very crucial function that family offices need to perform. The right technology comes with proper analytic tools that help in the better analysis of data. "You cannot manage what you cannot measure." Decision-making is a very complex process that involves proper analysis of data. The family office's financial picture can be complicated. The right technology helps to get a complete picture of their assets & liabilities to any level of complexity & helps to make effective decisions. With the help of Canopy, you can analyze data as per your preferred format. You can get the complete picture of your asset &liability, change in net worth, etc. Such analysis of data helps to identify potential opportunities & overcome weak points in the strategy. You can set the benchmark to invest in a particular asset or stock depending on their performance.

Understanding Investment

Growth of funds is only possible when you understand the investments you've made. Canopy helps you to compare the performance of your investments according to different asset classes, sectors & countries. You can analyze performing & non-performing investments & shift funds accordingly. You can add various types of financial & non-financial assets. Using Canopy Explainer (most used feature), you can know why Networth changed between any two dates.

Canopy calculates the change in Networth for that period and breaks it down into:

  1. Realized Gains
  2. Unrealized Gains
  3. Fund Flows
  4. Fx Revaluation


This feature can help you understand investments in the best possible way.


Data Security & Integrity

Financial data is the base of any individual, company, or organization. As a result, it must be protected and secured. Theft or pilferage of financial data can harm the foundation of companies terribly. Before choosing any software or technology, it's crucial for family offices to cross-check the authenticity & credibility of the software. Canopy is anonymous, which means no personally identifiable data information is required to use Canopy. So your data is protected & secure.

Present Reports In The Format Preferred By Stakeholder

Family offices often consist of members from more than one generation having their unique interests. Many family offices consist of internal & external members with different values & views. To ensure interest for a long time, each family member needs to access the data in their preferred format. For example, one member may be interested in analyzing data in chart format. At the same time, another may wish to analyze in sheets format. With the help of Canopy, you can forecast data in the preferred format. It helps to create high-end customized reports according to the requirement of the member. For example, one member may be interested to know about real estate investments. At the same time, another may be interested to know about stocks. Our reports show a summary of the wealth, performance, analysis, FX rates, Peer view, etc. You can download a sample of our detailed report from here.


There's no doubt that technology can help family offices to improve their productivity, reduce their workload, make effective decisions, reduce data security risks. But all these benefits are solely dependent on choosing the right technology with proper analysis. The right technology further helps in data aggregation, analysis, forecasting. It helps to present hyper-personalized reports to various stakeholders.