Client Reporting for Multi-Family Office

BACKGROUND

A multi-family office with thousands of clients hired Meradia for assistance with information delivery content and strategy. With increasing industry competition and fee pressure, leadership wanted to ensure their clients understood the full breadth of services provided and information delivery platforms, such as reporting, reflected this. Historically, reporting focused primarily on investment management with minimal, ad hoc information on wealth planning, philanthropy and family office services. The client engaged Meradia to help them consider what comprehensive reporting should look like for a premier, multi-family office. The project would leverage design thinking to elicit ideas from a multi-faceted perspective. This creative, visionary phase would identify key client types, map their journey and define how future state reporting would look and feel for each client.

ANALYSIS

Our analysis involved extensive interviews and design thinking sessions with key stakeholders, including client advisors, investment managers, wealth planners, wealth advisors, operations, marketing and executive management. This provided insight into where reporting was and where it needed to be. Each session was approached from a design thinking perspective to learn the purpose behind the report and understand how reporting in its various forms served client communications and prospecting objectives.

This approach incorporated a competitive review encompassing case studies of firms in the wealth management space as well as broader industry trends. The case studies included four targeted firms all embarking on reporting initiatives of varying degrees and provided insights into objectives, approaches and outcomes. The competitive analysis also included a focused sampling of reporting by other firms and providers giving guidance on the best-in-class for client experience.

RESULTS

The client had very specific questions we needed to answer:

  • Where are we going? What vision makes sense for us relative to our goals?
  • What are our competitors doing? Are we late to the game?
  • What should we do next?

Feedback from design thinking sessions drove the creation of journey maps and helped envision content to meet reporting objectives focusing on key metrics across family office services provided beyond asset management.

Competitor analysis and industry trends offered insights into required technological underpinnings and capabilities. Meradia delivered a roadmap that addressed capabilities needed, additions of fit-for-purpose tools, approaches for addressing slicing and dicing gaps and a recommendation to consider a modern reporting platform over incumbent legacy technology.

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