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6 Must-Have Reports for Family Offices in a Financial Reporting Software

02 Jan 2025

Providing the right financial reports to Ultra-high-net-worth (UHNW) families is a challenging task as it requires excellent data crunching capabilities, and deep-level understanding of complex investments and ownership structures. Moreover, one-size-fits-all strategy doesn’t work, considering different families have unique financial goals and investment preferences. With varying reporting needs, it is worth considering the following while evaluating a financial reporting software: 

 1. Who are the intended users and stakeholders of portfolio performance reports?

 2. What data is most relevant to them?

 3. What do they prefer — an overview of holdings or a drill-down analysis of their investment performance? Or Both?

 4.  Do they want a basic risk summary or institutional-quality risk metrics to analyze their underlying investments?

 5. Can the software protect sensitive family financial data?

 6. Does the software provide mobile app integration to access financial reports anytime, anywhere?

 

Family’s Financial Goals — why they matter most in selecting a financial reporting software 

The family’s financial comprehension, presentation preferences, and their short- and long-term goals can help decide the most appropriate financial reporting software. Also, acknowledging generational divides play an important role as older generations favor physical copies of performance reports, while the next generation of family principals prefer digital versions that can be customized on-the-go. 

Whatever the reason, a financial reporting software must at bare minimum possess the ability to build configurable reports that provide actionable views of family wealth and enable granular analysis of specific asset classes to make informed decisions. A visually appealing reporting interface that presents data impactfully is a valuable bonus. 

Recommend Read: Best Investment Management Software for Family Offices 

Top 6 financial reports that your financial reporting software must generate  

Countless types of financial reports can be created based on the diverse needs of families. However, here are the 6 most important reports that a Family Office Management Software must be able to generate: 

Best financial management software

1. Portfolio Performance — Evaluating returns with precision

Performance reports allow UHNW families to get a snapshot of how their investments are performing over a particular time range (e.g. weekly, monthly, quarterly, yearly, etc.) and with respect to a benchmark of choice. Here are four essential performance reports you can expect from an advanced family office management software:

 

  •  Time-Weighted Returns (TWR): Helps evaluate portfolio performance over time without accounting for external cash flows, such as contributions and withdrawals. By excluding cash flows, it allows comparing the performance of different investment managers and strategies in an unbiased manner.
  • Internal Rate of Return (IRR):  Also referred to as “money-weighted return”, it enables measuring the actual returns generated by an individual investor by considering the size and timing of all cash flows. It’s more suitable for evaluating the performance of illiquid assets where cash flows are irregular.
  • Performance attribution: Allows families to determine which asset class (e.g. equities, bonds, real estate) is driving their portfolio returns. It helps to identify high-performing securities that have the potential to deliver above-market returns and adjust portfolios according to market trends.
  • Peer and benchmark comparison: Enables families to identify whether their portfolio is under-performing, matching, or over-performing the selected benchmark. By identifying areas of weakness, families can adopt course-correction steps to optimize their portfolio.

 

2. Financial statements — Updated reports on your financial health

 One of the most fundamental functions of a financial reporting software is to provide a clear view of how much a family owns and owes. Traditional financial statements such as balance sheet, income statements, and cash flows allow family offices to chart the current and future profitability trends and determine the sustainability of the wealth of UHNW families. Family members require personalised information on their financial health, or that of a partnership entity, or any other legal entity.  

3. Net worth — Combined value of all family assets

UHNW families usually have numerous banking and custodial accounts, countless real estate properties worldwide, multiple private equity and hedge fund investments, and are involved in various investment partnerships.  

Including their private assets such as yachts, art, collectibles, and jewellery would further highlight the diversity and complexity of their portfolio. An advanced financial reporting software provides a dashboard view of the family’s net worth, allowing them to judge their financial position regardless of where their assets lie. 

4. Asset allocation — Tracking and reporting of assets worldwide

A survey by Global property market insight reveals that more than 20% of their UHNW respondent’s investable wealth is held overseas. This shows the growing interest in wealthy families to buy assets outside their home country. Therefore, a software that can track and report the changing strategies and allocations to specific asset classes, geographies, and wealth managers becomes crucial.  

An advanced financial reporting software produces actionable performance reports, such as actual allocation vs. target allocation, investment exposure, and allocation history that allow families to know how their investments are performing against a chosen investment strategy and benchmark, and across diverse geographies.  

5. Holdings across portfolios — Deep-dive into investment analysis

Families frequently enquire about their exposure to a particular stock across all investment accounts, the difference between the cost basis and the market value of their investments, and the cash flows their investments are expected to generate. Answering these questions requires a drilled-down analysis of a family’s holdings, making a family office management software with a built-in financial reporting module even more important.  

Why? Because it consolidates investments across multiple custodians and bank accounts allowing detailed examination of the portfolio. It also provides a broad overview of the total value of an asset class, let’s say equity investments, and then progressively narrows the focus on performance by sector and further into individual stocks. Additionally, it supports visually rich reports that allow monitoring market trends, identifying irregularities, and specific areas of interest in an intuitive way. By capturing latest data feeds, it ensures that the drill-down analysis remains current and meaningful. 

6. Risk analytics — Gaining transparency around riskier assets

According to Ocorian’s 2024 Global Family Office Report, 69.3% of families anticipate their investment risk appetite will “increase slightly” over the next 12 months. When asked why, 46.8% were of the opinion that there is greater transparency around riskier asset classes.  

This means more families are looking for position-level transparency that would allow them to understand the underlying risk in their portfolio and investment strategy. This requires an advanced financial reporting software that can consolidate all financial data into a single platform facilitating analysis across multiple asset classes, accounts, and advisors to assess the risks involved.  

An initial exploration of a family office management software can begin by identifying options that come pre-installed with institutional-quality risk metrics such as Standard Deviation, R-squared, Drawdown, Correlation and Up/Down Capture. 

Asset Vantage — The family office management software you need 

Asset Vantage is a leading SaaS-based Family Office Software that provides a single source of truth for all asset classes, as it maps and reconciles bank transactions, and creates actionable performance reports. With AV’s advanced financial reporting features, family offices can: 

1. Track asset allocation and portfolio performance across all asset classes, strategies, and entities with their underlying investments.

2. Create customized performance reports to evaluate time-weighted or cash-flow-based portfolio performance across asset classes and sectors.

3. Make informed decisions with performance reports filtered by asset class, sectors, geography, liquidity, and advisors.

4. Use portfolio performance reports to analyze the performance of third-party advisors.

5. Define user-defined entity groups within the family and generate customized reports.

6. Track illiquid assets using the commitment schedule, which includes committed, called, and returned capital, along with return metrics like

7. Reconcile receivables with cash-flow-based calendars for maturities, dividends, and rent.

8. Apply benchmarks to reports for comparative analysis.

9. View drill-down details for bond portfolios, including yields, amortization, ratings, issue date, coupon rate, and call dates.

Want to explore how AV can anchor your family office operations? Contact us today!

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    1. Definitions: For purposes of this Agreement, the following terms have the following meanings:

    “Authorized Users” means the individual persons who are officers, employees or advisors to the Licensee (or who are Families or CPAs to Families) expressly authorized to use the Software by the Licensee pursuant to the license granted under this Agreement, provided that a User License may be reassigned from time to time by Licensee to a new Authorized User who is replacing a former Authorized User who is no longer permitted to use the Software.

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    “Documentation” means user manuals, technical manuals and any other materials made available by Company, in electronic or other form, that describe the operation, use or technical specifications of the Software.

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    “Term” has the meaning set forth in Clause 11 of this Agreement.

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    1. Scope and Grant of License.

     

    • Subject to Licensee’s compliance with all terms and conditions set forth in this Agreement and regular payment of the License Fee, the Company hereby grants to the Licensee a non-exclusive, non-transferable, non-sub-licensable and revocable limited license during the Term to use, solely by and through its Authorized Users, the Software along with the Documentation (“Software Platform”), solely as set forth in this Clause 3. This license grants Licensee the right, to use and access the Software Platform in accordance with this Agreement which more particularly set out in Appendix III (“Scope”) and the Documentation. By entering into this Agreement, the Licensee agrees to be legally bound by its terms and conditions.

     

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    1. License Fee. Licensee agrees to pay for the Software Platform a [monthly/annual] fee as set out in the Appendix I (“License Fee”) for the Term.

     

    1. Use Restrictions.
        • Licensee shall not, and shall ensure its Authorized Users do not, either directly or indirectly:
        • provide any other Person, other than Authorized Users, with access to or use of the Software Platform;
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    a. The Licensee shall, within thirty (30) days following the date of Company’s written notification thereof, pay to Company the additional License Fees for such excess use. In determining the License Fee payable pursuant to the foregoing, unless Licensee can demonstrate otherwise by documentary evidence, all previously unknown excess use of the Software shall be deemed to have commenced on the commencement date of this Agreement and the rates for such licenses shall be determined without regard to any discount to which the Licensee may have been entitled had such use been properly licensed prior to its commencement (or deemed commencement); and

    b. The Company reserves the right to forthwith terminate this Agreement and initiate the legal proceedings against the Licensee for breach of terms of this Agreement and recovery of the amounts due.

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        • Subject to Clause 8.1, during the Term of this Agreement, the Company may provide basic software support services described in the pricing proposal as set out in Appendix I.
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        • breach any of the terms of this Agreement; or
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    1. Intellectual Property Rights.

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    1. Term and Termination.
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    • In no event will the Company’s and its affiliates’, collective aggregate liability under or in connection with this Agreement or its subject matter, under any legal or equitable theory, including breach of contract, tort (including negligence), strict liability and otherwise, exceed the total amount paid to the Company under this agreement for immediately preceding three month period.
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    The Software Platform may be subject to US export control laws, including the US Export Administration Act and its associated regulations. The Licensee shall not, directly or indirectly, export, re-export or release the Software Platform to, or make the Software Platform accessible from, any jurisdiction or country to which export, re-export or release is prohibited by law, rule or regulation. The Licensee shall comply with all applicable federal laws, regulations and rules, and complete all required undertakings (including obtaining any necessary export license or other governmental approval), prior to exporting, re-exporting, releasing or otherwise making the Software Platform available outside the US.

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    1. Miscellaneous.
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    • Entire Agreement: The terms and conditions of this Agreement, including its exhibits, constitutes the entire agreement between the parties with respect to the subject matter hereof, and merges and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions. Neither of the parties shall be bound by any conditions, definitions, warranties, understandings, or representations with respect to the subject matter hereof other than as expressly provided herein. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. No oral explanation or oral information by either party hereto shall alter the meaning or interpretation of this Agreement. No amendments or modifications shall be effective unless in a writing signed by authorized representatives of both parties. These terms and conditions will prevail notwithstanding any different, conflicting or additional terms and conditions which may appear on any purchase order, acknowledgment or other writing not expressly incorporated into this Agreement.
    • Assignment:

    a. Licensee shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise, without Company’s prior written consent, which consent Company may give or withhold in its sole discretion. For purposes of the preceding sentence, and without limiting its generality, any merger, consolidation or reorganization involving Licensee (regardless of whether Licensee is a surviving or disappearing entity) will be deemed to be a transfer of rights, obligations or performance under this Agreement for which Company’s prior written consent is required. No delegation or other transfer will relieve Licensee of any of its obligations or performance under this Agreement. Any purported assignment, delegation or transfer in violation of this Clause 16.5 is void. The Company may assign or otherwise transfer all or any of its rights, or delegate or otherwise transfer all or any of its obligations or performance, under this Agreement without Licensee’s consent. This Agreement is binding upon and inures to the benefit of the parties hereto and their respective permitted successors and assigns.

    b. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer on any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

    • Amendment and Waiver: This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. Failure or neglect by the Company to enforce at any time any of the provisions hereof shall not be construed nor shall be deemed to be a waiver of the Company’s rights hereunder nor in any way affect the validity of the whole or any part of this License nor prejudice the Company’s rights to take subsequent action.
    • Reservation of Rights and Remedies: The Company reserves all of its rights to proceed to enforce its rights in connection with all rights not expressly granted to the Licensee in this Agreement.
    • Severability: If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision shall to that extent be severed from the remaining terms, conditions and provisions which shall continue to be valid to the fullest extent permitted by law.
    • Interpretation: For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections and Exhibits refer to the Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.
    • Independent Development: This Agreement does not preclude the Company from evaluating, acquiring from third parties not a party to this Agreement, independently developing or marketing similar technologies or products, or making and entering into similar arrangements with other companies. The Company is not restricted by this Agreement to make such products or technologies available to third parties.
    • Disclaimer: The Software Platform is subject to the Disclaimer set out in the Appendix V of this Agreement.

     

    Appendix IV : Privacy Policy

    The Customer can access the privacy policy of the Company at the following link: https://www.assetvantage.com/privacy-policy/

    Appendix V: Disclaimer

    1. All of the operating procedures with respect to the Software Platform have been designed based on the Company’s experience in working with hundreds of global family offices. Under no circumstances should any person using the Software Platform should make investment decisions based solely on the information setout therein. The Company is not a qualified financial advisor and the Licensee should not construe any information discussed herein to constitute investment advice. The information in the Software Platform is not meant to be, and should not be construed as advice or used for investment, financial planning, legal, accounting, or tax purposes. The Licensee agrees to consult with a registered investment advisor, which the Company is not, prior to making any investment/trading decision of any kind. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. It must be implemented as per individual family office requirements in consultation with the family office’s local accounting and legal professionals.
    2. The Software Platform is based upon information that is relevant while making investment decisions and the Company considers it reliable, but the Company does not represent that it is accurate or complete, and that it should be relied upon, as such. The Licensee should not rely solely on the information in making any investment. Rather, the Licensee should use the information only as a starting point for doing additional independent research in order to allow the Licensee to form its own opinion regarding investments. All recommendations, advice or opinions cited are the professional views of the Company. The Licensee must act upon them with due diligence.
    3. The Company is neither registered as a wealth advisor, wealth manager, investment advisor nor soliciting any investment in any jurisdiction. Further, the Company does not accept any responsibility or liability for the actions or inactions on the part of any individual or firm stemming from the information mentioned in the Software Platform. The Licensee is solely responsible for verifying the information as being appropriate for the Licensee’s use, including without limitation, seeking the advice of a qualified professional regarding any specific financial, legal, accounting, or tax questions that the Licensee may have.
    4. The Company makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material/factual data in the Software Platform. The Company does not warrant that investment/trading methods or systems presented in the manual will result in profits or losses. The Company makes no guarantees as to the accurateness, quality, or completeness of the information and the Company shall not be responsible or liable for any errors, omissions, inaccuracies in the information or for Licensee’s reliance on the information Vis-à-vis the Software Platform.
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