“Wealth Reporting – hugely important for wealthy clients, but rarely done well“
Jan. 09, 2012
We had the opportunity to sit down with Patrick Bos and Kevin Halouska of Carey Wealth Reporting in Zurich. We talked about a broad range of issues related to wealth reporting since this is one of the topics that surfaces time and again, particularly when clients lose money or miss opportunities as a result of inefficient or incomplete (consolidated) reporting. Unfortunately consolidated reporting is still very often unclear and arcane.
Carey Wealth Reporting knows this all too well. Single and multi family offices, smaller or medium-sized private banks, independent advisors and asset managers, and trust companies in particular, often don’t have the necessary resources and required IT-systems to set-up smooth functioning wealth reporting. Each of the senior staff members within Carey Wealth Reporting has more than 20 years of experience in the private wealth management, advisory and reporting industry, enabling them and their team to be the ideal partner to provide these services.
What wealthy clients and their advisors frequently need is an integrated snap shot showing them, across all the banks and advisors they employ, the status of all their assets, including illiquid ones such as property, jewelry, art and other items, such as the clients’ liabilities. The establishment and maintenance of such reports plus on top of that the essential features such as fixed income projections, (un)realized gains and losses, performance calculations -contributions and attributions, asset allocation compliance and so on, is a task that is undoubtedly very complex and time consuming, but equally indispensable to provide proper advice.
This is where the services and expertise of Carey Wealth Reporting enter the scene. Unless the family office or other trusted advisor instructs otherwise, Carey Wealth Reporting caters only to these advisors, instead of to the private clients themselves. Therefore, no conflict of interest can emerge and actually, Carey Wealth Reporting does not even need to know the client’s name. This possibility of anonymous data aggregation within an extremely secure data center in Switzerland ensures full protection of all interests. Carey Wealth Reporting therefore sees a rapidly increasing interest in its services, as the core competency of a boutique private bank or a multi family office is not running huge IT systems and secure data centers, and it is certainly not where their hearts lie.
Carey Wealth Reporting specialises in consolidated asset reporting which will give their client the benefit of a centralised approach to wealth reporting. Any HNW family will naturally have a diverse portfolio of assets, which will also feature property and other assets such as yachts and art. At Carey Wealth Reporting they specialise in consolidated wealth reporting. Organisations often do not have the resources to establish wealth reporting. The maintenance of such reports, plus features such as
income projections, gains/losses, performance calculations, asset allocation etc, is a task that is both complex and time consuming. These decisions require a deep understanding and analysis of a clients’ total wealth. Carey Wealth Reporting reporting provides this and much more.