Managing a high-net-worth family is fundamentally different from managing a single investment account. A family relationship can involve a principal, spouse, children, trusts, foundations, holding companies, operating businesses, trustees, family-office executives, accountants, lawyers, investment advisors and private bankers, with each person requiring a different level of information.

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The challenge is creating one underlying source of truth without giving everyone the same experience.

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One Family, Many Perspectives

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A principal may want to see total net worth, investment performance, liquidity, real estate and private investments, while a next-generation family member may need a much narrower view.

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A CFO may need to focus on cash flows, entities, liabilities, documents and tasks. An investment advisor may need asset allocation, performance, commitments, exposures and look-through holdings. A private banker may need visibility into assets held at the institution, assets held away, loans, credit facilities, collateral and liquidity.

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The underlying data may be the same, but the experience should be different.

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MYFO’s platform is designed to give different stakeholders tailored views and permissions while allowing them to work from the same underlying financial system.

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The Problem With Separate Systems

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Without a shared data layer, every stakeholder can end up building their own version of the family’s financial picture. The investment advisor may have one spreadsheet, the private banker another, and the accountant, family office and estate-planning team may each maintain their own records.

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This creates duplicated work and inconsistent information. A change to an ownership structure, investment value, loan or family relationship may need to be updated across several systems, making it difficult to know which version is accurate.

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A family wealth platform should instead connect these records so that everyone is working from the same underlying information.

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Entities Are the Foundation

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Multigenerational wealth often involves complex ownership structures. A family trust may own a holding company, which owns a property entity that ultimately owns a real estate asset. The family may also own only a percentage of one or more of those intermediate entities.

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A wealth platform therefore needs to understand these relationships rather than simply treating every asset as fully owned by the family.

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MYFO’s entity model is designed to represent trusts, holding companies, partnerships, foundations and other structures, including legal ownership, economic ownership and look-through reporting.

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The Family Dashboard Should Include More Than Investments

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A complete family wealth dashboard needs to extend beyond investment performance and portfolio values.

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It can include investments, such as public markets, private equity, venture capital, private credit, funds and direct investments, as well as real estate, including properties, ownership interests, financing, income and expenses.

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It can also bring together liabilities, such as mortgages, loans and credit facilities; insurance, including policies, coverage, premiums and renewal dates; and documents, such as trust documents, partnership agreements, K-1s, capital calls and insurance policies.

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Cash flows are another important part of the picture, including income, spending, distributions, capital calls and debt obligations. Tasks can then be connected to the financial events they relate to.

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‍MYFO connects these different objects, allowing documents, assets, entities, forecasts and tasks to relate to the same underlying financial information.

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Supporting the Next Generation

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Multigenerational wealth also creates different technology requirements across the family. The next generation may want a more digital and simplified experience, while the principal may want a high-level consolidated view. The CFO may need operational detail, and the advisor may need deeper analytical information.

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A shared data foundation can support these different needs without requiring the family office to maintain multiple disconnected systems.

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A Better Client Experience for Banks and RIAs

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For banks and RIAs, this creates an opportunity to become more deeply embedded in the family relationship. Instead of interacting with one family member around one investment portfolio, the institution can support a broader financial ecosystem that includes investment management, lending, estate planning, insurance, liquidity planning, real estate, private investments and next-generation wealth.

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The technology becomes the connective layer between those relationships, giving different teams access to the information they need while maintaining a consistent view of the family’s overall financial picture.

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One Source of Truth, Many Experiences

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The objective is not to make every stakeholder look at the same dashboard. It is to make sure everyone is working from the same underlying financial picture.

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That means the principal, next generation, CFO, advisor and private banker can each have a view that fits their role while working from connected and consistent data.

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For banks and RIAs managing complex family relationships, that creates a more connected way to support multigenerational wealth.

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See MYFO in action

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Learn how MYFO can give your team a connected financial picture with tailored views for every stakeholder.

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Book a demo →

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