Please advise if you used some software for accounting assets and income streams/drawing the balance sheet for high net-worth individuals. Thanks!
Excel. If you want it to be automated write macros or use SQL (I think).
Unfortunately, do not have time for this - need some ready software, which already automated the commonly used forms and hints. Found Fin Navigator (finnav.com), but their demos and presentations suck so that I cannot understand whether it fits without buying it.
Check out some of the Advent products. Also, most of the big banks will have some off the shelf solutions which can be cheap/free depending on your relationship and level of assets.
LPoulin133 Wrote: ------------------------------------------------------- > Check out some of the Advent products. Also, most > of the big banks will have some off the shelf > solutions which can be cheap/free depending on > your relationship and level of assets. Agreed. Check out Advent Axys if you’re on the smaller side, or APX if you want better infrastructure. Axys is flat-file based and APX is SQL-based. You’re better of going with APX if it’s in your budget since having the data in a database is important if you want to do anything different than what comes “out of the box”. Before I left my old firm, they were converting from Axys to APX. Before that, we had built our own data warehouse to store a lot of the data from Axys, which APX would have solved for from the get-go. APX also has a nice CRM tool.
Thanks a lot!
Check out Rockit. Have heard Fin Navigator is good, haven’t used it though. Also, private wealth magazine had a list of family office software providers a few months back, I think you can pull it up on their website (I’m too lazy to look)
I use Advent for my “sub journal” to track the balance sheet account by account, asset by assets. I then use Quickbooks for higher level general ledger and thus B/S and P&L. This is much more of a high level tracking and checking. Advent is the day-to-day go to. We looked at Portfolio Center, but despite them saying otherwise, they could not directly interface with a number of my custodians.
I suggest Apptivo for accounting purpose, iam using the same for my small business found to be easy and good customer care.
Quickbooks. In case anyone is still interested in this 2010 thread.
Love old threads!
Always strange when a person has one post, and it’s to dig up a five year-old thread in the water cooler.
Nonetheless, I second Quickbooks and Excel. Quicken may get a nod, but I don’t really know how to use it, to be honest.
I’ve heard good things about a company named Xero, but I have not taken a look.
lol and by “strange” you mean that its clearly some sales schmuck at that company trying to astroturf some sales. Excel all the way. If he works for a larger family office that has some coin you cant beat Advent software.