Deal-making for Family Offices

As a family office, you and your team are responsible for wealth management for the assets we value the most—our families and our legacies. Tracking various asset classes across portfolio management for multiple clients can get complicated and complex quickly, even if you’re only looking at a single family. And when it comes to your clients and their families, trust is critical for maintaining and nurturing a long-term relationship. For true customer relationship management, a Microsoft Excel spreadsheet or cookie-cutter database model won’t suffice. 

Instead, you want the functionality of a CRM that you can trust to not only organize and process all of the communication data across your team’s collective network, but also to show real-time, accurate, and complete analytics and reporting on your most important metrics. Access to this information allows you and your team to act based on clear insights and accelerate your capability to find, manage, and close deals.

Family offices looking to streamline their dealmaking process can leverage relationship intelligence to gain new insights into their team’s CRM data to help find, manage, and close more deals. One way relationship intelligence accelerates early-stage dealmaking is through relationship scoring.

Relationship scores quantify the quality of relationships across your team; whether it’s a multi-family office or a single-family office, relationship scoring helps you find new connections that would otherwise remain hidden in a traditional CRM. Relationship intelligence is also derived from industry-leading analytics and business intelligence, enriched datasets, automatic data capture, and more.

This ability to know more about your business network ensures your team can connect with confidence, show up smarter, and close more deals.

Like other sectors of the financial services industry, such as commercial real estate, private equity firms, and hedge funds, family offices have strict regulatory requirements. Strict regulatory requirements plus a long business cycle based on long-term relationships require the support of unique dealmaking technology to navigate the intricacies of non-linear dealmaking.

Finding a management software that provides a single ecosystem for pipeline management, lead management, reporting, and more enables your team to collaborate with confidence in their data being accurate.

Being able to trust the data also strengthens your decision-making quality. By saving time with automated data capture, trusting the consolidation into a single source of truth, and leveraging relationship insights, family offices are able to tackle deals with confidence and speed.

Affinity’s automation and data enrichment free your Family office team from the drudgery of manual data entry and the potential for human error that accompanies it. Investment management relies on accurate information. Whether you’re handling portfolio management, updating contact information, or refreshing yourself on an interaction with a contact, you need to be able to trust that your data is accurate and complete.

CRM software solutions such as Salesforce or Navatar rely on manual entry and can cost your team hundreds of hours per year on upkeep and training. That is time your team could be tending to asset management, updating internal stakeholders—like VPs or partners—and clients, or accessing business intelligence to gain new, actionable insights toward their next deal. 

Family office teams also choose Affinity over a different CRM software platform for its relationship intelligence functionality. Affinity’s relationship intelligence extracts actionable insights from the automated capture of your team’s “data exhaust”—emails, calendar details, and more, all the way back to the beginning of your inbox. You can also connect Affinity to other tools in your technology stack—including SaaS platforms like Zoom or Hubspot.

Your team’s CRM should support not only the relationships at the heart of your business but also the features necessary to effectively manage wealth. What features do the various CRMs offer you to track and meet your team’s KPIs? Your CRM should allow you to easily customize dashboards and reports, report on deals, and analyze your performance so you can make better data-driven decisions. 

As you conduct due diligence, can you easily view all of the stages of your research or your team’s research? Does the user experience encourage team-wide adoption? A customer relationship management tool can only be effectively leveraged if it’s used by the entire team.

As you consider which CRM solution is right for your team, in addition to ease-of-use, consider whether or not the platform’s pricing falls within your budget and if the features you need are restricted to specific payment tiers.

Chosen well, a CRM platform can be a key component of a family office technology stack. Let your CRM work for you, not the other way around. Talk to an Affinity sales representative today to learn how relationship intelligence can help accelerate your deal pipeline by helping you find, manage, and close more deals faster.