New / Setting Up Family Office Portfolio Management Software Buyer's Guide

# New / Setting Up Family Office Portfolio Management Software Buyer's Guide

1. Who This Guide Is For

This guide is designed for families and executives in the process of setting up a new family office. They may be transitioning from private banking relationships or scaling beyond spreadsheets.

2. Key Challenges

The main challenge is starting with the right foundation. New family offices often face choice overload, balancing budget with future scalability, and ensuring systems align with governance structures.

3. Must-Have Features

- Scalable solutions that can grow with the office

- Strong data aggregation and reporting basics

- Integration potential with CRM, accounting, and custodians

- Usable dashboards to align family members on investments

4. Implementation Considerations

New setups usually require 3–6 months, with a focus on migrating existing records into the platform. Governance discussions (who sees what) should be resolved early to avoid rework later.

5. Cost Factors

Entry costs can be modest, but offices should budget for future upgrades. Subscription models are common, but hidden costs include custodial integrations and data services.

6. Selection Tips

Start with a requirements checklist before engaging vendors. Avoid overbuying — choose a platform that meets today's needs but can scale for future complexity.

7. Example Vendor Fit

New family offices often begin with mid-market SaaS platforms or modular solutions before moving to enterprise systems as complexity grows.

8. Next Steps

Prioritize platforms that offer scalability and flexibility, ensuring the new office has room to evolve.