EDDIE BROWN: We spoke about some of the technology needs, and, you know, the most used technology with family offices still is Excel.
MATT FLEISSIG: It's amazing.
EDDIE: And it's the least expensive, as well. But I know that you've invested a lot in technology to really solve what's really been, you know, one of the root challenges for family offices and the complexities that go along with these multi-generational families.
MATT: We had a decision to make years ago, which was, you know, build versus buy, or a hybrid, or what do you do. And where we came together ... and innovation has always been at the core of everything we do. So the pivot that we made in about 2016 was to say, 'Let's design a best in class data warehouse, specifically designed for a family office business.' And that's what we set out to do. We brought in a lot of old partners from our past history to create this. And then let's create a front end on top of the data warehouse and then connect the data warehouse to best in class systems. And so that was the dawn of what we call today is ARROW, which is accounting, reporting, rebalancing, optimization, and workflow. So it does create this experience for an advisor where everything is together in one place of… you know, data is the new oil, so to say.
EDDIE: Well, I've also heard you say that when clients see the reporting and the power of technology, it's almost like you created fire.
MATT: So when we show a family the technology, or ARROW, what we can do for them, and all of a sudden you have a single system for all your financial reporting, performance reporting, all of your financial statements and bill pay all in one place, it does seem like we've… the reaction is like, 'We've invented fire.'
EDDIE: I love that.
STEVE BRAVERMAN: And, Eddie, you know, this issue of trust that we talk about, and the issue of depth and breadth of service in family office is centered on the idea that we've got the right information. And that confidence that the client has in taking our advice is grounded in the idea that we're well-informed.
EDDIE: That's right.
STEVE: So if we're going to talk to them about the suitability of a change to the portfolio, it has to be grounded in the idea that we know you, we pay your bills, we sign your tax returns, we're funding your foundation. we've talked to you about how you want to care for your kids, we've talked about how you want to care for the community. And we can assure you that this change or this portfolio in itself is set to sustain you in terms of, at the same time, affording you the flexibility and optionality to react to market, react to entrepreneurial opportunities, and to do all the things that multi-generational families need to be doing. So call it oil, call it fire, it's information, and it builds trust. It builds knowledge and it helps us do our job.
MATT: Just don't mix the oil with the fire.
STEVE: That's it. That would be tough.
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