How Wealth and Asset Management Firms Drive Success with Cloud Financials

Many wealth management firms have accelerated cloud adoption in response to a rapidly changing business climate. And with remote work here to stay, those that hadn’t yet considered a cloud financial management solution are now making it a high priority. In fact, the benefits of cloud solutions – flexibility, efficiency, productivity, and security – have led to a transformation in financial management.

Why are wealth management firms moving to the cloud?

Whether your team is entirely remote or has adopted a hybrid model, it’s likely you’ve had to shift to a new work environment. But regardless of changes in how and where you work, access to financial data is still a top priority.

Learn how B-29 Investments, a family office, reduced operational efficiencies and gained valuable insight with Sage Intacct. Read the case study: MicroAccounting and Sage Intacct Pay Dividends.

And that’s where the cloud comes in. By being in the cloud you not only reduce costs and increase productivity but improve visibility and agility. Instead of missing opportunities, by looking ahead you’re able to capitalize on them as they come up.

By adopting cloud solutions some firms have reported saving over 50% in time spent consolidating the books, while others have doubled revenue due to efficiencies. For those who adopt cloud solutions to reduce cost, over three quarters reported better performance. For the rest, performance was as expected, none felt it was below expectations.

Top 5 reasons wealth management firms choose the cloud

• Achieving substantial cost savings by minimizing expensive IT infrastructure
• Better data security—Cybersecurity experts in charge of data centers keep data safe and secure, surpassing what most firms could afford in house. 
• Supports remote workers—Employees can stay in close touch with their teams and the business. With access to their data they can work anytime, anywhere from any device. And if their computer goes down, they can still access data in the cloud.
• Access to the latest enhancements—With the cloud, automatic updates ensure you’re always on the latest version. Gone are costly and time-consuming upgrades.
• Easy integration with other solutions—Through APIs, you can integrate CRM, payroll, and other applications.

The path to success for wealth management firms

Flexibility is at the core of the cloud. Sage Intacct cloud financial management includes custom financial dashboards, giving you real-time insight into performance. With a graphical interface and ability to drill down, you can dig into any KPI or metric even to the transaction level.

Also, you can share key financial data with the C-suite, investors, and other key stakeholders so they can make decisions based on real-time insights. As a result, when the CEO asks, “Are we well-positioned to make this investment?” you’ll be able to provide an answer in minutes.

Finally you’ll empower people outside the finance department. With flexible workflows they can initiate interactions like expense and check requests, budget to actual analyses, purchase requisitions, and more.

Gain financial and operational visibility company wide

• With Sage Intacct, you’ll have visibility into financial and operational data across your firm. Whether you’re interested in investment performance by team or expense tied to each line of business you’ll have the information at your fingertips.
• Automatically sync your sub-ledgers and your general ledgers, so you can see summaries and balances, as well as transaction details in real time.

Eliminate month-end headaches with automated multi-entity management

When you manage multiple entities it can take days, even weeks to close the books. And spending hours creating reports doesn’t leave you or your team much time for analysis or strategic initiatives. By automating multi-entity, location, and currency operations, you’ll get your life back and have the time to focus on strategy.

Can you afford not to be in the cloud?

In today’s volatile market rapid change is a constant for wealth management firms. Rigid on-premise solutions don’t have the features or scalability to meet today’s challenges. Is it time to consider a modern cloud financial solution? If the statements below describe your business, the answer is yes.

• Manage three or more entities
• Spend ten days or more to close the books
• Spend 40% or more time on Excel-based reporting
• Create two or more ad hoc reports per month
• Need to hire more headcount to scale

Hundreds of financial services firms trust Sage Intacct

Rated #1 in Customer Satisfaction year after year, wealth and asset management firms depend on Sage Intacct to:

• Gain instant visibility into financial data with real-time reporting and custom dashboards
• Provide anywhere, anytime access to team members
• Minimize the expense and complexity of IT infrastructure
• Ensure control and compliance with automation and internal controls

Plus, through Sage Intacct’s open API and partnership with over 200 solution providers, you can easily integrate solutions like Salesforce and ADP as well as many specialized applications. This ensures your team can take advantage of modern technology to accelerate reporting.

Sage Intacct is the #1 cloud financial management system for financial services, including the world’s largest wealth and asset management firms. That’s why it’s the solution of choice for nearly 1,000 financial services organizations that collectively manage more than $1.4T of assets under management. And at MicroAccounting, we have the expertise to ensure a smooth migration.

Learn more about Sage Intacct or contact us for a demo.