Baker Tilly, an advisory, tax and assurance firm dedicated to custom solutions that generate and sustain growth has entered a new partnership.
Baker Tilly, and their subsidiary, Baker Tilly Wealth Management, a registered investment advisor, provide “a range of private wealth services to high-net-worth and ultra-high-net-worth clients.”
They partnered with Addepar in order “to help grow their Family Office client base, diversify revenue streams and continue to provide the best in personalized, transparent wealth solutions.”
Leveraging Addepar’s clean data, tools, and open platform has “allowed them to deliver a more extensive offering to existing – and new – clients.”
While they’ve found that every client is unique, many Family Offices require multiple services from Baker Tilly, such as wealth management, tax advisory and accounting services.
They see many families who have “been overseeing their entire financial picture by themselves. Needless to say, that becomes both time-intensive and difficult to manage. So it felt like the right time to invest in their Family Office practice and bring an integrated and differentiated solution to our clients, taking that burden off of them and, ultimately, making their lives easier.”
While expanding both Private Wealth and Family Office practices, Baker Tilly realized that the technology piece was “foundational to success.”
That’s why they developed and “launched Family Wealth Insights, an investment reporting solution that leverages technology to give their clients a comprehensive view of their wealth.”
And, as they work with new clients, they continue “to shape Family Wealth Insights, customizing it to what each specific client needs.”
The result is a Family Office practice centered “around providing a custom, bespoke experience that streamlines and simplifies each client’s life.”
Their Family Wealth Insights offering “leverages the power of Addepar to aggregate our client’s investments into a single personalized financial dashboard. With all of their assets in one consolidated, continually updated view, our clients can gain a full picture of their wealth and then use that information to make more informed decisions.”
Their advisors also use that information “to suggest strategic solutions and provide advice.”
This solution also enables clients to “connect their general ledger accounting systems, like Sage Intacct, and streamline their outsourced accounting.”
That makes it unique, helpful and a truly differentiating offer.
In doing their due diligence, Addepar rose “to the top of our list as the clear choice for two reasons. First, it has an investment reporting platform. Second, they appreciated that Addepar was a stand-alone, specialized performance reporting system on an open platform with integrations like eMoney and KnowLedger that could connect to Sage Intacct, a cloud financial management software key to our custom financial management solutions.”
The connection between KnowLedger and Sage Intacct has “been altogether invaluable to our general ledger accounting work.”
The ability to seamlessly transmit data “has maximized efficiency for us and for our clients. With this connection, their advisors have been able to eliminate the challenges that clients would face stitching together their own software stack, reducing redundancy, minimizing investment in change management and creating a seamless onboarding experience.”
They also use eMoney’s Portfolio Data Integration, which has “helped their wealth management team provide more holistic advice and estate projections.”
They think a key factor in their success has been their ability “to quickly adapt to new innovations and adjust to changing regulatory requirements.”
Their investment in technology is “an investment in helping clients do both – adapt to new technology and to changing regulations.”
Specific to Family Wealth Insights, the ability to leverage Addepar to “aggregate client’s data has been a game changer in terms of client service and success.”
With the recent launch of Family Wealth Insights, Baker Tilly’s clients can enjoy “the benefits of Addepar –– clean data that streamlines manual, error-prone tasks, and integrated analysis and reporting –– together with Baker Tilly’s accounting, tax and advisory services alongside Baker Tilly Wealth Management’s investment expertise.”