**Take Your Time**
Divide the project into three main phases: **selection**, **implementation**, and **post go-live**. You should plan between **three and six months** for the selection phase, depending on the size and complexity of the organisation. In cases of high complexity — and depending on employee workload — this phase alone may take **up to 12 months**.
If no data migration is required, implementation can often be completed within a few months. However, where data migration is involved, you should plan for **six to 12 months**.
**Two Years**
_The time you should plan to implement a new software solution_
— _Simon Minder_
Once the new system is in place, processes still need time to settle. This adjustment period can take **several weeks to several months**. As a result, it is quite common for **two years** to pass between the decision to search for a new system and the point at which the organisation can operate productively on the new solution.
Overly optimistic planning rarely helps. More often, it leads to frustration, delays and, in some cases, project termination.
**The Importance of Your Existing Provider**
When an existing system is replaced, there is inevitably a loser — the current provider.
It is therefore worth discussing the project with the existing provider at an early stage. Particularly in the event of project delays, continued support from the outgoing provider may suddenly become essential. It is important to avoid finding yourself without a valid software or service agreement, and therefore without a functioning system, even temporarily.
The existing provider often plays a key role in the **data migration process**. It is advisable to carefully review the existing contract to understand how support for migration to a different system is defined.
**The existing provider plays a crucial part in a system switch**
— _Simon Minder_
If migration support is not covered in the current agreement, this should be discussed and formally incorporated into the contract.
**What Are My Options?**
There is a wide range of providers and potential solutions available to single-family offices. An SFO holding primarily liquid assets will require a very different system from one with a complex ownership structure and significant illiquid assets.
This distinction must be carefully considered during the selection process and reflected in the Request for Proposal.
Independently of asset mix, some general observations apply:
- **New providers** often impress with clean design and intuitive navigation, but may lack depth of functionality. It is important to assess whether the provider has the human and financial resources to develop the platform over time.
- **Established providers** typically offer broad and deep functionality, but usability can suffer as systems grow organically over many years.
While the specific needs of the single-family office should always take priority, the solution must also be manageable for the existing workforce, particularly if no major organisational changes are planned.
**Communication**
This may seem obvious, yet it is often neglected: **communication throughout the project is critical**.
You will likely never strike the perfect balance — communicating too much at times and too little at others. The key is to remain attentive and ensure that all stakeholders are kept appropriately informed.
Within the project team, regular but measured communication is essential, without falling into the trap of micromanagement. Communication with end users across different functions must not be overlooked. Ultimately, these individuals must be able to work efficiently and deliver high-quality output using the new system.
If the project is perceived internally as a “black box”, securing buy-in becomes difficult. Transparent communication helps build trust and support.
**Project Organisation**
For larger single-family offices, a formal project organisation should be established. A **steering committee** should oversee the project and meet on a monthly basis.
Regardless of size, a **central log** should be maintained, tracking all open and completed items, with clearly defined responsibilities, priorities and deadlines.
