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, depending on the size and complexity of the company. In case of high complexity
and depending on the workload of the employees, you could expect up to 12 months. If there is no data migration, the implementation can be done in a few months. In case the project also includes data migration, you should plan between 6 and 12 months.
2years
the time you should plan to implement a new software
Simon Minder
Once you have the new system in place, the new processes must settle in. This can take several weeks to months. Therefore, it
is quite common that two years pass from the day you decide to look for a new system until the day the new system is implemented, and the company can work productively with the new solution. Overly optimistic planning does not help anyone and is more likely to lead to a lot of frustration and project terminations.
The importance of your existing provider
When you replace an existing system, there is always a loser. This is the provider of the existing solution in place.
It is also worth discussing the project with the existing provider. Especially in the event of a project delay, it may suddenly become necessary to rely on the support of the previous provider. Here it is important that one is not suddenly in a situation without a software/service agreement and thus for a certain time without a system
The existing provider also has a key role to play in the migration process. It is often worth double checking the existing contract to verify how the support for data migration to a different system is defined..
The existing provider plays a crucial part in a
system switch
Simon Minder
If this issue is not covered by the existing contract, it is essential to discuss it with the provider and integrate it in the existing agreement.
What are my options?
There are a variety of providers and possible solutions for a single-family office. A family office that holds many liquid assets will choose a different solution than an SFO that has a complex asset ownership structure and many illiquid assets.
This must undoubtedly be given sufficient consideration in the selection process as part of the preparation of the Request for Proposal. Independently of this circumstance, a general statement can be made about all providers. New providers on the market often convince with a simpler and clearer navigation. However, they often lack the required range of functionality. Here one must pay attention to whether the enterprise is able to develop this over time with the current limits on the human and the financial resources. Established providers often struggle with the opposite problems. They have a broad and deep range of features. However, navigation often suffers because the system has grown over time. Of course, the needs of the single-family office must be given priority. However, the solution should be manageable for the existing workforce if no major changes are planned.
Communication
It is obvious, yet so often neglected: communication throughout the project. You must be aware that you will probably never find the perfect measure and communicate too much and then too little. When it comes to communication, it is important to pay attention and inform all stakeholders as needed.
Within the project team, too, it is essential to maintain a moderate exchange without falling into the micro-management trap. The communication with the end users in the different areas of responsibility should not be forgotten. In the end, these people must be able to work with the system and perform the assigned tasks efficiently and with high quality. If the project
is perceived internally as a black box, it is difficult to get the necessary support. Transparent communication can also help here.
Project organisation
For large single-family offices, a formal project organization should be established. A steering committee should be charged with formal oversight of the project and meet monthly. Regardless of the size of the single-family office, a log file with all open and completed items should be kept centrally with responsibilities, priorities, and deadlines.
