NavOne
One Complete System
The management of family office structures can be complex, with a wide range of business processes involved.
Never has it been so critical to utilise technology effectively within any business – and the individuals serviced by the Family Office will have high expectations.
In a world where loyalty to a particular organisation has perhaps become less relevant than quality of service, and indeed cost, no organisation can afford to get behind the technology curve.
Finding a software solution that meets the diverse functional and reporting requirements of the family office can be challenging, and it is often the case that various systems are implemented to cater for different areas of the business. Running multiple systems, or funding additional bespoke software development, can be a costly exercise. Also, significant effort may be required to extract the data to produce consolidated reporting.
The latest release of the wealth management system from Touchstone, NavOne, aims to deliver a complete solution for the end user, whether in a large MFO organisation, or a single family office with just a few employees. The system has extensive functionality – however, it also has inbuilt integration tools that allow data from other systems to be easily imported and/or displayed where required, to deliver a single user interface.
NavOne has been developed on the leading business software platform from Microsoft – Dynamics NAV 2013. It has the familiar look and feel of other Microsoft products, and is integrated with Outlook, Excel, Word, Sharepoint and OneNote.
The fact that the core software is a Microsoft product provides assurance that the system is robust and reliable and the technology is ‘future-proof’.
Functionality for the Family Office
CRM
Managing relationships must surely always be regarded as a critical area where the family office needs to ‘get it right’. The Relationship Management module in NavOne manages the details of ultimate beneficial owners, family members, and prospective new business for MFOs. Personal data, meetings, documentation, due diligence processes, workflows, and task management are all catered for. There is the option to interface the NavOne system with Microsoft CRM if required.
Risk and Compliance
Due diligence processes, and risk reviews can be set up in the system, in a flexible questionnaire format – with a mix of automated system and manual responses. Resulting risk scores can trigger risk mitigation workflows and activities, and are added to a risk monitoring register. The ‘Scrutiny’ module regularly compares system records with Worldcheck and other databases or lists, using flexible search criteria.
Portfolio Management and Performance Reviews
With frequent investment price feeds, transaction imports, and corporate actions processing, up to date investment portfolio valuations and performance reviews can be produced at any time.
Cash and Asset Management
Automated transaction processing and payments, statement tracking and bank and broker reconciliations ensures efficient management of cash.
The system also deals with management of property, yachts, aircraft, intellectual property and miscellaneous assets, such as collectibles. Relevant documentation, such as deeds, charter agreements, images can be accessed from the asset record.
Accounting and Financial Statements
The system has full general ledger and purchase ledger functionality, as well as asset and investment accounting. It is also simple to produce Financial Statements with associated notes and schedules.
Straight Through Processing
The ‘data adapter’ feature in the system facilitates automated bookkeeping of cash and investment transactions. Used in conjunction with the automated payments module, the real efficiencies of STP can be achieved.
Document Management and Production
In NavOne, documents and other files can be linked to records in the system, such as family members, companies, assets, safe custody records. The documents may be stored on a network drive, or, in a separate DMS with an interface.
Documents can also be created in the system, using bookmarks and merge fields to insert system data automatically and document templates can be set up for formats that are used regularly, such as minutes. Workflow processes are often set up to produce documents as standard, and electronic signatures can also be used, with appropriate authorisations.
Client Fee Billing
Billing processes are flexible and automated – with a fee collection process linked to the ‘payments’ module.
The User Experience
The system is intuitive, with the familiar look and feel of other Microsoft products. The Role Center has the option to display the user’s Outlook, and customised lists and charts. Tasks and Activities that are due or outstanding, reminders and ‘notifications’ are prominently displayed on the screen, providing the user with a comprehensive view of information and actions that are relevant to them.
The system can be run as a ‘web client’, and can be run on mobile devices, tablets and so on. This enables remote access is available to carry out tasks such as payment authorisations, or for example family members could access information or reports in specially designed Role Centers, or send requests through a customised portal.
