MyPrivate offers a Competitive Value Proposition to those aiming for Robust and High-Quality Family Management Practices. The highly efficient business processes support transaction processing, document management, payment and reconciliation reduce the barrier towards bringing this activity back into the Family, creating important advantages.
According to research from Family Office Exchange accounting and reporting eats up 32% of a Family Office budget, whereas respondents report figures anywhere between 10 and a staggering 75 percent.
As responsibility for the accuracy of the numbers will also fall back to the Family, the risk exposure for Advisory Service Providers will also be reduced, meaning a further possible reduction of their fees.
The integration of quick starter kits contributes to better preparation prior to seeking paid advice. These are in the form of structured templates, such as for the preparation of a will, or in the form of preloaded catalogs, such as for behaviors and personal values.
Even with the strictest policies and procedures offered by a Family Office, some people simply do not feel comfortable having an outside party with a 360° view on their Family Affairs.
MyPrivate provides segmented reporting briefs and analytical insights, meaning that Professional Advice can be solicited by providing only the necessary documentation required for that purpose.
By processing invoices and payments inhouse, exposure to fraud is greatly reduced.
Moreover, the capability to easily manage many different accounts facilitates the use of dedicated accounts with low credit limits and cash balances that are at high risk, such as those used for ATM operations, credit card payments and online shopping.
Multiple critical areas that are normally not covered by a Family Office, such as medical history or nutrition planning, are integrated into the software, meaning that over the years a true Family History Book is built up.
Divergences exist in all families between its members in terms of knowledge, capabilities and areas of interest. MyPrivate promotes an inclusive approach, where each family member can pick one or more topics of his/her choice, explore in depth the subject and develop optimal solutions. These topics are as varied as finance, insurance, retirement, personal development, social responsibility and many more.
