Baker Tilly is a top ten advisory, tax and assurance firm dedicated to custom solutions that generate and sustain growth. 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 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.

What spurred Baker Tilly’s recent investment in its Family Office practice? 

While we’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. We 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 our 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. 

And what has this investment looked like?

While expanding both our Private Wealth and Family Office practices, we realized that the technology piece was foundational to success. That’s why we developed and launched Family Wealth Insights, an investment reporting solution that leverages cutting-edge technology to give our clients a comprehensive view of their wealth.

And, as we work with new clients, we 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.

Can you tell us more about Family Wealth Insights and how you think it will benefit your clients?

Our 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. Our 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.

Of all the tech and data solutions out there, why Addepar?

In doing our due diligence, Addepar rose to the top of our list as the clear choice for two reasons. First, it has a best-in-class investment reporting platform. Second, we 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.

Can you speak more about the integrations capability?

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, our 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.

We also use eMoney’s Portfolio Data Integration, which has helped our wealth management team provide more holistic advice and estate projections.

How do you think about technology innovation Baker Tilly?

I think a key factor in our success has been our ability to quickly adapt to new innovations and adjust to changing regulatory requirements. Our investment in technology is an investment in helping our clients do both – adapt to new technology and to changing regulations. I’ll share a graphic with you that illustrates how our investment in technology directly translates to this improved client experience. 

Specific to Family Wealth Insights, the ability to leverage Addepar to aggregate our 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. 

Learn more about Baker Tilly Family Wealth Insights and submit an inquiry here.

Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. Baker Tilly Wealth Management, LLC is controlled by Baker Tilly US, LLP. Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2024 Baker Tilly Wealth Management, LLC