Guaranteeing accurate analysis of alternative assets and a reliable portal presence
Cherry Creek Family Offices supports a diverse collection of families, providing insightful investment management, financial counseling and personal services for sustained prosperity. The families served by Cherry Creek hold portfolios that range in value from $30 million and above, with assets including both publicly traded securities, alternative investments and real assets. These families also employ complex ownership structures that can’t be easily modeled in legacy software systems.
To provide consistent, optimized client service, Cherry Creek needed a platform that could model and analyze traditional securities and alternative assets on one platform with accuracy and expediency, as well as take sophisticated ownership hierarchies into consideration. The firm also sought paperless reporting that would cater to younger, tech-savvy investors who want a cloud-based solution without a physical document trail. But finding a platform to handle all of these requirements proved initially challenging, says Ben Novak, Chief Financial Officer of Cherry Creek.
“We were using fairly archaic architecture,” Mr. Novak explains. “With our previous platform, our ability to efficiently produce reports was very challenging — sometimes it took an entire day to run a report. The legacy software’s capacity to create reports other than the standard templates provided was nonexistent. There was also no portal presence or web presence for clients at all. We consistently struggled with the accuracy of numbers and we had to do a lot of corrections to produce accurate reporting, which was time-consuming.”