The Full Story

The Challenge

Harmony Capital required a robust technology solution to navigate its complex inter-family relationships and diversified investment portfolio.

The Solution

Addepar empowered Harmony to obtain better insights by giving the firm control over its analysis and accurate modeling of its complicated inter-family relationships.

The Result

After a fast, seamless onboarding experience, Harmony can now make more informed investment decisions with Addepar’s intuitive platform.

Harmony Capital "Addepar is so much more progressive, intuitive, easy to use, and easy to implement versus its competitors. It was so much faster and easier than I thought. And that goes a long way in building the satisfaction we have in using it." Robert Dean / President and Chairman

The Challenge:

Modeling Complex Inter-Family Relationships and All Asset Classes with Accuracy

Harmony Capital LLC is a single family office based in Redwood City, California, managing a full range of investments and financial needs, including asset allocation, investment selection, real estate development, estate planning, and accounting. When the firm launched in 2007, President and Chairman Robert Dean and Senior Vice President of Operations Kelli Kellerman initially relied on Excel to value and analyze all of the family’s assets.

Though Mr. Dean and Ms. Kellerman tried various software systems including Black Diamond and PCR, none of these solutions provided the breadth and accuracy to tackle their family’s range of assets and complicated ownership structures with efficiency or ease. “I didn’t have very much confidence in the numbers we were getting in Black Diamond, and ease of use wasn’t what we expected going in,” Mr. Dean explained. “So then we switched over to another application, PCR, which was archaic. Uploading data was very cumbersome. We battled that for two years.”

The most detrimental was the inability of these systems to model the complexity of inter-family relationships. “For example, there was a lot of duplication required in PCR,” Ms. Kellerman says. “For an asset that was owned by numerous entities, we would have to replicate the asset numerous times and assign the duplicated asset separate values accordingly. Modeling hierarchy was very difficult.”

In addition, Harmony did not have control over the data aggregation process. With legacy systems, Harmony Capital was unable to directly change data or update reports on the fly. “Relying on a third party for up to date information made the process cumbersome and annoying,” Mr. Dean says.

The Solution:

Accuracy and Control Leading to Better Insights

Harmony Capital turned to Addepar for relief from these headaches; the application quickly elevated the firm’s accuracy, analysis, and speed. “One of the biggest selling points for me was the ability to go directly into Addepar and make any updates or changes,” Ms. Kellerman explains. “If we’re in the system and see data that needs to be updated, I can go in and change it right then and there, giving us full control.”

With this control, the firm can quickly create reports that would have taken days using the previous software systems. “I can create a hedge fund report in two minutes, versus what used to take days, and know that the data is accurate and accurately reflected across the entities that own it. It makes all the difference,” Mr. Dean says.

The Result:

Instantaneous Efficiency and Success

The staff at Harmony Capital was impressed with Addepar’s seamless onboarding process. After struggling through year-long incorporations for other solutions, the firm wasn’t expecting an implementation in just a few short weeks. “I was pretty skeptical, but the go-live timeline implementation went very smoothly and very easily,” Ms. Kellerman admits. “I spent five times that much energy trying to get other platforms up and running, and still had problems two years later. That’s a huge benefit for us.”

“I’ll also add that I think Addepar is so much more progressive, intuitive, easy to use, and easy to implement versus its competitors,” Mr. Dean says. “It was so much faster and easier than I thought. And that goes a long way in building the satisfaction we have in using it.”

Since switching to Addepar, the family office has witnessed a paradigm shift in its portfolio analysis and reporting, enhancing their daily workflows. Ultimately, the tool provides sounder, quicker strategy decisions for their family. “It’s given me more visibility on making allocation decisions already,” Mr. Dean notes. “We’re still scratching the surface on the kind of reports we can run, but it’s given me more confidence in the ability to say yes or no on investment decisions.”

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