Multigenerational family leverages Family Wealth Insights to gain real-time insights into investments, bill pay and more

Client background

A five-generation, ultra-high-net-worth family that has been a client of Baker Tilly for over 20 years. They were looking for assistance with bookkeeping, tax information management, bill pay and a financial dashboard to monitor and visualize their cumulative and individual investments.

Business challenge

The family and family office were dissatisfied with their daily accounting arm, and the bill pay had additional logistical problems that made it difficult for Baker Tilly (their tax provider) to provide good service. For example, there were issues with gifts to personal foundations being recorded properly. Their platform also made it difficult to drill down further to details of balances without pulling additional reports. 

The family and family office liked the idea of Baker Tilly taking over daily accounting, including bill pay, and managing their inflow and overall information. However, they required an investment consolidation and reporting option to be a part of the package. 

Baker Tilly approach

Baker Tilly and Baker Tilly Wealth Management set out to find a solution and created Family Wealth Insights, which is a technology reporting solution powered by Addepar, and further enhanced with integrations to general ledger systems like Sage Intacct. 

Our team joined together to implement Family Wealth Insights including Sage Intacct. In order to ensure that the family was able to utilize Addepar and Sage Intacct in the most efficient, seamless way, we also brought in software and subject matter specialists. We did this by introducing KnowLedger, a powerful software that acts as the bridge between the two platforms.  

Results

After implementation, the family was able to: 

• Streamline accounting records across all entities including their foundations, personal accounts, trusts and family partnerships 
• View cumulative summaries of financial statements such as donations, payments and other long-term numbers with values updating daily; this includes off balance sheet and PnL items such as unfunded commitments and charitable pledges
• Look at ownership of assets and break it down into customizable reports based on individual needs; this encompasses the capability to assess precise exposure and delve into the details of any closely held entities in their financial and investment reporting 

Family Wealth Insights gave the family the power to look at their data in many different and timely ways. The family members are excited about the capabilities related to bill pay, automation and being able to look at their net worth as a snapshot, including all of their assets (artwork, values of homes), and all in a timely fashion. 

The family members gained real-time insight into investments, net worth, bill pay and more (across family lines, whole family or smaller family groups) through our holistic approach.

To learn more about Family Wealth Insights, connect with our team.

Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. The name Baker Tilly and its associated logo is used under license from Baker Tilly International limited. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. © 2024 Baker Tilly Advisory Group, LP

Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. Reference to registration does not imply any particular level of skill. 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. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. BTWM is controlled by Baker Tilly Advisory Group, LP (Baker Tilly), a tax and advisory firm. Baker Tilly is an independently owned and managed member of Baker Tilly International. ©2024 Baker Tilly Wealth Management, LLC