Simplifying family office reporting with SumIt

Challenges

Because of the custom needs and complexity of Mariner Ultra’s clients, much of the work was previously done manually, making it extremely time-consuming and inefficient. The team needed a solution that could handle their clients’ complex family and estate/business entity structures while supporting their commitment to remain at the forefront of technology and innovation.

“We needed a solution to handle the complex family and estate/business entity structures our clients had, as well as a partner that could keep up with our need to continually innovate,” explains Alex Brown, CPA and Accounting Manager at Mariner Ultra.

Putting together consolidated reports for complex clients could take days, if not weeks, preventing the team from focusing on what the data was telling them and limiting their ability to deliver optimal client deliverables and experiences.

Evaluation process

Mariner Ultra’s goal was to remain at the forefront of technology and innovation, so they prioritised software solutions that would enhance accuracy, increase efficiency, and improve the overall client experience. The team conducted a thorough evaluation of multiple solutions before making their final decision.

Their main selection criteria focused on three key factors: the ability to drive innovation, willingness to work collaboratively with their team, and a track record of high customer satisfaction.

Solution

After evaluating multiple options, Mariner Ultra chose SumIt because it was specifically built around family offices. The platform’s ability to easily handle complex clients and make reporting easy and efficient was the main driver in their decision.‍

“SumIt was built around family offices and seemed to check every box we were looking for. Being able to easily handle complex clients and make reporting easy and efficient was the main driver. They were also willing to work with us to help shape the platform around our needs.” – Alex Brown, CPA and Accounting Manager at Mariner Ultra.

The implementation process has gone smoothly, with SumIt’s team prioritising Mariner Ultra’s specific needs and wants. Due to the custom nature of their business, there were specific integrations needed, which SumIt was able to deliver on, proving to be an excellent partner throughout the process.

Results and impact

The efficiency gains since implementing SumIt have been substantial across the 18 families currently using the platform. Among these clients, Mariner Ultra has successfully migrated complex families with 150+ entities and can now generate reports that previously took days or weeks with just a click of a button. The firm is planning to continue rolling out SumIt to the rest of its client base based on these successful results.

“We’ve been able to migrate complex clients (150+ entities) and make reporting as easy as a click of a button,” reports Phil Boscarino, CFP® and Director of Family Office Services at Mariner Ultra, referring to some of the most complex families among the 18 currently using SumIt.

The time savings on reporting have been dramatic. Where consolidated reports for complex clients previously required days or even weeks to compile, the team can now run custom reports instantly. This transformation has freed up significant time that was previously spent on manual report compilation.

“Instead of spending our time putting together the reports, we are able to focus on what the data is telling us, allowing us to deliver better client deliverables and a better client experience,” -Phil Boscarino, CFP® and Director of Family Office Services at Mariner Ultra.

The adoption among team members has been positive. While changing technologies always presents challenges and some initial hesitation, the team is fully bought in on the new system.

Looking forward

Mariner Ultra continues to focus on innovation and growth opportunities. Their immediate priorities include further integrations with other software solutions and building out reporting customisations to enhance service delivery.

As part of Mariner, the Ultra team benefits from additional resources while maintaining its specialised focus. The broader organisation believes that as technology continues to improve, the best teams will utilise the best technology, and SumIt is viewed as a key component of that technology stack.

For other multi-family offices considering a similar technology transformation, Mariner Ultra’s advice is simple: “Go for it.”

The team is excited about the continued evolution of their SumIt implementation, with plans for additional integrations and platform refinements that will further enhance their ability to serve their complex ultra-high-net-wealth client base.