Truvvo Partners is a Multi-Family Office serving as an Outsourced Chief Investment Officer (OCIO) for their clients. Truvvo works with a select group of families and institutions to simplify the complexity of wealth and enhance their investment experience. Danielle Roseman, Managing Director and Head of Operations, details how Truvvo enhanced growth and scalability in their operations and how they leveraged the Solovis platform to significantly reduce the time spent producing client reports.
Improved Data Management
Truvvo was facing several challenges in their operation in 2015, and was looking for a solution partner to improve their data management. “Some of the challenges we were facing were around data organization,” Roseman said. “We had data living in multiple and different types of sources: PDF files, Excel files, different databases historically over the years. Our clients would come in with multiple data sets and we had no way to really normalize it.”
She continued, “We were finding ourselves in a conundrum where it became a challenge to grow and onboard clients unless we found a data management solution that fit the needs of both the operational business and the investor.”
“We would not be able to make the decisions on behalf of our clients as quickly and as accurately if we didn’t have Solovis.”
“The system is robust. If a client comes in and says, I have multiple different holdings, I have a vineyard, I have a real asset, I have directs, I have stocks, I have cash. All of that can be implemented in the system.”
Flexible, Intuitive System
Truvvo was looking for a flexible, intuitive system to better support their clients. Solovis best aligned with their internal needs and the goals they were trying to achieve.
“The system is robust. If a client comes in and says, I have multiple different holdings, I have a vineyard, I have a real asset, I have directs, I have stocks, I have cash. All of that can be implemented in the system. All of it can be taken in, in all different forms.”
“Solovis is incredibly flexible in terms of how you want to report that data. That was extremely helpful to us.”
Making Smarter, Data-Driven Decisions
It was also important to Roseman and the Truvvo team to go beyond the numbers and make better, data-driven decisions with the information at hand.
“It’s important to get information, but beyond that, it’s important to determine what to do with it next. Solovis gives us that capability, while also ensuring that our data is accurate, validated and has an operational team that feel secure in the information we’re reporting to our clients.”
She continued, “We wanted to say, now that we have this data, what can we actually do with it? Can we stress test it? Can we complete scenario testing? Can we look at liquidity?”
Providing their teams with a single source of reliance and enabling them to collaborate in a single platform, while also providing reduced risk to the client, was a win-win for Truvvo. As Roseman put it, “the fact that everyone at the firm uses the same information, the same database, was a massive relief to the organization.”
Roseman emphasized how impactful this has been to by stating, “As an ops director, your job is to be able to provide efficiency and accurate information to your investment team, in order for them to make the most informed decisions possible. I work closely with our head of risk and the investment team to ensure that what they’re producing and reviewing and the decisions made are based on timely and accurate information.”
Time Saved, Improved Outcomes
“In terms of hours spent, I would estimate that we were allocating approximately two to three weeks building client reports. And not just time, but frustration and data integrity was an issue we had to improve at the firm. And so with Solovis, we were able to significantly reduce the time allocated towards client reporting and now spend two to three days generating our automated reports through their system.
Solovis has enhanced Truvvo’s efficiency internally while also bringing about improved outcomes to their clients. “We would not be able to make the decisions on behalf of our clients as quickly and as accurately if we didn’t have Solovis.”