Mountain View, CA: November 1, 2024
In 2010, Erin Hulse, an accountant by trade, joined Archway Technology Partners, now SEI Family Office Services, where she was introduced to the unique set of problems facing single and multi-family offices: “I saw missed expectations as well as families and family offices wasting precious time and money.”
She was determined to change that.
In 2015, she founded Deviate Consulting, an independent consulting firm which focuses on helping single and multi-family offices to select and implement the right financial and accounting software for their office, their team(s), and the families or entities they support. Efficiency, usability, and security are important to the Deviate team and how they prepare clients and partner with offices in the unique process of finding the right software.
Today, Deviate has grown to be a team of consultants available nationwide and over 40 financial and accounting platforms available in their vendor library.
We sat down with Erin to talk about the technology challenges facing family offices and what's on the horizon for the future of the family office.
Forest Systems (FS): When you're working with a client to find the right software, what are the things that you're listening for to find the right match?
Erin Hulse (EH): We're listening for the size and complexity of the office. We also want to know what they’re most focused on – general ledger/taxes, performance reporting, etc. We need to know if they have outside investors or is it the family. We also listen for their price tolerance, too. This helps us narrow down the right vendors.
FS: Now that you've been working with family offices for more than a decade, what are some changes you've noticed recently in the family office dynamics?
EH: As the younger generations are taking over, I think they’re more open to new ideas and new technology. They're open to outsourcing and hiring people who don't work daily in a brick-and-mortar office. The younger generations coming in are allowing for more flexibility which gives the family office more options and longevity.
FS: What have you noticed about how family offices are handling the brick-and-mortar versus virtual office debate?
EH: Some families still want people in the office, but it's hard for them to find the talent who want to work from the more traditional office space. Sometimes they have to hire somebody that they wouldn't have just because they want boots on the ground in the office. When we’re working with those families, I remind them that they’re working virtually and, therefore, have the power to outsource talent anywhere in the world for any role – your custodian, your bank, your lawyer. The younger generations appreciate that, and our work is educating the (legacy) generations to those benefits.
FS: What's the future of the family office look like?
EH: The small and medium-size family office market is growing, so there's more competition in the way of technology for these groups. These offices are able to make bigger strides because there are more vendor options available to them that they didn't have or didn't make sense 10 years ago. The tech competition out there is amazing. It's making everyone's lives better.
Forest Systems is proud to be a platform listed in Deviate's vendor demo library. To learn more about Deviate, please visit their website.