**NavOne**
**One Complete System**
The management of family office structures can be complex, with a wide range of business processes involved.
Never has it been more critical to utilise technology effectively within any business – and the individuals serviced by the family office will have high expectations.
In a world where loyalty to a particular organisation has perhaps become less relevant than quality of service, and indeed cost, no organisation can afford to fall behind the technology curve.
Finding a software solution that meets the diverse functional and reporting requirements of the family office can be challenging, and it is often the case that multiple systems are implemented to cater for different areas of the business. Running multiple systems, or funding additional bespoke software development, can be a costly exercise. In addition, significant effort may be required to extract data to produce consolidated reporting.
The latest release of the wealth management system from Touchstone, NavOne, aims to deliver a complete solution for the end user, whether in a large MFO organisation or a single family office with just a few employees. The system has extensive functionality; however, it also has built-in integration tools that allow data from other systems to be easily imported and/or displayed where required, delivering a single user interface.
NavOne has been developed on Microsoft’s leading business software platform, Dynamics NAV 2013. It has the familiar look and feel of other Microsoft products and is integrated with Outlook, Excel, Word, SharePoint and OneNote. The fact that the core software is a Microsoft product provides assurance that the system is robust, reliable and ‘future-proof’.
**Functionality for the Family Office**
**CRM**
Managing relationships must always be regarded as a critical area where the family office needs to ‘get it right’. The Relationship Management module in NavOne manages the details of ultimate beneficial owners, family members and prospective new business for MFOs. Personal data, meetings, documentation, due diligence processes, workflows and task management are all catered for. There is also the option to interface the NavOne system with Microsoft CRM, if required.
**Risk and Compliance**
Due diligence processes and risk reviews can be set up within the system in a flexible questionnaire format, with a mix of automated system responses and manual inputs. Resulting risk scores can trigger risk mitigation workflows and activities, and are added to a risk monitoring register. The _Scrutiny_ module regularly compares system records with World-Check and other databases or lists, using flexible search criteria.
**Portfolio Management and Performance Reviews**
With frequent investment price feeds, transaction imports and corporate actions processing, up-to-date investment portfolio valuations and performance reviews can be produced at any time.
**Cash and Asset Management**
Automated transaction processing and payments, statement tracking, and bank and broker reconciliations ensure efficient management of cash.
The system also deals with the management of property, yachts, aircraft, intellectual property and miscellaneous assets such as collectibles. Relevant documentation, including deeds, charter agreements and images, can be accessed from the asset record.
**Accounting and Financial Statements**
The system includes full general ledger and purchase ledger functionality, as well as asset and investment accounting. Financial statements, together with associated notes and schedules, can be produced easily.
**Straight Through Processing**
The ‘data adapter’ feature facilitates automated bookkeeping of cash and investment transactions. Used in conjunction with the automated payments module, the efficiencies of straight-through processing (STP) can be achieved.
**Document Management and Production**
In NavOne, documents and other files can be linked to records in the system, such as family members, companies, assets and safe custody records. Documents may be stored on a network drive or in a separate document management system via an interface.
Documents can also be created within the system using bookmarks and merge fields to insert system data automatically. Document templates can be set up for formats used regularly, such as minutes. Workflow processes are often configured to produce documents as standard, and electronic signatures can be used with appropriate authorisations.
**Client Fee Billing**
Billing processes are flexible and automated, with a fee collection process linked to the payments module.
**The User Experience**
The system is intuitive, with the familiar look and feel of Microsoft products. The Role Centre has the option to display the user’s Outlook, along with customised lists and charts. Tasks and activities that are due or outstanding, reminders and notifications are prominently displayed, providing users with a comprehensive view of information and actions relevant to them.
The system can be run as a web client and accessed on mobile devices and tablets. This enables remote access to carry out tasks such as payment authorisations. Family members can also access information or reports in specially designed Role Centres, or submit requests through a customised portal.
