New FOX Report: Accounting and Reporting Consumes Almost a Third of Family Office Time

Effective Financial Reporting Relies on Office's Ability to Tie Numbers Back to Client's Goals

Chicago, Illinois, UNITED STATES

CHICAGO, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Family Office Exchange (FOX), a global membership organization of single family offices and their advisors, announced the release of a new report finding that accounting and financial reporting consume almost one-third (32%) of the average family office's time.

The report titled "Financial Reporting in the Family Office: Elevating the Conversation" was developed by FOX in conjunction with Advent Software (Nasdaq:ADVS).

Among the key findings:

  • Most family offices (80%) provide clients with quarterly financial reports.
  • Just over half (51%) provide a consolidated annual report.
  • While offices are increasingly exploring secure online solutions for the distribution of financial information, 67% still provide clients with hard copy reports.

In addition to the survey results, the report collects several case studies suggesting that the most successful reporting ties the numbers back to family goals by taking key factors such as client objectives, audience sophistication, timing and preferred method of delivery into consideration.

"Effective financial reporting is a matter of communication," says FOX Founder and CEO Sara Hamilton. "The challenge is to show how the numbers are relevant to the client's goals in a manner that accounts for their learning style, preference for information and financial literacy."

"Financial reporting is a critical element of the family office's mission, enabling family members' to make well-informed decisions about their future and demonstrating the office's value add," said Anthony Sperling, Senior Vice President and General Manager at Advent Software. "Advent is pleased to contribute to this survey of new reporting paradigms and practices that go beyond the standard quarterly report, and we are sure it will elevate the conversation and spark new thinking about how family offices keep their clients informed."

The document includes sample reports and resources to help family office staff elevate financial conversations with their clients.

"Financial Reporting in the Family Office: Elevating the Conversation" is available at no cost by visiting

About Family Office Exchange

Family Office Exchange supports a global member network of wealthy families and their advisors who are pursuing best practices for optimal management of their families' wealth and legacy. The community includes over 6,000 people from 650 organizations in 20 countries who utilize FOX's resources each year for advice, networking, education, and comparative metrics.

FOX is headquartered in Chicago and London, with offices in New York and Boston. For more information about FOX, call 1.312.327.1200 (The Americas) or 44.(0)20.7520.9443 (Europe, Africa, Asia/Pacific) or visit

About Advent Software

Advent Software, Inc., a global firm, has provided trusted solutions to the world's leading financial professionals since 1983. Firms in over 60 countries count on Advent technology to manage their mission-critical operations. Advent's quality software, data, services, and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support and services organization. For more information on Advent products visit



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