Episode 9
February 27th 2024
Show Summary
Michael Perez will interview Collation.AI - a data aggregation and reporting platform and SumIt - a new generation general ledger. Both startups leveraged our My Family Office Tech & Ops Conference in November 2023 as a launchpad to introduce themselves. Their demos from the conference are available in our partner demo library.
About the Moderator
Michael Perez, Managing Director, Family Office Practice at F2 Strategy
Michael has over 25 years of experience in professional services for wealth management, specializing in private banking and trust companies. His expertise includes asset management, finance transformation, merger integration, and process improvement. Previously, he owned a New York-based technology consulting firm serving prominent trust companies. Michael's background also includes roles at Grant Thornton LLP, Fiduciary Trust International, and Chase Private Banking. He resides in New York.
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About F2 Strategy
F2 Strategy is a management consulting and professional services firm specializing in the wealth management sector of financial services. We help firms to increase competitiveness and profitability by clarifying strategy and optimizing the use of talent and technology.
F2 Strategy's consulting, advice, and professional services support model is focused on Single & Multi-Family Offices and includes the broadly defined wealth management space in Banks, Registered Investment Advisors (RIAs), Broker / Dealers (B/Ds), Private Banks, Trust Companies, Law Firms, Insurance Companies and Custody & Clearing firms.
About Collation.AI
Represented by Tanmai Sharma, CEO & Founder
Collation.AI is a comprehensive data aggregation and reporting platform offering AI-driven backoffice, portfolio analytics, and client reporting solutions for Wealth Managers.
Collation.AI originated from the WealthTech provider Canopy.cloud, which reports on over USD 170 billion in assets and is supported by many Family Offices, Credit Suisse, and UBS.
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About Tanmai
Our CEO & Founder, Tanmai Sharma, is an entrepreneur, finance expert, and technology aficionado. He established Canopy.Cloud and engineered the core analytics platform. Prior to Canopy, he was an MD at Deutsche Bank, with 20 years of trading expertise in prominent international trading floors, focusing on analytics and arbitrage.
About SumIt
Represented by Alexander Lin, Co-founder & CEO
SumIt is a next generation general ledger-based software focused on centralizing, consolidating, and automating family office financial data through an intuitive interface. Go beyond the limitations of basic family office accounting software such as Excel and QuickBooks, and avoid the painful headaches of overly advanced systems.
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About Alex
Alex is gen 2 in his family office focused on real estate. He built SumIt with the pain points of family offices specifically in mind.
Alex used to be a management consultant before turning into the world of technology start-ups.
00:05 - Introductions
05:05 - Founder's journey: Alex
07:50 - Founder's journey: Tanmai
10:00 - Markets covered
11:45 - Metrics: speed to market and time saved
15:40 - Client base and characteristics
22:30 - Value proposition & use cases
23:00 - Alex: simple & sophisticated accounting: visualisation, consolidation, integrations
25:35 - Tanmai: aspirin for your data headaches & consistency problems
28:50 - Room for improvement?
31:55 - Extracting information from PDFs
37:35 - Competition
40:55 - Workflow capabilities
44:20 - Migrating data from Quickbooks
46:30 - What’s next on the roadmap
49:10 - Pricing
50:40 - Implementation timescales