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10 Best Family Office Software 2024

January 3, 2024 4.8K views

There has been an increased demand for family offices in recent years to generate higher risk-adjusted returns and improve operational efficiencies, with the primary goal of conserving and developing family wealth. As our reliance on technology develops, so do our expectations of what solutions can and should do. Furthermore, as the next generation assumes leadership, family offices must up their game and be ready to respond to demand.

Family office software is specialist software that assists families in managing their wealth and investments and other elements of their financial and personal lives. Choosing the finest family office can be time-consuming and difficult at times. How can you tell if the program is appropriate for your home office? What criteria do you employ to select the finest software? This article will go through the top ten family Office software.

1. WPS Office

WPS Office can benefit families wishing to stay organized, communicate effectively, and collaborate on papers. If your family frequently deals with written documents like presentations, spreadsheets, and documents, WPS is the perfect solution. Several users can collaborate on the same document in real-time using the software. This is helpful for families who want to collaborate on a common document, such as a shopping list or a holiday plan.

WPS Office contains document, presentation, and spreadsheet creation and editing tools. This can help you manage family budgets, track costs, and generate financial reports. Additionally, It contains a set of tools to assist users in organizing their documents. This is useful for families that wish to maintain track of vital documents, including bills, medical data, and school paperwork.

Features of WPS Office

Some of the features of WPS Office when used as a family office software include:

1. Documents creation software: It has software for creating and editing documents, presentations, and spreadsheets.

2. Mobile compatibility: WPS Office is accessible for Android and iOS devices, so family members may collaborate on documents using their smartphones or tablets. This is useful for families constantly moving and requiring access to their documents from any location.

3. Cloud storage services: WPS Office can connect to cloud storage services like Dropbox, Google Drive, and OneDrive. This enables families to view and share their documents from anywhere securely.

Benefits of WPS Office

  • WPS Office is a low-cost option software. This is especially useful for families who want to manage their finances and save on software.

  • WPS Office has a user-friendly interface that is simple to utilize. This can be advantageous for families unfamiliar with more complex software applications.

The disadvantage of WPS Family Office Software

Some of the disadvantages of WPS Office as a Family Office software include:

  • WPS Office may lack some functionality in competing office software suites. This may be an issue for families who require more advanced services, such as complex financial modeling or data analysis.

2. Addepar

Are you looking for software to track your investment performance? Addepar covers you. It's a family office cloud-based financial management software platform. It offers tools and features to assist family offices in managing their financial portfolios.

The platform tracks all real-time investments, including public and private assets, hedge funds, and private equity. This can assist family offices in gaining a comprehensive view of their portfolios and making prudent financial decisions.

Features of Addepar Family Office Software

Features of Addepar as a family office software include:

1. Data Visualization features: It provides several data visualization tools, such as charts, graphs, and interactive dashboards, to assist users in comprehending complex financial data.

2. Data Aggregation Tools: It gathers data from several sources, including custodians, banks, and other data providers, to give users a full view of their client's investment portfolios.

3. Risk Management tools: The software provides powerful risk management capabilities that enable users to monitor portfolio risk.

Other features include:

  • Collaborative Tools

  • Highly customizable

  • Industry-standard security measures

Benefits of Addepar Family Office Software

Benefits of Addepar as a family office software include:

  • Users can analyze the performance of individual stocks and portfolios.

  • Users can use Addepar's collaboration features for investment analysis and decision-making.

Disadvantages of Addepar Family Office Software

  • Addepar is a premium financial management platform.

  • Addepar is a complex platform.

3. Wave

Family offices are often in charge of handling the money of high-net-worth people and families, and Wave's range of financial management solutions can also help in this situation. It is a cloud-based platform that handles payments, invoicing, and payroll.

Features of Wave Software

Some of the features of Wave as a family office software  include:

1. Accounting Features:  Wave accounting software enables clients to manage their accounts, create invoices, and track expenditures. The software also allows for bank reconciliation and the generation of financial reports.

2. Invoicing features: Wave offers invoicing software allowing users to create and send client invoices. The program also allows for online payments and reports on invoice status.

3. Receipt Scanning Features: Wave provides a mobile app allowing users to scan and submit receipts to the accounting software.

Benefits of Wave Family Office Software

They include:

  1. By automating operations like data entry and calculations, Wave software decreases the chance of human mistakes.

  2. Some time-consuming procedures, such as invoicing, accounting, and payroll, are automated using Wave software.

Disadvantages of Wave Family Office Software

They include:

  1. Wave software is cloud-based, which implies that users must have an internet connection to use it.

  2. While the basic Wave software is free, the payroll software charges a monthly fee per employee.

4. Xero

Are you looking a financial handling software? Xero software can be a beneficial tool. For family offices looking for a straightforward and simplified solution for handling their finances, Xero can be a perfect tool. Automated bookkeeping, real-time financial analytics, and connection with third-party apps can save time and effort while allowing family offices to make informed investment decisions. Furthermore, it is a safe and efficient platform for family offices of all sizes due to its security and compliance features, accessibility, and user-friendly interface.

Features of Xero Family Office Software

Features of Xero as a family office software include:

1. Automated bookkeeping: Several of the bookkeeping operations that family offices must perform, such as bank reconciliations, invoicing, and cost tracking, is automated by Xero. Removing the need for manual data entry can save family offices time and effort.

2. Financial insights: Xero helps in critical chain management. The software offers real-time financial data and insights to assist family offices in making informed investment decisions. It also offers customizable reports and dashboards to let family offices visualize their financial data in a way that makes sense to them.

Other features of Xero include:

  • Security compliance features

  • User-friendly UI

  • Integration with third parties.

Benefits of Xero Family Office Software

  • Because Xero is a cloud-based software platform, it can be accessed from any location with an internet connection.

  • Xero features a simple user interface that owners can use.

Disadvantages of Xero Family Office Software

  • Some family offices may find Xero's pricing to be prohibitively expensive.

  • Although Xero provides several features to assist family offices in managing their finances, it does not provide the same level of capability as more dedicated family office software.

5. Quickbooks

QuickBooks is a popular accounting software for family offices. Whether you want to transition away from manual bookkeeping, your spreadsheets have turned into a multiheaded hydra, or you need a better solution than your present software, QuickBooks can be a perfect choice without breaking the bank.

Quickbooks can be useful for handling personal money in a family office. However, depending on their needs and circumstances, Quickbooks may not be appropriate for all family offices. Contacting a financial advisor or other specialists is always a good idea to identify the best method for your situation.

Features of Quickbooks Family Office Software

Features of Quickbooks as a family office software include:

1. Investment tracking features: QuickBooks can keep track of investment portfolios such as stocks, bonds, and other securities. You may also track performance and see how your assets fare over time.

2. Expense tracking tools: The software makes tracking and categorizing expenses for tax purposes simple. This can help guarantee that you are taking advantage of all possible deductions and not overlooking significant expenses.

3. Budgeting features: You can use the software to create a budget and track your expenses against it. This might assist you in keeping track of your expenses and avoiding overspending.

Benefits of Quickbooks Family Office Software

  • Quickbooks is a straightforward and user-friendly design that makes managing accounting activities simple.

  • Quickbooks gives real-time financial data that can assist you in making better business decisions.

  • Quickbooks can assist you in managing your financial flow.

Disadvantages of Quickbooks Family Office Software

  • Quickbooks must be connected to the internet to function effectively.

  • Although Quickbooks employs extensive security procedures to safeguard financial data, security breaches, and data theft are always possible.

6. Dynamo

Are you looking for investment software for your family office? Well, Dynamo can be beneficial. Dynamo Software is a full-service family office software package that includes tools for investment administration, portfolio tracking, and reporting. Its purpose is to assist family offices in improving investment performance and streamlining their investment processes.

Features of Dynamo Family Office Software

Here are some of the features of Dynamo software when used as a family office software.

1. Investment management features: Dynamo Software offers a full collection of investment management tools, including portfolio construction, asset allocation, risk management, and performance analysis.

2.  Financial document management tools: Dynamo Software provides tools for managing and archiving critical documents such as legal documents, financial accounts, and investment reports.

3. Portfolio management tools: The software includes features for managing and reporting on investment portfolios and customized reports and dashboards that may be customized to each family office's needs.

Benefits of Dynamo Family Office Software

  • Dynamo Software offers a full collection of investment management tools.

  • Dynamo Software contains tools for sharing investment data and insights with clients and team members and features for communication and collaboration.

Disadvantages of Dynamo Family Office Software

  • Dynamo Software is a sophisticated platform with several features and functions.

  • Pricing for Dynamo Software is based on the number of users and the functionality required.

7. FundCount

If you frequently work on portfolios and reporting documents, then FundCount may be a familiar tool. FundCount is a full-service family office software package with investment accounting, portfolio management, and reporting capabilities. It is intended to assist family offices in optimizing investment strategies and improving team effectiveness.

Features of FundCount Family Office Software

Features of Fundcount as a family office software include:

1. Accounting Tools: The software provides a broad range of investment accounting tools, such as automated trade processing, portfolio valuations, and cash management.

2. Data Management features: The software offers solutions for organizing and preserving critical data, such as transactional data, market data, and other financial information.

3. Portfolio management tools: Asset allocation, risk management, and performance reporting are among the portfolio management capabilities provided by FundCount.

4. Reporting Dashboards: It provides customized reporting and dashboard capabilities that may be adjusted to each family office's needs.

Benefits of FundCount Family Office Software

  • FundCount offers tools for sharing investment data and insights with clients and team members, as well as capabilities for communication and collaboration. This can assist family offices in strengthening customer relationships and improving team communication.

  • FundCount incorporates risk management and compliance capabilities such as risk analysis, stress testing, and regulatory reporting. This can assist family offices in successfully managing risk and ensuring compliance with regulations.

Disadvantages of FundCount Family Office Software

  • FundCount can be a pricey software solution, with pricing based on the number of users and functionality needed. This might be a challenge for smaller family offices with limited resources.

  • FundCount requires extensive training and onboarding to be used properly, particularly for new users.

8. Expensify

At times, managing expenses can be a headache. Expensify can be a helpful tool for high-net-worth families who need to track financial transactions and control spending. It can aid in the consolidation and categorization of expenses, the automation of approval workflows, and the generation of tax and accounting reports.

Features of Expensify Family Office Software

Features of Expentisfy as a family office software include:

1. Real-Time Expense Reporting Features: Expensify allows users to create and submit expense reports in real-time.

2. SmartScan OCR Technology: Expensify's SmartScan OCR technology eliminates the need for human data entry by scanning and categorizing receipts.

Benefits of Expensify Family Office Software

They include:

  1. Expensify streamlines the expense reporting process, saving employees and supervisors significant time.

  2. Expensify allows users to create and submit expense reports in real-time.

9. Stessa

Stessa is a real estate investment management software that allows families to manage their rental properties and associated finances. Stessa offers several tools that can aid in the simplification of real estate administration, such as income and spending tracking, automatic reporting, and portfolio analysis. It also interfaces with common accounting and tax software, making financial management and tax reporting easy.

Features of Stessa Family Office Software

Features of Stressa as a family office software include:

1. Property management features: Stessa allows families to manage numerous rental homes from a single dashboard.

2. Income and spending tracking features: Stessa offers a variety of options for tracking rental revenue and expenses, such as automated classification and tagging of transactions, as well as the opportunity to specify categories and add notes to transactions.

3. Automated reporting features: Stessa can automatically generate various reports, including income statements, balance sheets, and cash flow statements.

Benefits of Stessa Family Office Software

  • It offers simplified rental property management.

  • It provides users with customizable reports and analytics.

Disadvantages of Stessa Family Office Software

  • Stessa has a free version but it may not contain all the capabilities needed for comprehensive family office administration. Thus families may need to subscribe to a paid membership, which can be expensive.

10. Plaid

Plaid is a platform and product that enables users to effortlessly authenticate and link their bank accounts to any application, allowing them to use bank-like functions from that app. Plaid can help family offices acquire and analyze financial data from various sources. It can help to streamline financial data gathering and analysis, reducing time and boosting accuracy, but it may lack some elements needed for more complex family office activities.

Features of Plaid Family Office Software

They include:

  1. Financial data connectivity: Plaid provides a secure platform for connecting to financial institutions, allowing family offices to acquire and analyze financial data from diverse sources.

  2. Transaction categorization: Plaid automatically categorizes transactions according to their descriptions, which can assist family offices in saving time and enhancing accuracy when evaluating financial data.

Disadvantages of Plaid Family Office Software

  • To incorporate Plaid, family offices may require technical skills.

  • Plaid collects financial data through links with third-party financial institutions.

Learn more about Family Office Software

To sum up, There are several family office software varieties, each with unique features and capabilities. Thus, it's important to carefully evaluate each option to determine the best fit for a particular free family office. Furthermore, if you are unsure about the family software you need, you can choose basic software such as WPS.


15 years of office industry experience, tech lover and copywriter. Follow me for product reviews, comparisons, and recommendations for new apps and software.