Navigating Wealth Management: Trust and Family Offices

This chapter explores the vital role of trust and automation in business, emphasizing tools for security and spend management. It also highlights family offices as significant players in wealth management, discussing their structure, investment trends, and increasing prominence in the financial landscape.

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Russ D'Argento, CEO and founder of FINTRX, sits down with CJ in this episode to discuss building a Data as a Service (DaaS) business while also sharing insight into the highly lucrative world of family offices. He explains what a family office is (name a billionaire, they probably have one), their roles in wealth management, and how he identified this niche. He sheds light on FINTRX, what it does, and why building a verticalized data business for a niche market can be both exceptionally complicated and rewarding. He delves into the nuances of DaaS business models, what makes them different from SaaS, why it’s so important to own your own data, and the unique challenges one faces in a business like this. He also talks bout the fine art of workflow integration and how allowing customers to access FINTRX’s data in other APIs has been surprisingly beneficial.

If you're looking for an ERP, head to NetSuite: https://netsuite.com/metrics and get the CFO’s Guide to AI and Machine Learning.

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SPONSORS:

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Vanta's trust management platform takes the manual work out of your security and compliance process and replaces it with continuous automation. Over 9000 businesses use it to automate compliance needs across over 35 frameworks like SOC 2 and ISO 27001. Centralize security workflows, complete questionnaires up to five times faster, and proactively manage vendor risk. For a limited time, get $1,000 off Vanta at vanta.com/metrics.

Tropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit tropicapp.io/mostlymetrics to learn how.

NetSuite provides financial software for all your business needs. More than 40,000 companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform, head to NetSuite https://netsuite.com/metrics and get the CFO’s Guide to AI and Machine Learning.

Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.

Subscript is a modern billing and revenue recognition platform designed for SaaS finance teams that need flexibility and accuracy. From automated invoicing and dunning to compliant, transparent revenue recognition and real-time analytics, Subscript eliminates manual work, reduces errors, and gives you a single source of truth for all your financial data. Book a free demo at subscript.com.

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@cjgustafson222 (CJ)

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TIMESTAMPS:

(00:00) Preview and Intro

(02:57) Sponsor – Rippling Spend | Vanta | Tropic

(07:23) What Is a Family Office

(11:49) Why Family Offices Are an Attractive Place To Grow Your Career

(14:06) Examples of Family and Multi-Family Offices

(18:04) Sponsor – NetSuite | Planful | Subscript

(21:13) The Founding Story of FINTRX

(23:38) What FINTRX Does