High-net-worth individuals and their advisors face the persistent challenge of managing complex financial portfolios while ensuring the security of sensitive information. To address these needs comprehensively, Forest Systems and Summitas have formed a strategic partnership aimed at enhancing wealth management. Forest Systems, a leader in integrated accounting solutions for family offices and accounting firms, and Summitas, a premier provider of client portals and digital vaults, have joined forces to deliver an integrated solution that combines robust financial management with top-notch security measures. This collaboration signals a significant advancement in how wealth management can be conducted, offering both efficiency and peace of mind to clients and advisors alike.
Integrating Financial Reporting with Digital Collaboration Tools
The cornerstone of this partnership is the integration of Forest Systems’ financial reporting platform with Summitas’ secure digital collaboration tools. This integration allows wealth management firms to manage intricate accounting tasks, safeguard sensitive information, and streamline communication with clients seamlessly. Forest Systems, known for its comprehensive accounting solutions, offers a range of capabilities including multi-entity accounting and portfolio tracking. By combining these strong financial tools with Summitas’ secure communication platform, advisors can deliver a more holistic and secure service to their clients.
Forest Systems’ CEO, Ed Van Deman, emphasizes the importance of combining robust accounting capabilities with secure communication. According to Van Deman, the integration aims to instill confidence in advisors and their clients when managing and sharing financial information. This makes it easier for advisors to provide high-quality financial advice while ensuring that all sensitive data is protected. The integrated platform helps to eliminate many of the risks associated with financial mismanagement and data breaches, which are ever-present concerns in today’s digital age.
Enhancing Security and Compliance
Security and compliance are critical aspects of wealth management, particularly for high-net-worth families. Summitas, with its secure document-sharing and communication capabilities, will incorporate Forest Systems’ accounting features to provide comprehensive financial management tools. These tools include an integrated general ledger, real-time reporting, and sophisticated portfolio management. Summitas’ Chairman and CEO, Dan Gregerson, highlights that the collaboration marries leading-edge accounting solutions with a secure platform, delivering an unparalleled blend of protection, ease of use, and sophistication for high-net-worth families and their advisors.
Gregerson notes that this partnership underscores a shared commitment by both companies to delivering innovative, security-first solutions tailored to the unique needs of wealth management professionals. By leveraging Summitas’ experience in secure communications, Forest Systems can provide a more robust and secure financial management toolset. This commitment to security ensures that all financial transactions and communications are safeguarded against potential threats, thereby protecting the interests of high-net-worth clients.
Commitment to Innovation in Wealth Management
The partnership between Forest Systems and Summitas is more than just a technological collaboration; it represents a shared vision for the future of wealth management. Forest Systems specializes in accounting and financial management for family offices, focusing on wealth management, tax strategy, and financial reporting. Their personalized approach aims to ensure financial clarity and long-term success for families. Summitas, established in 2007 by entrepreneurs with deep expertise in serving ultra-high-net-worth clients and developing mission-critical software, aims to leverage technology to meet the evolving demands of the 21st-century wealth industry.
Together, these companies are setting a new standard in wealth management by integrating robust accounting functionalities with secure communication and collaboration tools. This integrated solution not only simplifies financial reporting processes but also enhances the overall experience for advisors and their clients. It is a testament to both companies’ dedication to constant innovation and their ability to adapt to the ever-changing landscape of wealth management.
Future Considerations and Potential Impact
High-net-worth individuals and their advisors constantly grapple with the intricate task of managing complex financial portfolios while safeguarding sensitive information. To comprehensively address these needs, Forest Systems and Summitas have forged a strategic partnership aimed at revolutionizing wealth management. Forest Systems, renowned for its leadership in integrated accounting solutions for family offices and accounting firms, and Summitas, a leading provider of client portals and digital vaults, have joined forces. This collaboration aims to deliver an integrated solution that marries robust financial management with state-of-the-art security measures. This partnership marks a significant advancement in the field of wealth management, providing both efficiency and peace of mind to clients and advisors. The synergy between these two industry leaders ensures that clients benefit from enhanced financial oversight and impeccable security, promising a new era of wealth management excellence.
