Money can’t buy rich people love.
Neither, apparently, can it help their money managers get decent performance reporting — due to legacy systems, the complexity associated with eclectic portfolios and the difficulty of identifying capable third-party technology firms to do the job, according to Family Wealth Alliance’s third annual chief investment officer study.
Almost half of firms (46%) taking part in the Wheaton, Ill-based research and consulting group’s survey say they are less than highly satisfied with the quality of their client reporting. A good number (38%) of study participants have a list of client-reporting improvements they want to make but can’t.
A total of 38 firms providing external CIO services took part in this year’s study, with assets under management of $416.4 billion as of year-end 2012. Participants represent a range of firm types offering external CIO services, including investment consultants, managers of managers, separate account managers, and multifamily offices.