Eton Solutions: A Boon to the UNHW Offices

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Robert E. Mallernee, CEO
From art collections to private equity to ranches, there seems to be no bound for the affluence of ultra-high net worth individuals (UHNWI) and families. At the same time, the UHNWI and families face difficulties in managing their wealth and having timely and accurate data to make critical financial decisions. They rely on tools such as QuickBooks and MS Excel, performance reporting engines, document management systems, and CRMs to handle their assets. Many of them create single- and multi-family offices to handle the transactions. Yet, holistic visibility and effectiveness of asset management remain a moving target due to constant market changes and information inconsistently stored in unconnected systems. With significant time spent on retrieving and reconciling data from multiple sources, senior management, the UNHW offices are left with very little time to analyze the massive information from disconnected legacy systems and provide value-added consulting. Moreover, the market does not offer an efficient system to capture, normalize, and standardize the data for easy decision making.

Realizing this gap in the market, Eton Solutions (Eton), a technology spinout from a successful UHNW family office, built an integrated wealth management platform, AtlasFive, to help UHNWIs and multi-generational UHNW families remain up-to-date about their current financial status. “Our innovative platform, built by family office veterans who know the needs and nuances of a family office, also uses artificial intelligence (AI) and automation to improve data processing, cybersecurity, business continuity, and real-time reporting,” says Robert E. Mallernee, CEO of Eton.

The Journey of Innovation

In the 1990s, when technologies were still underdeveloped, Mallernee was working for different trust companies using traditional business processes, strategies, and systems. “I understood that automation could change the game in the wealth management expanse. Following this vision, Mallernee created a multi-family office in 2009 and soon designed an innovative technology that acts as an antidote to the longstanding woes of the industry. In the beginning, this technology was used internally to manage the middle and back office works, delivering accounting reports for both investment and general ledgers on a monthly or quarterly basis. These reports were then sent to the end-users and the internal management of the UNHW offices,” states Mallernee. Aware of the massive potential of its platform, some of the peers encouraged him to spin out the technology and commercialize the in-house platform. Later, Eton hired individuals to do software development, operations, and implementation.

“A dedicated team with 30 years of experience in the UHNW field developed the configurable platform. It allows users to get a comprehensive view of their financial data and manage transactions accurately while mitigating risks and discovering opportunities to grow on the go,” mentions Mallernee. At present, Eton has 110 employees and about 12 major family office clients. Eton re-engineers the clients’ business processes from the ground up before the platform implementation, so clients are sure to achieve a high ROI. Moreover, they leverage not only the technology but also our team’s 30 years of experience and know-how in managing businesses efficiently,” he adds. In addition, Eton provides dedicated support during and after the platform implementation. Eton has also built a global technology center in Bangalore to develop the talent required for services to current clients and future innovations.

Comprehensive Transparency on Net-Worth

“Our goal is to leverage AI to draw insights from client data and bring the market developments to their attention to maximize the probability of meeting financial goals,” adds Mallernee. Besides, AI allows clients to quickly ingest documents, tag, store, and then index them to drive data integrity and internal consistency. This facilitates managers in reviewing, reconciling, and evaluating data that flows in from banks and investment firms. The company is enhancing the capabilities of its AtlasFive platform by undertaking several pilot AI projects that are in line with current market trends.


Our innovative platform, built by family office veterans who know the needs and nuances of a family office also uses artificial intelligence (AI) and automation to improve data processing, cybersecurity, business continuity, and real-time reporting


AtlasFive comprises a comprehensive application suite that includes entity management, data aggregation, investment reporting, general ledger, partnership accounting, transaction initiation, and security master management, among others. The data aggregation and consolidation tools built into the platform process the data according to the business rules and deliver reports on general ledger, investment performance, risk, and cash flow accurately. The integrated audit and compliance feature reduces the risks related to clients complying with the applicable rules and regulations, as well as internal codes of conduct, policies, and procedures. Further, AtlasFive’s document management system is integrated with the entity management and transaction processing systems as well as reporting engine for users to gain a holistic view of all their entities while working on a document.

Among the several clients that Eton has catered to, the story of its multi-family office client stands out. “We have not only helped them re-engineer their numerous manual processes, including investment performance reporting, security management, and daily data aggregation, but also created a highly-efficient and profitable multi-family office. Working collaboratively with them, we supported their staff with our support team. Leveraging our platform and services, the multi-family office was able to gain two times the profit compared to competitors,” extols Mallernee. In another instance, a very large single-family office approached Eton to eliminate the manual working processes in the daily reporting of their current net worth. Eton built the daily reporting system that had tremendous functionalities apart from providing extensive investment performance reports, which helped them track hundreds of intra-family loans and business process issues within the family office environment.

Moving Forward with a Promising Future

Eton focuses on continuously enhancing the platform’s features with new functionalities. “We are planning to build client-facing mobile applications that are user-friendly to cope with the UNHW families’ huge shift in asset management from the older to the younger generation. We are also building additional tax functionalities to help users analyze their data much more efficiently and summarize and categorize it in their tax preparation packages,” says Mallernee. The company has a blueprint for building tools that aid in detecting the appropriate asset allocation for users. Developing estate modeling solutions for restructuring their assets is also on the cards of Eton’s future endeavors. “We are highly concerned for our clients’ benefits, and accordingly, we have incorporated additional intelligence into our platform for smarter estate planning,” concludes Mallernee.

Eton Solutions News

Eton Solutions Appoints Kevin Hayes as Chief Administrative Officer to Help Lead its Growth Strategy

CHAPEL HILL, N.C. - Eton Solutions, a wealth management technology firm that offers a proprietary software as a service (SaaS) platform in the ultra-high net worth office management space, today announced that Kevin Hayes is joining as Chief Administrative Officer to lead the company’s growth strategy in fintech. Hayes, who brings more than 25 years of financial services and asset management leadership experience in both the U.S. and the U.K., will join the firm in early 2020.

Eton Solutions was established in 2015 as a third-generation wealth management technology firm to commercialize what users were calling the most comprehensive, integrated wealth management software platform for the business management and family office markets. The firm was founded based on deep domain expertise in the family office field supplemented by strong systems development and client service teams to reduce process time and cost, manage cybersecurity and business continuity risk, and bring real-time reporting to family office clients with $100 million to multi-billions in assets.

“Having Kevin join the Eton Solutions team is a testament to the company’s emergence as a next-generation fintech leader,” said Satyen Patel, Chairman of Eton Solutions. “Kevin’s background in harnessing the power of technology to facilitate the management of billions in assets as well as his experience as CFO for listed companies is precisely the experience we were seeking in order to propel Eton Solutions to the next level.”

“Our clients are some of the highest net worth families in the world. We are experiencing tremendous growth and we’re pleased to have Kevin join our leadership team as we solve the challenges of ultra-high net worth clients and facilitate rapid adoption of our technology by more clients who will benefit from streamlined business management services and capabilities,” said Robert E. Mallernee, CFA, Chief Executive Officer of Eton Solutions.

“I have admired Eton Solutions for some time and I look forward to joining the leadership team at a pivotal time in the firm’s evolution,” added Kevin Hayes. “I am excited to be part of executing the growth strategy for this pioneering technology designed specifically to meet the complex needs of ultra-high net worth offices. Eton Solutions’ single, integrated software platform is vastly superior to the point solutions currently used by ultra-high net worth families, and Eton’s business management services to ensure effective implementation are unmatched.”

Hayes brings a wealth of experience in the financial services and asset management industry where he has long brought Six Sigma and Lean Enterprise techniques to achieve process improvements. He recently announced he is departing from his position as Group Chief Financial Officer & Global Head of Solutions of River and Mercantile Group, a FTSE-listed company based in London, in order to join Eton Solutions in early 2020. He previously held senior positions at Man Group and Lehman Brothers. He began his career at Ernst & Young and was a partner in the New York office covering financial services audit and consulting clients.

“I cannot wait to get started in my new role and help shape the future of the wealth management industry,” Hayes added.

Company
Eton Solutions

Headquarters
Chapel Hill, NC

Management
Robert E. Mallernee, CEO

Description
Offers an integrated wealth management platform for UNHW individuals and family offices to get a comprehensive view of their financial data and manage transactions

Eton Solutions