Solves for Wealth Management “Householding” and Tees up Wealth Managers to Retain Generational Relationships throughout the Impending Great Wealth Transfer.

TORONTO, ON, CANADA, December 14, 2022 /EINPresswire.com/ -- FutureVault, an industry-leading provider of secure digital document vault and Personal Life Management Vault™ solutions for the financial services and wealth management industry, is pleased to announce that the U.S. Patent and Trademark Office has successfully granted the patent application US11475074B2, Real-time document filtering systems and methods.

This patented functionality enables FutureVault users to effectively filter and dynamically view documentation, data, and information in real-time associated with the Entities created and managed by users within the platform.

FutureVault allows Vault Holders, whom are typically individual and household clients of financial services and wealth management firms including Family Offices, to create and manage multiple Entities within their FutureVault. Documentation, data, and information that reside within the secure digital vault are “tagged” to be associated with the respective Entities.

Examples of Entities include, but are not limited to:

➜ People (spouse, children, parents)
➜ Properties (principal residence, investment properties, recreational)
➜ Businesses (holding companies and LLCs)
➜ Accounts (Trusts, Foundations)


In the wealth management space, and in particular, with Multi-Family Office Managers dealing with high-net-worth Families, managing, sorting, and organizing household assets, information, and documents have traditionally been a time-consuming and cumbersome challenge. By leveraging the ability to create and dynamically manage Entities across a household, FutureVault's platform equips wealth professionals with the ability to solve for many of the challenges related to the reporting and management of “householding”. The functionality also adds tremendous value to the household.

Managing the array of documents, data, and information across multiple generations is significant and top of mind for most, if not all, wealth management firms and wealth advisors. The FutureVault platform creates an opportunity for wealth management companies and their advisors to build deeper relationships with their clients and their 2nd and 3rd generations by helping households organize, preserve, and protect family assets indefinitely.

This Entities feature will play an important role within the wealth management industry as it embraces a clear strategy to optimally participate in the coming intergenerational Great Wealth Transfer.

The Great Wealth Transfer has huge implications for the wealth management industry:

➜ 70 million baby boomers are preparing to pass an estimated $15 trillion in assets to younger cohorts in the next 10 years
➜ An estimated 18,500 individuals with a net worth of $100 million or more will be transferring most of their assets to a new generation
➜ Somewhere around 45% to 80% of heirs will “fire” their parent’s financial advisor(s) and switch firms


“We are incredibly pleased that the US Patent Office has recognized the uniqueness of the Entity management and dynamic visualization capabilities in our platform,” said G Scott Paterson, Co-Founder & Executive Chairman of FutureVault. “This patent strengthens the differentiation of FutureVault’s platform by providing unique and sophisticated functionality to manage critical data, documents, and information across household entities, generations, and geographies. By doing so, we are able to create massive opportunities for wealth advisors to engage with the next generation, and for households to better manage, preserve, and protect their assets and their information.”

The successful grant of its third patent continues to position FutureVault as the industry leader in secure document vault and Personal Life Management Vault™ solutions.

Statistic sources:
https://www.wealthx.com/report/wealth-transfer-report-2019/
https://www.fa-mag.com/news/the-next-gen-redefines-retirement-59988.html

About FutureVault
FutureVault is a market-leading provider of secure document exchange and Personal Life Management Digital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows and integrations. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider.

Visit www.futurevault.com to learn more.

Kristian Borghesan
FutureVault
+1 416-998-9636
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Other