8 Essential Features for Cutting-Edge Fund Administration Software in 2023

There are many fund administration providers out there and selecting the right one can often be challenging, especially for emerging managers. This blog post delves into the essential features that should be on your radar when selecting fund administration software for 2023.

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#1 Speed

Once your fund is operational, it’s important to have Net Asset Value (NAV) tracking, or an estimate, available to you frequently, ideally daily. Select a fund provider that embraces automation and has the ability to provide you with the data you need at the frequency that you need it. As your fund grows, you also want to be sure that your software is capable of handling increased data volumes and complexities. Can the provider grow with your needs and planned future growth? It’s crucial to verify that your provider is capable of scaling with you.

#2 Affordability

Traditional fund administration providers often come with exorbitant pricing, and hidden fees that rear up more frequently than you might be prepared for. During your provider research, aim for transparency in pricing and get an honest and accurate idea of what the model looks like upfront. You should also establish how the pricing will scale as your fund scales. Many of the more traditional fund admin providers out there offer software that is expensive and outdated, so it’s imperative to know precisely what you’re getting for your investment.

#3 Accurate Data

Apart from cost concerns, traditional fund administration providers tend to rely on outdated software that can be cumbersome and prone to manual errors. When selecting a fund admin provider, you must have confidence in the accuracy of your data. Modern providers that embrace technology and automate accounting practices can significantly improve operational efficiency and reduce the risk of human error. Seek software that provides effortless access to reliable data, allowing you to monitor fund performance while trusting in the data’s accuracy.

#4 Investor Communications

Your investors will likely have questions fairly often and you should be able to answer their questions quickly and accurately. Therefore, seek a fund administration provider that empowers you to effortlessly track, report, and manage investor communications directly from their platform. It should facilitate a clear view of your fund’s overall performance, as well as individual investor performance. Ideally, your software should also allow investors to log in and view their own performance in an investor portal, freeing your time to focus on fund management. 

#5 User-Friendly UI

When you start using your new fund administration software,  you’ll want to bypass a steep learning curve and the associated time and effort. Look for software with a modern, intuitive, and user-friendly interface that ensures ease of understanding and navigation right from the get-go. If you attend a software demo with a potential provider and you feel overwhelmed and confused, it’s probably not going to be any easier when you begin using the software yourself.

#6 Easy Access To Data

Your fund administration provider’s role is to simplify your life, allowing you to focus on attracting new investors and managing your fund effectively. Choose software that is user-friendly and provides quick access to your fund’s performance data. You should be able view, review, and download all relevant fund documents directly from the platform. Ideally, you need the ability to review investor documents and send them to the investor directly from your software. Moreover, seek a provider that integrates banking, enabling you to monitor all financial transactions conveniently from a unified platform. 

#7 Robust Security

Data security should be a paramount concern when selecting a fund administration provider. They will handle sensitive financial data for both you and your investors, necessitating stringent security and data privacy measures. Look for providers with SOC certification, signifying thorough audits and the implementation of appropriate safeguards and procedures. Additionally, opt for providers offering two-factor authentication to ensure a high level of data protection for your fund and investors alike.

#8 Reliable Customer Support

Emerging managers often struggle to access timely customer support from existing providers, particularly if they cater to larger funds. When evaluating providers, prioritize those that specifically cater to emerging managers. You should make sure to select one that can demonstrate they have a responsive customer support process and team that will ensure you have real-time access to a knowledgeable team that can answer your questions quickly and accurately. This support can be instrumental in your fund’s success and growth.

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