Case Study

Datafaction: Creating Efficiency in Complex Multi-Family Offices


What problem brought Datafaction to Risclarity?

Our partner, Datafaction, has spent 40 years focused on solving the complex problem of multi-client bill payment for ultra-high-net-worth individuals. They support firms that service bill payment and financial accounting, such as business managers, CPA firms, and other wealth advisors offering family office services. They support family offices as well. Datafaction reached out to Risclarity in order to build efficiency into their solution.

Their challenge was building automation intended to get investment data into the general ledger. Every company has investment information, and finding the right solution is an especially big problem for family offices. Risclarity has previously solved this problem for Pathstone, and Datafaction decided a similar solution would work well for their other clients.

Why did Datafaction choose Risclarity above other integration software?

Datafaction has had a relationship with Risclarity CEO Rick Higgins and President Carl Knect since back at their myCFO and WealthTouch days. Rick and Carl have worked with Datafaction for 20 years solving problems together for some of their largest and most important clients.

What was the outcome of working with Risclarity?

Datafaction has developed a highly collaborative relationship with Risclarity that has deepened and evolved over time. Mark Wickersham, VP, Strategy, Marketing and Business Development at Datafaction, says, “We look at Risclarity as an extension of our firm. In some instances, we work closer with Risclarity than with other parts of Datafaction. They have become an integral part of how we serve our clients. The result has been a great product and service to our clients, built on the transparency, accountability and trust that we have with each other.”

What advice would Wickersham give for other companies like his seeking an integration solution partner like Risclarity?

Wickersham says, “If you are offering technology solutions to help complex, multi-family offices serve their clients, you are running a fine line between offering a standard product and a personalized service. Any integration software has to be able to accommodate best-of-breed software that handles each aspect of running that office. You need to look for good, standard, integration software and the ability to personalize it. Obviously, we think we’ve hit that sweet spot with AgilLink and InvestLink. But, for other companies out there, you need to find more than an off-the-shelf solution — you need a company like Risclarity with the expertise to personalize it to your needs.”

He goes on to say: "You also need to consider who you will be working with. Risclarity is really responsive. And when it comes to unique situations that arise from complex situations, Risclarity is our go-to because [what they can provide] is in the mutual best interests of our clients.”

Finally, Wickersham says that it’s important to look for superlative service and cultural alignment with your company. “The service level Risclarity provides us sets the standard for the rest of our organization to meet. Datafaction never has to worry about the service level Risclarity will provide our clients.”

About AgilLink

AgilLink by Datafaction services the needs of family offices, business managers and sport management firms that offer bill pay and client accounting services. Risclarity’s secure bill payment and specialized cloud accounting solution incorporates document management, approval workflow, investment integration and online banking with City National Bank. Rick Higgins and Carl Knecht spoke with Mark Wickersham, VP, Strategy, Marketing and Business Development at Datafaction, about Risclarity’s partnership with Datafaction.

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