إنشاء مكتب عائلي: التحديات والعواقب

On a bustling day in Mumbai, senior contacts from private wealth managers, single and multi-family offices, and professional services firms gathered for an exclusive thought-leadership roundtable discussion. The event, supported by ETON Solutions, focused on the topic of establishing a family office—a concept that has grown increasingly popular among ultra-high-net-worth (UHNW) families seeking to manage their wealth, investments, and legacy in a more structured manner. Satyen Patel, Executive Chairman of ETON Solutions, provided an insightful introduction to the discussion, sharing his personal journey, experiences, and the vision that drives ETON Solutions today.

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A Personal Connection to Mumbai and the Journey of a Global Executive

Satyen Patel began by expressing his gratitude to the attendees, acknowledging the challenges of navigating Mumbai’s traffic and weather to be present. Patel’s deep personal connection to Mumbai was evident as he shared his roots in the city, having grown up in Bandra, attended Bombay Scottish, and later pursued an engineering degree—a path commonly followed by many Indians of his generation. His career trajectory took him to the United States, where he completed his master’s degree and embarked on a diverse professional journey that spanned multiple industries and global markets.

From his early career at Pillsbury in Minneapolis and PepsiCo in New York, where India was a significant focus, to leading Nike’s Asia-Pacific operations out of Singapore and founding Cambridge Solutions in Bangalore, Patel’s experiences provided him with a unique perspective on the evolving Indian economy and consumer landscape. He emphasised that while he has always maintained a strong connection to India, his professional endeavours were largely based abroad, giving him the advantage of viewing the Indian market both as an insider and an outsider.
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ETON Solutions: A Comprehensive Approach to Wealth Management

ETON Solutions, founded in 2015, operates as a SaaS (Software as a Service) company specialising in the wealth management space. Patel described ETON Solutions as a full-service package, offering a robust ERP software platform that integrates multiple functionalities essential for family offices and wealth managers. The company also provides implementation services and middle and back-office support, enabling clients to run their operations seamlessly.

ETON Solutions' primary clientele includes high-net-worth individuals, single and multi-family offices, trusts, and some institutional clients. A notable example is a major international bank that uses ETON’s platform as a white-label solution to service its clients, managing between $200 million to $1 billion in assets per client. This approach allows the bank to maintain its brand presence while leveraging ETON’s advanced technological infrastructure.
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Unique Value Proposition and Global Footprint

Patel elaborated on the unique value proposition of ETON Solutions, emphasising its technological prowess and comprehensive service offering. The platform integrates investment performance reporting, accounting, full general ledger (GL) capabilities, and even bill payment services. Over the years, ETON Solutions has expanded its reach from its headquarters in Research Triangle Park, North Carolina—a notable tech hub in the United States—to various international markets, including Hong Kong, Singapore, Australia, New Zealand, Dubai, Switzerland, and London.

A key strength of ETON Solutions lies in its ability to cater to the specific needs of family offices. The platform’s capabilities extend beyond traditional wealth management, incorporating assets such as art collections, real estate, luxury vehicles, and other unique assets, providing a holistic view of an individual’s or family’s wealth.
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India: A Market of Untapped Potential

Despite its global footprint, ETON Solutions had, until recently, not penetrated the Indian market. Patel candidly shared that the company’s focus had been on its “backyard”—the North American market—during its initial years. However, recognising India as the third-largest market of billionaires after the United States and China, ETON Solutions has now turned its attention to this burgeoning market. The company has already secured Catamaran Ventures as a client and is in discussions with several other significant players in India’s financial and technology sectors.

Patel highlighted that India’s wealth management landscape is rapidly evolving, transitioning from a nation of savers to a nation of investors. This shift is particularly pronounced among the younger generation, who are increasingly opting for alternative investments such as mutual funds, private equity, and real estate over traditional savings instruments like fixed deposits.
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Challenges and Opportunities in Setting Up a Family Office

One of the primary topics of discussion at the roundtable was the challenges and consequences of setting up a family office in India. Patel pointed out that despite the sophistication of Indian UHNW families, many still operate their family offices using basic tools like Excel, Tally, or even manual methods. This is often due to a combination of cost considerations and a lack of awareness about more advanced digital solutions.

He noted that digitisation, while sometimes perceived as a loss of control by the older generation, actually offers greater transparency, corporate governance, compliance, and operational efficiency. The younger generation, in contrast, demands real-time access to information and a more digitised approach to managing their wealth.

ETON Solutions aims to address these challenges by providing a platform that not only supports the complex needs of large family offices but also democratises access to advanced wealth management tools for families with assets under management (AUM) starting at $50 million. Patel emphasised the importance of making their platform affordable and accessible, positioning it as a transformative tool that could potentially revolutionise wealth management practices in India and beyond.
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Looking Ahead: A Transformative Vision for Wealth Management

As the discussion concluded, Patel shared his excitement about the opportunities in the Indian market. He highlighted the sophisticated nature of Indian consumers and their readiness to embrace digital solutions in wealth management. ETON Solutions is poised to leverage this readiness by offering a platform that combines technological innovation with deep domain expertise, catering to the unique needs of family offices in India and globally.

The roundtable provided a valuable forum for sharing insights and fostering dialogue among senior wealth management professionals. As the landscape continues to evolve, the insights shared at this event will undoubtedly shape future strategies and approaches in setting up and managing family offices in India.
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