subject: Family Office Databases - How to Choose One [print this page] This article provides tips on how to tell which family office databases are worth investing in to use within your own capital raising or marketing at your firm.
Here are some criteria to look for in selecting a FO directory:
Never register for a resource which is web-based. By doing so you lose the ability to easily upload the data in Excel up to your customer relationship management (CRM) system. You also run the risk of the firm going out of business without warning or having your access cut-off due to some annual subscription restriction. Why risk it? Go with an Excel-based resource.
Always work with an organization which a publicly posted team with team bios, phone numbers, and a professional looking website. Do they look like a real business that takes developing and upkeeping this resource seriously?
Always consider the refund policies offered when looking to get one of these databases, they differ greatly between the options that are currently available
Make sure and look at how you will update this directory in the future. You could update it yourself but it is much more cost effective to use annual or bi-annual updates from the service provider if they are offered. The point isn't that you couldn't do the work yourself the point is that the other group is probably an expert at doing so and can save your team hundreds of hours of time.
Keep these criteria in mind and you are bound to connect with one of the higher quality family offices databases, good luck in fundraising!
Bottom Line...if you are working with family offices or trying to raise capital from family offices you are going to use your time more effectively if you invest it in building relationships and not having to build your own Family Office Database from scratch.
Our expert team has just released our 4th Version of our Family Office Directory, check it out here: http://FamilyOffices.com
