The game-changing impact of investing in WealthTech

Innovative digital solutions are revolutionizing the way high-net-worth individuals and family offices manage their wealth. These solutions not only provide a way to review and manage your portfolio on a single platform, they also offer automation features and real-time insights to simplify tax planning and compliance.  

Family offices, wealth owners, financial sponsors, fund managers and anyone involved in tax compliance are familiar with the many pain points of the tax planning process. Not only do you need to track events and gather documentation throughout the year, but you will likely need to model both current and future estate structures to increase tax efficiency and facilitate the transfer of wealth through generations. 

There are three ways WealthTech platforms can help wealth owners create efficiencies and manage the complexities that come with tax planning and compliance: 

1. Real-time insights: WealthTech platforms provide consolidated reporting from multiple sources on taxable events, allowing tax professionals to proactively identify tax liability strategies and estimate tax payments. Timely, accurate and organized data helps reduce the reliance on prior-year numbers, stale estimates, and the year-end time crunch.  

2. Easy access to documentation: With WealthTech platforms, tax professionals can access supporting documents without relying on wealth owners or third parties. Flexible controls, including permission settings, ensure secure document collection, storage, and access, saving significant time during tax compliance season.  

3. Comprehensive analysis for tax planning: WealthTech platforms offer a clear understanding of portfolios and estate structures, empowering wealth owners and advisors to make informed decisions with past and present data, so they can best design the future. Advisors can identify tax-efficient strategies, optimize wealth transfer, and maximize philanthropic impact.  

Embrace the power of WealthTech to streamline tax planning and compliance at your family office. By investing in WealthCompass, PwC’s managed service and WealthTech platform, we’ve seen many of our clients benefit from increased efficiencies and reduced time and effort, unlocking new opportunities for tax optimization.  

Contact us to learn more about how PwC's Wealth Compass platform can transform your tax planning and compliance processes.