Case study

Legacy Knight embraced Addepar to deliver premium service while growing exponentially

Legacy Knight, founded in 2019, is an innovative multi-family office that brings the best technology, resources and expertise under one roof. The firm divides its services across two platforms: the Family Office Platform which provides a suite of services to a select group of families; and the Syndication Platform, which offers exclusive investment opportunities to a broader group of families and family offices. As the firm has grown, the significant limitations to its existing technology platform became increasingly clear. A change was imminent.

The decision to bring on a new investor is not a hard one, because the incremental cost associated with it now that we are on Addepar is next to nothing.

Brad Martin, CFO

FIRM

Legacy Knight
Multi-Family Office

LOCATIONS

Dallas, Texas

FOUNDING PARTNERS

Matthew Ogle
Abe Minkara

ESTABLISHED

2019

STARTING ASSETS UNDER ADVISEMENT

$198 million

CURRENT ASSETS UNDER ADVISEMENT

$2.8 billion

TEAM MEMBERS

25

TECH PARTNER INTEGRATIONS

Canoe, Salesforce, Vanilla

THE CHALLENGE

Sustaining growth while maintaining quality data and reports

Despite Legacy Knight’s success, their sustained growth warranted a new technology solution. The challenges posed by their legacy platform were notable — inputting new information was needlessly complicated, investor data required careful scrutiny for accuracy and a lack of customization capabilities limited bespoke report-making.

“We weren’t using Addepar at the time, and we found it was becoming increasingly complicated to input information onto the legacy platform. Every time there was a capital call or quarterly statement, one of us had to manually input or verify data — that's what led us to seek another technology solution,” says Brad Martin.


Legacy Knight’s Finance Manager, Christina Nelson, says, “Reporting was another pain point for us. The investment team would have to manually check every data point in every single report. With Addepar, we still review them to be safe, but we don't usually find one-off issues for any investor. With our legacy platform, we found them all the time.”

Report customization was also a challenge according to Nelson because there were built-in features, metrics and fonts that weren’t relevant to Legacy Knight or their clients, yet difficult to change or remove.

With Addepar, Legacy Knight has experienced:

15%

less headcount dedicated to verifying platform data

10X

increase in households served with Addepar

75%

less time spent on reporting

90%

of portfolio assets collectively allocated to alternative investments

THE RESULT

Having the right data powers lean growth

Since partnering with Addepar, Legacy Knight has seen substantial improvements in data reliability and the efficiency of their investment reporting — even as their client base expanded by 10X in less than 5 years through the investment syndication side of the firm.

“The decision to bring on a new investor is not a hard one, because the incremental cost associated with it now that we are on Addepar is next to nothing. Previously, we would not have made that decision because we didn’t have the bandwidth the way we do now,” says Brad Martin. He adds, “We'd probably have two or three more people if we were still using our old platform.”

All of the decisions we make for a family are based on the data that we have, so it’s critical that the data we have is right. With Addepar, we know that it’s right.

Brad Martin, CFO

Time spent on reporting is down by 75% with Addepar, while reporting customization has definitely improved. “With the growth of our family office clients, as well as the growth of investors in our private funds, we have far exceeded the number of end users on Addepar in comparison to our legacy system,” says Christina Nelson. “The advisory team is able to create incredibly bespoke reports for each of their clients. If a family has certain metrics that they care a lot more about, or there are certain assets that they want to see specific data on, it's a lot easier to include through Addepar. It's improving quality, not just saving us time.”

Additionally, Addepar is helping Legacy Knight recoup valuable time to focus on what they do best — providing exceptional client and advisory services. Brad Martin explains, “All of the decisions we make for a family are based on the data that we have, so it’s critical that the data we have is right. With Addepar, we know that it’s right.” With data accuracy in check, Legacy Knight is focused on what they can learn from the data and how best to support their clients. “That's probably been the biggest gain for us.”