Company Research Report: Aquilance

Company Overview

Name and Mission

Company Name: Aquilance (formerly known as My Accountant)

Mission: To enrich the quality of their clients’ lives by providing evolving financial administrative solutions to enduring problems, eliminating the time spent on managing family finances, and empowering effective decision-making by delivering timely and accurate consolidated reports to families and their advisors.

Founding

Founded: 1987

Founders: Bill Farren and Norb Janis

Key People

President: Joe Farren

CEO: John Carey (appointed in June 2024)

Headquarters

Location: 100 Technology Drive, Suite 203, Trumbull, CT 06611

Employees

Number of Employees: No information is available

Revenue

Revenue: No information is available

Known For

Reputation: Recognized for offering a comprehensive suite of financial administration services designed to meet the complex needs of high-net-worth families. Known for their award-winning Billpay solutions.

Products

Offerings and Key Features

1. Personal Bookkeeping and Billpay

Description: Provides clients with centralized management of all personal financial transactions, simplifying financial administration across multiple accounts and payment methods.

Features:

Custom PO Box and email address for managing bills.

Automated payment processing with approval protocols.

Monthly spending schedules and quarterly cash-flow reports.

Year-end detailed reports for tax preparation.

2. Entity and Partnership Accounting

Description: Offers financial oversight and management for families with multiple ownership structures within their financial configurations.

Features:

Maintenance of complete entity books.

Administers capital processes and records transactions.

Preparation of key financial statements like Balance Sheets and Statements of Cash Flows.

Customized reporting available.

3. Consolidated Investment Performance Reporting

Description: Provides clear and comprehensive reporting of investment performance across multiple entities to high-net-worth investors.

Features:

Detailed investment allocation reports.

Performance evaluation against benchmarks.

Metrics on liquidity, correlation, and capital investments.

4. Additional Services

Includes:

ILIT Administration, Domestic Payroll Services, Customized Reporting, Medical Claims Processing, Statement of Assets, Document Storage, Family Office Consulting, and Insurance Reviews.

Recent Developments

Awards and Recognition

Awards: Recognized as the winner for Best Billpay Solution at the Family Wealth Report Awards in 2023 and 2024.

Leadership Changes

New CEO Appointment: John Carey was appointed as the new CEO in June 2024, bringing decades of experience in fintech and wealth management.

Technology and Innovation

BillFlow Systems: The proprietary software centralizes hundreds of data points per family for bill payment services, contributing significantly to Aquilance’s award-winning capabilities.

Partnerships and Expansions

Strategic Focus: Continues to innovate and expand by addressing specific pain points of affluent families and updating service offerings to maintain relevance and become indispensable.

New Appointments

Chief Revenue Officer: Hired from Morningstar to foster growth and expand technological reach (October 2024).

Conclusion

Aquilance is a distinct leader in the niche market of financial administration services for affluent families. With a strong emphasis on personalized service through their proprietary tools, Aquilance has maintained a significant presence in their sector, marked by consecutive award recognitions. The company focuses on addressing complex financial needs while leveraging strategic leadership and technological advancement to ensure ongoing client success and satisfaction.