How to Choose the Best Family Office Database?
Each year, single-page websites are created to sell FO databases. Some are great, some small and some are borrowed from other providers. But how can you tell which family office database is the best?
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How can you tell which one is a valuable resource for your team and not a waste of your time? These are the answers you will find in this article.
These criteria should be considered when analyzing the database options:
- Continuously updating data to ensure that your database does not become outdated after 2 or 3 years.
- It is important that the database be managed by an association or network group with expertise in the field, and not just by a multimedia company that doesn't have any knowledge of the industry.
- Hand-built data must be selected, cleaned, and screened to ensure that there are no errors. Some companies use scripts for building databases, which almost always results in lower quality products.
- You should ensure that the database you purchase has a visible telephone number that you can dial if you have any questions, complaints, or want to update the database provider. If there is no phone number, it is a sign that the resource is not being purchased from a legitimate company.
- Make sure the data is in Excel format. Books are great for reading on planes, but Excel format is necessary to ensure you have access to your data in a CRM system.
These tips will help you navigate the space, and determine which family office database is most suitable for your team and capital-raising goals.