Streamlining Financial Reporting for Elk Crest Management

About Elk Crest Management

Elk Crest Management is a family office that manages investments for multiple families with assets spread across various financial institutions including Charles Schwab, Fidelity, and others. The firm specializes in managing complex ownership structures where multiple individuals or trusts might have partial ownership of the same account.

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Key services include:

• Investment management across multiple asset classes
• Financial planning for high-net-worth families
• Management of LLCs holding illiquid investments
• Administration of complex multi-owner accounts
• Portfolio performance tracking and reporting

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The Problem

Elk Crest Management spent months trying to modernize their financial reporting system before encountering significant roadblocks. CEO Daniel Might and his team needed to transform their process from manually tabulating massive amounts of financial data quarterly to providing real-time, automated reporting for their clients.

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When attempting to integrate financial data aggregators individually, they faced three major challenges:

1. Complexity: Integrating even a single aggregator took three months, with additional aggregators making the codebase increasingly complex
2. Cost: Some aggregators required tens of thousands in fixed annual fees, making the business case difficult to justify
3. Coverage: Without multiple aggregators, they couldn't access data from all the financial institutions their clients used

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The technical team needed a solution that could simplify integration while providing comprehensive coverage at a reasonable cost.

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The Solution

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Elk Crest Management implemented Quiltt's unified API platform, which provided:

• Access to multiple financial data aggregators through a single, simple API
• A straightforward integration process with well-documented endpoints
• Comprehensive coverage across all required financial institutions
• Additional capabilities like data enrichment
• Responsive technical support for implementation questions

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Quiltt's platform works by:

1. Creating a Quiltt Connector on their platform—a hosted embeddable onboarding experience pre-integrated with top aggregators
2. Selecting configurations to specify data providers and features
3. Embedding the connector into their application with minimal code
4. Intelligently routing to the best providers when users search for their bank accounts
5. Making all data available through one standard API regardless of which provider was used

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Elk Crest Management was able to utilize Quiltt, which eliminated the prohibitive costs that made their business case difficult to justify with direct integrations.

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The Results

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Implementing Quiltt produced transformative results for Elk Crest Management:

• Accelerated Development: The application was in production within three months with comprehensive coverage, compared to three months for just one aggregator previously
• Simplified Architecture: According to Might, Quiltt "produced a step change downward in codebase size and complexity"
• Cost Efficiency: Predictable, affordable pricing made the business case a no-brainer and low risk to try
• Enhanced Client Service: Added new reports, including real-time cash flow reporting and analysis that allows their financial planning to incorporate key data most family offices never have access to
• Process Automation: Successfully automated manual processes that previously required significant staff time

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Might concluded that they "would not have been able to achieve our ideal end state without [Quiltt]" and that the platform "significantly increased customer satisfaction."

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Beyond the technical benefits, Elk Crest Management also appreciated Quiltt's terrific support, noting that their questions were all responded to quickly and thoroughly.

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This case demonstrates how Quiltt's unified API approach can enable organizations to overcome the traditional barriers to implementing comprehensive financial data solutions, allowing them to focus on creating value for their clients rather than managing complex integrations.