PWS is a tech platform that tries to blend the personalized approach of a family office and scalability of a banking system, its creator says.

Private Wealth Systems, a US-based fintech working with family offices, has launched a lifestyle management services channel called Tapestry.

The service gives balance sheet reporting that covers financial and non-financial assets such as real estate, and reports enabling users to chart risks and returns by managers, asset class, country and other ways of slicing up sources of return.

“Over the coming weeks we will announce additional partners that have unique depth of experience in providing solutions that improve the day-to-day aspects of families with sophisticated wealth,” Craig Pearson, the firm’s chief executive, said.

The business says using service this way benefits family offices and advisors in ways that cannot be achieved by a single firm.

“Often times ultra-high net worth families have more of their wealth invested in non-financial assets, so it's imperative that non-financial assets are managed with the same level of discipline and professionalism as financial holdings", Anne Lyons, CEO of Tapestry Associates, whose firm is the first to partner with the new PWS offering.

"This is another step towards our company's mission to eliminate the friction of siloed information across our industry," she added.

In an interview in 2016, Pearson described his business “as a technology platform that provides the personalized precision of a family office solution with the scalability and security of a global enterprise banking platform”. The business started in January 2015, with its first release in early 2016.

“LinkedIn is the platform for professionals to network, Facebook is the platform for social/personal networking, and Private Wealth Systems will be the financial platform for the UHNW community,” Pearson had said in the interview.