At a time when financial institutions are pressed to optimize operations and give better services to their clients, many are left wondering which technological solution is best. The challenge is no longer just in developing the software but also in the tools that solve the specific needs of the financial industry. And SoftPak Financial Systems has been at the forefront since 1994.

 

Founded by Naaz Scheik, who was initially a quant analyst at Wellington Management, SoftPak has established itself as an innovation company in financial technology. With its headquarters in Sudbury, Massachusetts, and offices located all over the world, the company has successfully collaborated with some of the world's largest investment firms to process more than $500 billion in assets under management (AUM) via its advanced software solutions,

 

The core philosophy behind SoftPak is to cooperate; understanding the clients' needs are what have led them to design cost-effective and efficient solutions. Their flagship products such as the Universal Rebalancer and Enterprise Risk Manager are just examples of their approach to this philosophy. The Universal Rebalencer automated portfolio rebalancing which frees financial advisors from burdensome time, allowing the financial advisors to focus more on client relations. Meanwhile, Enterprise Risk Manager provides comprehensive analytics concerning risk within all asset classes, hence ensuring that the firms effectively and efficiently run their firms.

 

Under Scheik, SoftPak has not only grown to become an expert in custom software development but also expanded its repertoire to include consultant placement and packaged software products. It now boasts a dedicated team of over 150 professionals that are committed to delivering high-quality solutions tailored to the dynamic needs of the financial sector. It is making SoftPak an icon of reliability and expertise, further helping firms navigate through their most crucial challenges with greater confidence.

 

Inspiration Behind Finding SoftPak Financial Systems

 

Naaz Scheik, a visionary in the financial technology space, founded SoftPak Financial Systems in 1994 with the mission to innovate and streamline portfolio management tools for greater efficiency. His journey began as a Quantitative Analyst at Wellington Management in Boston, where he witnessed firsthand the limitations and complexities in portfolio management, risk analytics, and financial rebalancing systems.

 

His background in mathematics and quantitative modeling, supported by a Master’s degree from Tufts University and the University of Karachi, provided a solid foundation for tackling these challenges.

 

From a small start-up, SoftPak has grown to over 150 employees worldwide, transitioning from offering customized software solutions to developing a comprehensive suite of products and consulting services. These tools are designed specifically to address complex portfolio management needs, ensuring clients have access to innovative resources in risk analytics and decision-making support.

 

Naaz reflected on his journey and shared insights into his inspiration, saying, “Much of my foundational knowledge was gained during my master’s, where I performed intricate simulations in computer sciences, combining it with my expertise in mathematics and passion for quantitative modeling.” This combination of technical expertise and an innovative vision sparked the creation of SoftPak Financial Systems, leading to the development of the company’s first fintech product.

 

USP

 

In the current financial scenario, an investment advisor needs to be well-equipped with the effective tools of portfolio rebalancing. SoftPak's Universal Rebalancer or UREBAL is distinctly advantageous over all other products since it maximizes efficiency, tax awareness, and cost-effectiveness. Among RIAs, UREBAL is more popular due to its strength as compared to basic macro-based rebalancing tools.

 

SoftPak is differentiated by using a new method of gradient descent optimization by linear programming on portfolios through iterated switching, evaluating, and recalculation until optimal configuration.

 

Preciseness at such levels does aid advisors to be smarter about their choices in regards to portfolio management of client funds. They may choose far better alternatives to boost the performance than models developed much more superficially since in UREBAL one's methodology can bring perfect attention to taxation along with optimum asset reconfiguration within those portfolios being handled so finally, to provide support from one of the finest in more sophisticated reliable arsenal which advises could use when working towards some portfolio.

 

Path to Full-Scale Software Development

 

As SoftPak began deploying software solutions for various companies, a recurring request from clients was to integrate seamlessly with their existing systems. This feedback led to the evolution of SoftPak from a company focused on custom solutions to a full-scale software development firm. Recognizing the unique needs of each client, Naaz Scheik and his team adapted their offerings, moving beyond standardized tools to develop tailored project management solutions that fit seamlessly into diverse organizational structures.

 

SoftPak’s approach involved augmenting their staff with specialized tools or incorporating client-provided resources to meet specific requirements. Over time, the company’s portfolio expanded to include enhanced project management capabilities, and their products evolved to address not just immediate client needs but also to provide long-term solutions for portfolio management and risk analysis. This client-driven adaptability has solidified SoftPak’s position as a reliable partner for businesses seeking customized, integrative software solutions.

 

Balance Roles as a Tech Enthusiast and CEO

As the CEO of SoftPak, Naaz Scheik’s passion for technology is evident in his involvement with the company’s technological pursuits. SoftPak has four distinct technology teams, each focusing on various facets of the company’s operations, from product development and quality assurance to project management. Naaz prioritizes spending time with each team, diving into the technical aspects to maintain alignment with SoftPak’s overarching goals. His active participation in brainstorming sessions and hands-on problem-solving showcases his dedication to the company’s technical excellence.

 

While Naaz remains deeply engaged in the technology side, he entrusts day-to-day business functions like accounts and business development to department-specific managers. This delegation allows him to focus on high-level strategy and technical direction while ensuring that SoftPak’s core business functions are executed seamlessly, achieving a balance between leadership and his passion for technology.

 

Challenges Shaping the Success of SoftPak

 

Building SoftPak came with a series of challenges, particularly in maintaining high standards across global client engagements. SoftPak’s clientele spans across various international markets, requiring the company to establish rigorous quality assurance practices while delivering cost-effective solutions. For Naaz, meeting these high standards meant focusing on productive collaboration and efficient coordination between SoftPak’s teams and clients’ teams to ensure a smooth delivery process.

 

In overcoming these challenges, SoftPak has managed to retain a strong base of repeat clients who value the company’s commitment to quality and reliability. This focus on maintaining standards and delivering high-quality products has been crucial to SoftPak’s sustained growth and success in the competitive financial technology industry.

 

Nurturing Talent and Promoting Gender Equality

 

Fostering a supportive and inclusive work environment is a priority at SoftPak. Naaz Scheik emphasizes talent development within the organization, ensuring that both men and women have equal opportunities for growth. Recognizing and rewarding talent regardless of gender, SoftPak has a particular focus on training and advancing female engineers within the company.

 

By promoting from within and investing in the ongoing development of his team, Naaz has built a culture that supports career growth and celebrates individual achievements. His commitment to gender equality is reflected in the inclusive environment that SoftPak has fostered, one that empowers all team members to reach their full potential.

 

Innovations Recently Launched

 

SoftPak remains at the forefront of innovation with recent developments like their integrated software compatible with the Axioma optimizer. This product, akin to their managed accounts rebalancing software (MARS) integrated with the Northfield optimizer, exemplifies SoftPak’s commitment to driving impactful solutions within the fintech industry. Additionally, the company recently launched the Advisor Sketchbook in collaboration with Parti Pris, further diversifying its product range.

 

These innovations align with SoftPak’s broader vision to redefine software development in financial technology. Each product introduced not only reflects SoftPak’s commitment to innovation but also aims to set new standards in the market, reinforcing the company’s role as a pioneer in the fintech space.

 

Healthy Work-Life Balance

 

Balancing work and personal life is an important aspect of Naaz Scheik’s routine. While deeply committed to SoftPak, he values time spent on personal hobbies and family life. In his free time, Naaz enjoys activities like working out, golfing, traveling, and hiking. Living in the United States provides him with ample opportunities to indulge in his love for hiking. Balancing his role as a father and husband, Naaz prioritizes family while also dedicating himself to his professional responsibilities.

 

This focus on maintaining a work-life balance is essential for Naaz as he leads SoftPak, providing him with the energy and perspective needed to continue driving the company forward with a clear and focused vision.

 

Words of Wisdom

 

For those aspiring to build a successful brand, Naaz Scheik emphasizes patience, dedication, and a commitment to high standards. He advises that success lies in continuously adding unique value rather than merely following trends. According to Naaz, a successful business requires constant innovation and a willingness to push boundaries.

 

At SoftPak, this drive for innovation includes exploring new frontiers such as integrating AI and neural networks into the company’s existing solutions, a project the company is actively working on as of 2024. For Naaz, building a lasting brand is about creating distinctive solutions that meet clients’ needs and setting new industry benchmarks with each step.