RIAs typically use a variety of systems in managing their client’s accounts. These may include portfolio management software, trading and rebalancing software, risk analysis software, and others. The ability to seamlessly integrate all of this into your core systems is no longer “nice to have.” Rather, we consider it a critical business imperative. 

Integration – The ‘old school’ way.

Old school system integrations unfortunately are alive and well in the wealth management industry; entailing techniques such as downloading (and perhaps uploading) information from one system to another. In many instances, it also requires manual entry. The problem with these – and many other manual tasks – are accuracy and speed.

Any form of manual input is a bad use of time at your firm, plain and simple.. Further, the accuracy of the information can be an issue. Human error can leave you open to mistakes when you don’t have time to search for them or correct them at a moment’s notice right before a client meeting.

Integration – The ‘new school’ way.

The volume of data used today can be mind-numbing at times. Today’s advisors need bi-directional communications and syncing between data sources and systems to simultaneously occur. We’re seeing micro-services and APIs begin to move modern solutions from SaaS to PaaS offerings, allowing independent players to innovate and thrive while many legacy companies in the custodial and broker-dealer space become stagnant.

The good news is there are many systems, including our own AdvisorPeak trading and rebalancing software, deliver seamless integrations in ways that were unheard of just a few years ago. Continual improvements in account integration, including a large menu of integration partners, helps support RIAs in taking full advantage of key tools to manage client accounts, such as:

  1. Alerts
  2. Significant transactions
  3. Cash management
  4. Variance analysis
  5. Tax analysis

These features encompass areas most RIAs incorporate into their day-to-day investment management services they provide clients. Efficient, timely, and seamless client accounts management requires timely and accurate information on all of your client’s data regardless of where they are held. 

This type of integration is not readily available in all portfolio management systems. While no system is perfect, it’s important to provide the best possible service to your clients by ensuring that your system integrates their data as seamlessly as possible. Contact us at AdvisorPeak to find out why we set the standard for wealthtech solutions.