CashEdge made a splash recently by launching AllDataAdvisor, an account aggregation solution for financial advisors. While the core of their business is still rooted in developing cutting edge online banking solutions, they are putting forth a much publicized effort to let independent financial advisors know that when it comes to account aggregation technology, they are the 800lb gorilla….
Originally launched in 1999, AllData delivered a web-based account aggregation solution to independent financial advisors, wealth managers, and financial planners. AllData gave advisors an unfettered, on-demand view of their client’s entire net worth. And with this new technology in place, advisors would have insight into how competing firms where managing their client’s money, while at the same time offering advisors a chance to increase revenue by charging fees to advise on held-away retirement accounts.
But the technology wasn’t embraced by everyone, and advisors weren’t exactly lining up to purchase account aggregation. Aggregation works by leveraging the account holder’s credentials. This meant that the advisors clients had to buy into the idea of storing all their financial information in one place on the Web – something many advisors had a difficult time persuading their clients to do. And even if a client was comfortable setting up their accounts, getting them to actually find the time to add all their usernames and passwords was, for many firms, a laborious task. And at the end of day, even when your clients were setup, you couldn’t do anything with the data – The advisor still had to manually enter data into the systems they were using to run their business.
So CashEdge turned their attention to developing integrations with some of the leading 3rd party applications advisors use to run their business. They formed partnerships with eMoney Advisor, Albridge Solutions, MoneyGuidePro, and several other technology firms. Now an advisor using MoneyGuidePro who wanted to update their client’s financial plan, could seamlessly import the balances on all his client’s accounts with the click of a button inside the MoneyGuidePro platform. As advisors began to embrace this new service which reduced the amount of time they were spending manually collecting and entering account information from paper statements, CashEdge, and account aggregation in general, began to find its place on the list of must have technologies advisors deployed in their office.
Today, CashEdge is in a good place. Their partners continue to bring new users onto the platform – the majority of their 6,000+ users come from their partners – and advisors are more interested than ever in exploring account aggregation solutions. So while this demand for aggregation continued to grow, CashEdge launched their newest solution AllDataAdvisor. AllDataAdvisor offers advisors and their clients a web-based solution to view assets and liabilities aggregated from over 10,000 data sources. Some of the new features of AllDataAdvisor include:
• Email alerts notifying users when accounts fail to harvest
• Advisor Aggregation which leverages the advisors credentials to aggregate their entire “book of business” without requiring their clients to enter their personal login credentials
• Metrics displaying how often clients login to AllDataAdvisor
• Branding with the advisors logo
• Unlimited number of clients and accounts can be aggregated
To learn more about AllDataAdvisor visit www.alldataadvisor.com
To learn more about CashEdge visit www.cashedge.com
