Archive for the ‘ByAllAccounts’ category
A colleague of mine sent an email the other day with the subject “Who is WealthTouch,” along with a link to a recent FA Magazine article covering what I thought was a new entry in the account aggregation domain. After reading the article, my reply back to my friend was “I suppose it’s comparable to that solution BAA (ByAllAccounts) offers – WebPortfolio… but a much, much more sophisticated platform for the uber rich.” After a little digging, it appears that I was spot on.
WealthTouch (WT) is an account aggregation, expense management, and wealth reporting platform for Ultra-High Net Worth families. Unlike your typical HNW individual who has one or two advisors and a handful of accounts at various custodians, the WT client has great diversity across a much larger spectrum of investments and a number of different money managers watching over their finances. This client, according to WT, requires a more sophisticated platform to pull together a much more complex estate structure which consists of hedge funds, private equity, investments, and other assets — The typical WT client is a family with over $100 million in assets. » Read more: WealthTouch – Account Aggregation For The Super Rich
ByAllAccounts, a leading provider of account aggregation to financial advisors and wealth managers, was awarded a patent for their method of aggregating and downloading financial data.
According to the release:
“ByAllAccounts was awarded a patent for the company’s “Financial Portfolio Management System and Method” on December 29, 2009. The patent is directed to ByAllAccounts’ technology for retrieving financial information from various institutions by automatically logging in and downloading the data. ByAllAccounts can retrieve data from multiple institutions in multiple formats. The company’s service normalizes the retrieved financial information and generates a financial portfolio, bringing together the status and details of all of the financial accounts associated with an individual investor.”
Congratulations to James Carney and his team. You can read the press release here
As an aside, you may recall Yodlee and CashEdge settled a lawsuit in 2007 after Yodlee claimed CashEdge infringed on their data aggregation and funds transfer patents.
Over the last year, ongoing market volatility has created a revived demand for account aggregation to help facilitate smart financial decisions for clients. So, to help shed some light on the aggregation options available to advisors, I’m going to offer you a quick overview of three of the leading account aggregation vendors in the independent advisor space – Advisor Exchange, ByAllAccounts, and CashEdge.
All three vendors offer a whole new paradigm in data aggregation and offer financial advisors a way to increase productivity, improve operational flexibility, and reduce costs. Simply, in addition to providing the dynamic account aggregation technology you need for a comprehensive view of your clients’ total portfolio, including assets that are held-away, these vendors can “push” aggregated client data into third-party applications you uses to run you business, eliminating the time spent manually collecting and entering financial account information. And that means more time in front of your clients.
The innovative, integrated approach offered by these vendors continues to win accolades from their clients, some of which are the most well-known wealth management firms in the financial services industry, for delivering innovative tools, ease of use, and flexibility to integrate the data into 3rd party applications. » Read more: Account Aggregation Vendors – A Quick Guide