Boston, MA, December 5, 2007 – A new report from Aite Group, LLC examines the data management requirements for holistic wealth management and the unified managed household concept, and provides a classification scheme for data consolidation vendors. It also analyzes outsourcing solutions dedicated to the consolidation of custodial data and compares seven leading solutions in the data consolidation space.
According to the report, providing holistic wealth management is a key differentiator for financial advisors, as it allows them to address clients' needs and goals in a holistic manner and ultimately establish a closer relationship with the client. However, providing holistic wealth management without the necessary technology support can become an expensive and time-consuming undertaking. While a robust data consolidation infrastructure is a key prerequisite for holistic wealth management, many firms are struggling to build this vital infrastructure component in-house, and are increasingly looking to outsourced solutions. Such solutions, which typically deploy direct feed interfaces to obtain transaction and position data from custodians, can be quickly operational and do not require a large operations team to keep up to date. The solutions available, however, vary greatly in their approach and the target client segment addressed, making comparison and selection difficult.
"PNC's acquisition of Albridge Solutions and Advent Software's announced intent to partner with Vestmark have demonstrated how dynamic the custodial data consolidation space has become recently," says Alois Pirker, senior analyst with Aite Group and author of this report. "With the wealth management industry increasing its focus on holistic advice, we expect to see more deals of this kind being announced in the near future."
The report also awards best-in-class recognition to vendors in the categories of data management platforms and managed data services for both the mass-market/mass-affluent segments and high-net-worth/ultra-high-net-worth segments. It profiles and compares the solutions offered by Advent Software, Albridge Solutions, Evare, Investigo, and Private Client Resources.
This 49-page Impact Report contains 5 Figures and 13 Tables. Clients of Aite Group's Wealth Management service can download the report.