, a wealth-management data aggregator, and netDecide
, an investment-management software company, have partnered to help advisors form stronger and more profitable client relationships.
Under the agreement, netDecide of Virginia will integrate ByAllAccounts' WebPortfolio DataConnect
to its proprietary Wealth Management System
(WMS). The combination is to result in a full suite of tools and client information that save advisors money and time, especially in inputting and locating data.
"Advisors will have more time to analyze the results of data found," said L. Patrick Gardner
, CEO of ByAllAccounts. He said the integrated service will be marketed both directly to advisors and through such third party channels as broker-distributors. State Street is one of ByAllAccounts' key marketing channels.
Though the rocky bear market is creating demand for productivity enhancing services, added Gardner, many firms and advisories are also reeling from sharp declines in asset-value related revenue. Still, he emphasized the strong demand for the combined service, which was triggered by advisor feedback.
"As the industry moves to enterprise-wide solutions that offer integrated financial planning and investment analytics to provide holistic advice, advisors need all of the client's data in order to complete the picture," said Harold Hughes
, senior vice president and director of wealth management, Legg Mason Private Client Group, a key netDecide customer.
"Most financial institutions have 20% of their clients' assets within the firm. By accessing information on accounts held away from the firm to provide comprehensive advice, advisors can increase client satisfaction and retention and enhance their opportunity to gain assets under management."
"ByAllAccounts's superior data aggregation technology and access to vast amounts of transactional data made WebPortfolio DataConnect a natural choice for enhancing our wealth management offerings," said netDecide President and CEO Raghu Chintala
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