As an Wealthtech service provider or broker-dealer, it is commonly complex and challenging it can be to cater to the growing needs of registered independent advisors (RIAs) and hybrid advisors who manage investments for their clients across multiple custodians.
In a recent webinar by Morningstar Wealth, the firm outlined how organisations can facilitate custodial independence for their advisors.
At ByAllAccounts, the firm claims it been supporting multi-custodied advisors for over 23 years, and it understand their unique requirements and challenges.
The firm said, “We firmly believe that enabling your advisors to realize their utmost potential involves tapping into a virtually unrestricted network of advisor book of business data providers. This empowers your advisors to seamlessly view and report on all their accounts within a unified platform, ensuring your platform’s scalability, reliability, accuracy, and security remain uncompromised.”
To help stakeholders understand the importance of advisor book of business account aggregation, Morningstar Wealth led the webinar, which delved deeper into the challenges faced by serving multi-custodied advisors and explores what to look for in a book of business aggregation solution.
In the webinar, Morningstar touches on:
- The data challenges faced when supporting multi-custodied advisors, such as data access and accuracy plus platform scalability.
- The key features to look for in a book of business aggregation solution, including a growing network of advisor data sources that delivers high-quality data for complex use cases (e.g., performance reporting), seamless advisor onboarding, and integrated insights.
- The advantages of partnering with an industry expert that can provide seamless integration and customized data outputs without the need of custom development.
This webinar is key for wealthtech service providers, broker-dealers, and anyone interested in unlocking the potential of serving multi-custodied advisors, the company claims.
You can download the webinar here.
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