The wealth management industry is increasingly adopting specialized technology solutions to stay competitive, choosing top-tier systems that optimize the entire ecosystem.
This trend necessitates straightforward, secure, and consistent access to financial account data, essential for advisor onboarding. Such access has traditionally been both costly and complex.
Enter the ByAllAccounts Data Network. This solution provides fast, reliable, and secure access to financial data through a singular connection, significantly easing the data flow from providers and custodians to WealthTech and reporting platforms. It also ensures effective communication between different technology platforms, reducing friction within the ecosystem and enabling wealth management firms to offer comprehensive and seamless service experiences.
Historically, the rapid innovation within wealth management prompted firms to deploy multiple best-of-breed tech solutions to keep up with industry demands. Approximately 90% of these firms juggle between four to seven different tech platforms, with others managing even more, ByAllAccounts explained. This variety, though intended to foster innovation, often leads to data silos and significant operational inefficiencies.
Moreover, tech platforms face challenges in accessing accounts managed by firms or advisors across various data providers. The necessity to create custom data connections introduces further inefficiencies. Data providers also struggle to meet the growing demand for custom connections, underscoring the pressing need for improved data portability and integration solutions. The ByAllAccounts Data Network addresses these issues by streamlining the entire process.
Today, the ByAllAccounts Data Network stands out as a pivotal innovation in the wealth management sector. It eliminates the need for multiple data integrations by offering a single, secure access point to a vast array of financial data. This network simplifies the data exchange process, providing access to over 15,000 data sources, around 200 custodial feeds, 70+ redistribution platforms, and 50+ WealthTech platforms. The data is standardized, enriched, and customized to meet the unique needs of each system, ensuring seamless integration and compatibility.
This one-stop solution not only reduces the time required to integrate new custodial data feeds and onboard new advisors but also cuts costs significantly. By reducing the labyrinth of custom integrations, ByAllAccounts allows wealth management firms to focus more on innovation and exploring new business opportunities, rather than getting bogged down by data management complexities.
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