Advisors navigating the fast-paced world of wealth management face increasing demands for seamless data access.
ByAllAccounts, a financial data and account aggregator, has released a new guide that explores how financial advisors can simplify data connectivity, minimise integration challenges, and enhance client satisfaction by streamlining access to financial data across diverse platforms.
Today’s wealth advisors rely on accurate, instant data within their preferred reporting platforms, but setting up individual integrations across a vast array of wealth technology networks can be resource-intensive. With ByAllAccounts, wealth managers and tech providers gain access to a comprehensive network that simplifies this process, supporting over 16,000 advisors through 70+ redistributors and integration with 50+ wealth platforms.
The complexity of data integration often brings significant challenges, especially when dealing with a large and growing network of wealth reporting platforms. Building integrations in-house can drain resources and delay time to market, taking upwards of three months per integration. For companies required to connect to multiple platforms and applications, the task can quickly consume development resources, adding to costs and impacting strategic objectives.
Challenges also arise from the unique requirements each platform may present. Variations in data handling and integration protocols limit companies’ abilities to create a unified integration approach. Additionally, platforms may not prioritise third-party connections, further delaying integration timelines and leaving companies dependent on external support.
This process is not only complex but unending, as new platforms and applications continue to enter the wealth technology landscape. Each new entrant brings unique integration demands, requiring continual updates and adjustments to established data pipelines. Such challenges make it difficult for wealth managers to focus on more critical work, and delays risk alienating clients as competitors move faster in the market.
ByAllAccounts offers an alternative, acting as a single data feed integration partner that eliminates these complexities. By leveraging its pre-existing integrations with wealth platforms, the company provides access to comprehensive data in a single streamlined connection, greatly simplifying data access for advisors. This solution enables organisations to scale quickly, bypassing the costs and delays of individual integration projects.
For wealth managers considering a data integration partner, industry expertise is key. ByAllAccounts’ extensive connectivity across custodians, brokerages, annuities, TAMPs, and crypto TAMPs positions it as an ideal choice. Their data reach includes brokerage accounts, retirement plans, annuities, and alternative investments, ensuring that advisors have a complete financial overview for their clients.
Through its established integrations, ByAllAccounts offers wealth managers an efficient network effect, facilitating advisor reach and market expansion while reducing the opportunity costs associated with data distribution. By eliminating technical hurdles, companies can accelerate their speed to market and focus resources on strategic goals.
Read the guide here.
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