SOURCE: ByAllAccounts


July 12, 2010 09:00 ET

ByAllAccounts Survey of Financial Advisors Reveals "Must-Have" Technologies

BOSTON, MA--(Marketwire - July 12, 2010) -  ByAllAccounts, Inc., the financial advisors' choice for account aggregation, today announced results of a survey of financial advisors that reveals the "must-have" technologies for running a more efficient and profitable advisory business. The results are a useful benchmark for advisors that are starting new operations or those eager to upgrade their current technology infrastructures.

According to the ByAllAccounts survey, the following are the top five technology solutions deployed in-house or through an application service provider:

  • Portfolio management/performance reporting (83.6 percent)
  • CRM tools/client reporting (71.2 percent)
  • Trading (57.4 percent)
  • Financial/estate planning (56.8 percent)
  • Rebalancing/asset allocation (51.4 percent)

ByAllAccounts also asked advisors about the importance of bringing financial account-level data into the five technology solutions above. Three out of four advisors are actively bringing account-level data into their portfolio management/performance reporting system and of that number 68 percent are doing so daily. Finally, 45 percent say they are using account aggregation technology to bring the account-level data into portfolio management/performance reporting systems, making it an increasingly important part of the overall technology mix for many RIAs.

"With billions in assets flowing through our account aggregation platform, we see firsthand how important technology is to a smooth-running and constantly growing financial advisory firm," said James Carney, president of ByAllAccounts. "Technology is enabling more advisors to start out on their own and get up-and-running quickly, and this survey makes it clear that many are using it to their strategic advantage."

"We're seeing more break-away brokers coming online, and they're looking for ways to streamline operations so they can do what they do best, advise existing clients and find new prospects," said Doug Johnston, CEO of riaCOO. "The ByAllAccounts survey shows the importance of technology to a smooth-running firm, but we're also seeing others use solutions such as account aggregation go beyond efficiency gains. Smart firms are integrating technology solutions to open entirely new revenue streams, going beyond simply seeing a client's held-away assets, but actually advising on those assets and billing for that service."

For more information on the ByAllAccounts survey results and methodology:

About ByAllAccounts, Inc.
ByAllAccounts, the financial advisors' choice for account aggregation since 1999, is the only service that retrieves, enriches and consolidates reconciliation-ready account data from any custodian. ByAllAccounts' patented aggregation engine, through which more than $175 billion in assets flows, aggregates all client account data -- from any source -- within an advisor's wealth management platform or trust accounting system for a truly comprehensive view. Hundreds of advisors rely on ByAllAccounts to save administrative time and costs, mitigate risk associated with having incomplete information and grow revenues through client referrals and new business development. ByAllAccounts integrates seamlessly with all of the most popular wealth management platforms.

Contact Information

  • Scott Bauman
    Greenough Communications
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    Cynthia Stephens
    781 376 0801 x 130
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