The firm provides comprehensive financial services to current and retired Fortune 500 executives, individuals, affluent families, nonprofit institutions and endowments.
AMG’s services include Private Wealth Management services, including Personal Financial Management, Financial Counseling, Investment Management, Trust Administration, Family Office, Donoradvised Philanthropy and Tax Services; Investment Services, including access to Private Capital, Separately Managed Portfolios (SMAs); Retirement Plan Services; Commercial Banking, Fractional CFO Services, and AMG Private Client Banking.
AMG has a commitment to superior performance. “We try to do things for our clients that add true value. Most of our new services are driven by a client asking if we can provide them with a specific service,” said Don Seacrest, Senior Vice President of Operations.
The investment services environment is constantly evolving, and one aspect that continually needs to be improved and updated is the digital investment account experience. Considering that, in 2017 AMG engaged Wealth Access to create a custom solution for its customers that provides an exceptional mobile, digital-first experience and allows clients to aggregate their financial accounts.
AMG chose Wealth Access because its technology offers an easy-to-use digital portal, powerful data enrichment capabilities, and additional client-facing tools like its Document Vault. With support from Wealth Access, AMG also released a custom-branded mobile app.
Much like the digital portal, AMG found the app to be an important and easy tool for clients to feel comfortable checking their investment accounts on any device they choose, from a desktop computer to a phone or tablet.
The implementation of Wealth Access went smoothly in part because the customer portal and mobile app came ready with several technology tools to help aid client communication, including the Wealth Access Document Vault. The Document Vault allows for a secure solution to exchange documents with clients. Currently, AMG posts client statements to the Vault.
Solution
“Our clients can use the Document Vault as replacement for secure email. We believe it creates an easier solution for exchanging documents,” Seacrest said. “We plan to continue adding additional reports and documents, like tax and performance reports. With the Vault containing most of a client’s information, it should continue to drive adoption of the portal because clients get a single, unified location where they can access all their financial data with one login.”
Throughout the exploration phase and launch of AMG’s portal and mobile app, there was direct and constant communication between Wealth Access and AMG. During those conversations, AMG discovered the flexibility that an open architecture platform like Wealth Access can provide for firms with unique needs.
One example? AMG asked the Wealth Access team to develop certain custom features, like an enhancement configuring tax-lot reporting displays in the customer portal to match AMG’s custodial accounting system, and was delighted with the results.
Results
“I showed the Wealth Access team how we report tax lots so they could see what our approach involves. The ideas they came up with for how to display that information in our new portal were exactly what we wanted,” Seacrest said. Working collaboratively with Wealth Access to create further customized experiences plays an important role as AMG continues to grow its business. For example, Wealth Access is customizing the display of AMG’s custom portfolio allocation in its portal. “The allocation piece will help us more easily illustrate our custom allocation advice to clients,” said Seacrest. “We want to align the portal’s existing Portfolio Allocation feature with how we present that message to our clients.”
Once the functionality is complete, AMG’s clients will enjoy a reporting experience that ensures data consistency across various online and paper reports. That type of seamless experience across different systems would not be possible without the flexible and advisor-centered development approach from Wealth Access. AMG has served clients for more than forty years, and the technology it uses provides an important foundation in how those services and relationships evolve.
“My goal is that our Wealth Access portal becomes the hub for all client financial data. Creating a space online where clients can see performance, view all their information and access integrated apps like financial planning is what people will expect, and that’s what we plan to deliver.”
Don Seacrest SVP, AMG National Trust Bank
