The next generation of investors—those who are Gen X and Millennials, as well as Baby Boomers influenced by those younger generations—expect their financial advisor to provide them a unified client experience that accounts for everything across their financial life and the technology tools their advisor offers.

Research continually suggests that this new type of investor wants an advisor who offers digital and personal services that are delivered through a custom, simple, and intuitive front-end experience.

What do those changing attitudes mean for your firm?

As you look to provide an exceptional digital experience for clients that unifies information across their financial life, it becomes imperative that you have the tools necessary to provide that type of experience.

I’m excited to share that this September, Wealth Access received its third consecutive WealthManagement.com Industry Award for Wealth Reporting for Personal Finance Managers software.

In this post, we’ll review the benefits of providing a comprehensive digital experience to your clients, and how the Wealth Access PFM tools allow you to do that.

 

Building Personal Financial Management Tools in Your Firm

Your client’s personal financial life should be integrated, comprehensive, and accessible. As part of that belief, the advisor technology you choose should be developed with the mindset to allow you to realize that goal.

Your firm, and your clients, can benefit from the addition of PFM tools in three ways:

Data Aggregation
A comprehensive financial picture begins with data aggregation. It’s difficult for you to tell clients that your reporting is comprehensive if it does not also include held-away assets, cash accounts, liabilities, and other types of assets not held in their investment accounts.

With the Wealth Access Intelligent Aggregation engine, your firm can sync with over 20,000 institutions to report on assets like private investments and hedge funds.

Integration
An integrated PFM solution for your clients allows them to view more than assets—it gives them the ability to also easily find financial plans, quarterly reports, and much more.

Wealth Access provides a complete, advisor-branded client experience out-of-the-box, but with enhanced Personal Financial Management APIs from Wealth Access, you can build your own mobile, web, and app interfaces as well. The API platform was built to be efficient, seamless, and user-friendly—and the numbers back that up. Twenty banks and over 200 RIAs use our flexible delivery options to help them serve their clients better.

Click here to schedule a workshop with one of our experts today. 

Client Usability
You can aggregate accounts and integrate systems, but if your tools aren’t being used by your clients, then your work doesn’t count for much.

At the end of 2017, the number of end-investor users using the Wealth Access platform increased by 175%, and the total number of assets on the platform increased by 140% to a total of over $100 billion.

When your clients use Wealth Access PFM tools, they can easily establish their own feeds to outside accounts, making it simple for you to view new held-away assets and better understand their complete financial picture.

Through the client-facing and advisor-facing tools provided by Wealth Access, you can take advantage of these features today. And for those who want to create a custom experience, the Wealth Access API is available and open for easy customization with advanced data delivery options.

 

Delivering a Unified Digital Client Experience

Your clients are asking for a complete view of their total balance sheet—one that aggregates all their asset and liabilities, whether those are managed by your firm or held-away at another institution outside of your discretionary guidance.

The aggregated data you can access through Wealth Access can provide you with a comprehensive and customizable view that shows clients their account holdings, transactions, allocations, and historical balances.

All of those data points are updated nightly, which means your clients can always be confident in that the data you’re providing for them is accurate and up-to-date.

But personal financial management tools offer more than a snapshot of investments. The Cash Flows section aggregates pre-categorized data on spending and income, which allows your clients to understand their spending habits, budget more easily, and develop financial literacy that can help them stick closer to their overall financial plan.

You can customize the platform to align with your needs and business model. Edit custom spending categories, create new balance sheet categories, add dashboard widgets, as well as much more.

 

Wealth Access at the 2018 WealthManagement.com Awards

In September of 2018, Wealth Access was recognized by WealthManagement.com as the winner of its Wealth Reporting/Personal Finance Manager category for its ability to bring together data and financial management tools to help advisors create a more unified client experience.

The third-generation of the Wealth Access platform provides you with direct access to a powerful API platform and flexible delivery options that make it seamless for you to enhance your platform with personal financial management solutions.

The API allows data to flow from Wealth Access to trust and portfolio accounting systems, CRMs, financial planning software, and performance reporting solutions, in addition to proprietary systems developed by advisors.

We’re thrilled to be a four-time winner overall and three-time repeat winner of the Wealth Reporting/Personal Finance Managers category.

Ready to see how you can use the personal financial management tools from Wealth Access to create a comprehensive experience for your clients?

Schedule a demo with us today to learn more!

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