SS&C Technologies has launched a new brand, SS&C Accord, aimed at enhancing the capabilities of wealth management firms through intelligent automation. This innovative service focuses on the aggregation and validation of alternative investment data, addressing a significant pain point for wealth managers.
Key Takeaways
Launch of SS&C Accord: A new AI-driven service designed for wealth management firms.
Focus on Alternative Investments: Aims to streamline data aggregation and validation for alternative investments.
End-to-End Service: Managed by dedicated account teams and utilizes digital workers for data monitoring.
Client Success: Choreo, a financial advisory firm, reports improved data integration and client reporting.
The Need for Intelligent Automation
The wealth management industry has long struggled with the complexities of alternative investment data collection and reconciliation. According to Steve Leivent, co-head of SS&C Wealth & Investment Technologies, the lack of consistent reporting standards has made it challenging and costly for wealth managers to manage operational aspects related to alternative investments.
SS&C Accord is designed to alleviate these challenges by acting as an extension of wealth management teams, providing timely analytics that enable advisors to make data-driven decisions regarding holistic portfolio management.
Features of SS&C Accord
SS&C Accord leverages advanced technologies to enhance data handling capabilities. Key features include:
Natural Language Processing: Utilizes large language models to extract relevant data points for further processing.
Document Aggregation: Reviews and ensures the completeness and accuracy of data extractions.
Seamless Integration: Processes data into downstream systems for efficient reporting.
Comprehensive Ecosystem: Integrates data across the entire SS&C ecosystem, including the SS&C Black Diamond Wealth Platform.
Client Testimonials
Choreo, an independent financial planning and investment advisory firm, has adopted SS&C Accord to streamline its operations following the acquisition of BDO USA's wealth management business, which added over $8 billion in assets under advisement. Matt Bankston, managing director at Choreo, emphasized the importance of having a unified platform for aggregating alternative investment data, stating, "SS&C Accord helped us expand our reporting to our clients and provide them with an all-encompassing view of their assets."
The Future of Wealth Management
As the wealth management landscape continues to evolve, the integration of AI-driven solutions like SS&C Accord is becoming increasingly vital. By outsourcing alternatives data aggregation, wealth managers can eliminate the need for multiple systems and resources, allowing them to focus on delivering results and scaling their alternatives business.
Bhagesh Malde, global head of fund administrator at SS&C GlobeOp, noted, "With a combination of intelligent automation, proprietary technology, and deep alternatives expertise, SS&C Accord delivers a single source of clean alternatives data."
In conclusion, SS&C's launch of Accord marks a significant step forward in addressing the operational challenges faced by wealth managers, paving the way for more efficient and effective management of alternative investments.
Sources
SS&C launches AI-driven data service for wealth managers - Alternatives Watch, Alternatives Watch.