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Powering Aggregation and Analytics Processes to Transform Performance Reporting

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20 April 2015
Isabella Fonseca

A Case Study of a Large US Financial Institution

Abstract

Wealth management firms and advisors are looking for ways to improve client service to help improve client retention, increase their share of investable assets (wallet), and attract new customers and assets. Analytics combined with portfolio and investment data can help advisors and clients better understand past performance and plan for the future.

In the report Powering Aggregation and Analytics Processes to Transform Performance Reporting: A Case Study of a Large US Financial Institution, Celent presents a case study of a large US wealth management firm and its quest to improve the performance reporting provided to its advisors and individual investor clients. The firm had multiple objectives, including dramatically improving the quality and timeliness of the reporting process, data access, and data quality, while reducing costs. This case study presents the importance of real-time account data aggregation and performance analytics and how these tools can help to transform business processes in wealth management.

“Many firms are investing in upgrading their performance reporting systems to provide advisors and clients updated information on their investments and portfolios. Some firms are looking to reengineer their platforms and transform their reporting capability to include real-time and near real-time reporting as well,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and author of the report. “Firms looking to provide comprehensive reporting (including assets held away) need powerful data aggregation tools to help capture and gather the information and aggregate customer and transaction data from internal systems as well as a variety of third party firms such as custodians.”

Celent believes that financial services firms have “privileged access” to information and data about their customers. In this report, Celent discusses how the bank’s Global Institutional Consulting (GIC) partnered with Rage Frameworks to transform the data aggregation and performance reporting process to deliver timely reporting and more powerful analytics tools to their advisors and their clients. Advisors can use these tools for competitive advantage as they look to provide a higher level of service to retain clients and attract new clients and assets.

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