Ranking the Vendors of Wealth Management Technology 2006: Data Consolidation

July 11, 2006

Abstract

New York, NY, USA July 11, 2006

Celent ranks wealth management data consolidation solution vendors based on mass affluent and high net worth market segments.

In a new report, , Celent compares five leading data consolidation solutions in the North American market. CashEdge and uMonitor lead the vendors serving the mass affluent segment (defined as less than US$1 million in investable assets), and Albridge Solutions tops the high net worth category, according to Celent. CashEdge's strengths are the breadth of data sources coupled with the data controls and alerts embedded into the product. uMonitor's advantages are the functionalities and presence in the industry. Albridge Solutions' edge comes from the quality of its data sources and enhanced functionalities in the solution.

Wealth management data consolidators automate the collection and presentation of data, allowing a financial advisor to access their client's financial holdings through one interface. This service has become increasingly important for high net worth and ultra-high net worth clients that have several different portfolios with a variety of companies.

"One of the main drivers for adoption is the advisor's desire to enhance their client services, and one critical component to providing the most accurate recommendations is the ability to view a client's entire portfolio," says Stephanie Gilmartin, analyst at Celent and co-author of the report. "The data consolidation solutions tailored to the wealth management industry have continued to evolve, providing options for the mass affluent through ultra-high net worth segments."

Despite the many advantages of account aggregation, there are still many advisors that are not using aggregated data. Changing security methods by financial institutions, timing, and reliability of data, and the reluctance by clients to share their passwords with advisors are all hurdles facing the industry. The vendors profiled in this report are addressing these issues to remain competitive in the wealth management market.

The report provides an overview of the wealth management vendor landscape in North America and includes an evaluation of each solution's features and functionalities, strengths and weaknesses, number of clients, data sources, and aggregation methods. The vendors are also ranked using Celent痴 ABCD methodology.

The following vendors are included: Albridge Solutions, ByAllAccounts, CashEdge, uMonitor, and Yodlee.

The 42-page report contains 6 figures and 14 tables. A table of contents is available online.

 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

New York, NY, USA July 11, 2006

Executive Summary 3
Introduction 4
Technology and Vendor Segmentation 7
Market Overview 11
Albridge Solutions 15
ByAllAccounts 20
CashEdge 22
uMonitor 24
Yodlee 26
Vendor Comparisons 28
  Basic Technology 28
  Data Sources and Aggregation Method 29
  Client Comparison 31
  Core Comparison Functionality  32
Vendor Rankings 38
Looking Ahead 40
Comparative Charts and Analysis 40
Objectivity & Methodology 41

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