Commonwealth Financial Boosts Account Aggregation

Clients can now easily see and adjust information on assets held at the IBD and at other institutions

Commonwealth Financial Network recently upgraded its client portal so investors can view all their accounts in one place.

The enhancement of the account aggregation tool for Investor 360° means information about investments held at and beyond Commonwealth are centralized. The broker-dealer, which works with about 1,700 independent advisors, worked with Quovo on the project.

“Clients want to see their complete financial life in one place,” said Darren Tedesco, managing principal, innovation and strategy, at Commonwealth, in a statement. “Investor360° provides that information — updated daily — for both advisor-managed and held-away assets, along with performance data, a document vault and paperless statements, and secured messaging via the advisor’s website or smartphone app.”

Other advantages of the updated account aggregator include: more reliable connections between Investor360° and outside accounts; new functionality that allows clients to manually enter assets and thus boosts advisor scale and efficiency; faster turnaround times when adding links to new institutions where accounts are held; a new “prepare account” feature for advisors to preload specific institutions that clients can refer to when adding credentials; and the ability to customize names of linked accounts.

“Given Commonwealth’s reputation for deploying top-tier technology, we are excited to have been selected as its new account aggregation partner,” said Lowell Putnam, co-founder and CEO of Quovo, in a statement.

This news comes about three months after Computerworld recognized Commonwealth Financial as one of the best places to work in IT.

“When Commonwealth first rolled out account aggregation in 2007 to advisors and their clients, we knew that the future of planning would require advisors to know their clients’ holistic financial situation,” Tedesco added. “With our migration to Quovo, we are confident we’ve found the most frictionless implementation of aggregation available.”

--- Check out When Advisors Become Technology Developers on ThinkAdvisor.

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