Yodlee, Inc. recently introduced a new account aggregation product, Advisor Pro, that gives advisors a complete view of all of their clients’ accounts held at other financial institutions. Until now, says Jim Taschetta, chief marketing officer at the Redwood, California-based account aggregation provider, only the consumer, and not the advisor, has been afforded a comprehensive view of their financial accounts.
With Advisor Pro, Yodlee “has created an application that allows advisors to tap into that same data that an individual consumer sees,” Tachetta says. But first, the consumer must approve such access. “The consumer provides Yodlee with access to compile the data for them, and then gives the advisor permission to access that information.”
Yodlee offers the account aggregation product a few different ways. One way is via a hosted consumer facing application that financial services firms can buy into and Yodlee can deploy and host for them. Yodlee also has a data
feed from its core aggregation engine that can be integrated into existing clients’ applications. “So our client could build an application on top of this data,” Taschetta says. “That’s what Schwab has done. Schwab has built a proprietary product on top of the Yodlee core aggregation service,” which independent advisors can tap into.
Taschetta says Advisor Pro is a “win-win” for the consumer and the advisor. Consumers get the convenience of accessing all their financial accounts in one place, while advisors get the chance to increase revenue and transactions. With Advisor Pro, advisors are able “to more holistically understand their clients’ asset base, whether it’s held internally or externally, and therefore [they're in a better] position to convince clients to bring more assets under direct management,” Taschetta says.