Nearly half of advisors recently surveyed still use manual entry of data for statements, ByAllAccounts, a Woburn, Massachusetts-based data aggregation company, said Monday, July 12.
“According to our first-quarter survey of more than 500 financial advisors, 45% said they still manually enter held-away account information into a back-office system for statements,” ByAllAccounts said in a white paper about the company’s data-aggregation services.
The white paper lays out a four-step learning process for advisors interested in introducing data aggregation to their practices. The process includes data gathering, data “normalization,” semantic integration, and business logic.
ByAllAccounts retrieves and consolidates reconciliation-ready account data from any custodian. Working with hundreds of advisors, the company uses an aggregation engine to manage client account data for wealth management platforms and trust accounting systems valued at more than $170 billion in assets.
Read a story about firms’ decision to use data aggregation from the archives of InvestmentAdvisor.com.