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Financial Planning > Trusts and Estates > Trust Planning

Trust Company of America Announces Reporting Enhancements in Tech Ramp-Up

By John Sullivan

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Black Diamond Performance Reporting and Trust Company of America announced a joint initiative to provide performance reporting and asset aggregation to RIAs and their clients.

Adding Black Diamond to Trust’s technology platform will provide RIAs with cost savings and efficiency, explains Trust president and CEO Frank Maiorano. The partnership will allow Black Diamond’s technology to be embedded into Trust’s all-in-one platform, with “built-in” performance reporting and aggregation. It will provide the ability to collect data from multiple custodians to back the information displayed in performance reporting, and ultimately allowing both the advisor and investor to have a full view of the assets and their performance.

“By adding Black Diamond to our platform, it has a significant value for our existing RIA partners, and also for breakaway brokers,” Maiorano says. “It provides them with greater transparency to help with their due diligence, reporting and asset aggregation all in one spot. That takes a lot of the stress and burden off of them when making the move away from a wirehouse or broker-dealer to the RIA space. And it does it with more choice and flexibility.”

Trust offers an intergrated custody, service and technology platform for advisors. By adding Black Diamond’s portfolio management and reporting technology, advisors and their clients can access actionable, daily portfolio information through a user interface and customized performance reports embedded in the custodial platform, something Maiorano says makes it different from other platforms. It can be configured to each individual advisory firm, allowing advisors to manage portfolios, workflow and client communication.

“We are excited to partner with Trust, allowing us to contribute to the growth and success of RIAs working with their custodial platform, “ said Reed Colley, CEO and founder of Black Diamond Performance Reporting, in a statement. “Trust’s vision to provide advisors the freedom and tools they need to successfully grow and scale their practice is completely aligned with our mission to help advisors to be great and we look forward to a strong partnership.”

“The time is coming when an advisor will sit down with a client and together they will review a dynamic, real-time performance report on mobile devices, such as the iPad, while discussing investment scenarios….and that is certainly a game changer,” adds to Dennis Noto, Trust’s chief information officer.

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