Commonwealth Financial Network said it recently added a number of improvements to its online portfolio platform Investor360°. These enhancements, according to the independent broker-dealer, boost the scope of asset information on the platform and allow its affiliated representatives to look at more performance reporting and daily gain/loss data, while also giving them the ability to export data to Excel and TurboTax and view a consolidated statement in greater detail.
“We’ve updated our account-aggregation capabilities, so the platform can build a truer net-worth statement for investors by pulling in information daily for assets, including those that are not [directly] managed by our advisors,” said Darren Tedesco, managing principal of innovation and strategy for Commonwealth Financial in an interview.
The latest version of the platform, Tedesco says, “scrubs” or cleans up data on daily balances and activity, giving advisors the ability to view a more comprehensive picture of a client household’s asset allocation and daily performance. “We’ve turned the platform into a true portfolio-accounting engine.”
Investor 360° was first introduced in 2005, and with the latest improvements investors can now work on the third version of the platform, and look at performance and other information associated with assets for which their advisor is the representative of record, says the executive.
“Households have always had some multi-custodial information in Investor 360°,” explained Tedesco, “but now we have expanded it, and added more access to assets in custody at, for instance, Fidelity Institutional Wealth Services, Curian Capital and Pershing.”
Also, assets held in both clients’ fee-based and transactional accounts are integrated into the platform. “This is very new, and not many firms are this doing, especially in the area of alternative investments, which have become very important to high-net-worth and ultra-high-net-worth investors,” Tedesco shared. “We are embracing and tackling the alternative investment space.”
The latest version of the investor-focused platform, he adds, is a “simpler version of what we offer our financial advisors: “We try to strike balance between the complexity of products and services and simplicity of use,” concluded Tedesco.
In August, Commonwealth Financial launched Commonwealth Model Management, a trading platform for “systematic managing and rebalancing of client portfolios.” The firm says the system is fully integrated into Client360°, Commonwealth’s client management platform, allowing advisors to rebalance hundreds of accounts with a few clicks of a mouse. •
Marlene Satter contributed to this report.