As the advisory industry’s biggest technology conference kicks off its annual meetup for broker-dealers, two tech players have announced a deal that brings aggregated data from thousands of financial institutions to a leading portfolio trading and rebalancing system.
Account-aggregation startup Quovo Inc. announced on Tuesday, the first day of the Technology Tools for Today (T3) conference for enterprises in Atlanta, that it has integrated with the Orion Advisor Services portfolio platform. For advisors, the key to the integration is the Quovo data management dashboard, which gives them the ability to view clients’ held-away account assets.
The integration news comes as competition grows fierce for the few software providers that offer aggregation services. Advisors, meanwhile, are under increasing pressure to provide a full picture of clients’ wealth.
In April, asset management and research giant Morningstar Inc. acquired ByAllAccounts for $28 million, thus gaining access to the firm’s approximately 2,100 clients. In 2011, meanwhile, Fiserv acquired CashEdge for $465 million.
Quovo’s option runs alongside ByAllAcounts, so Orion’s clients have a choice of account aggregators.
“With easier to use, more reliable data management features and flexible, tiered pricing based on numbers of accounts synced per advisor, account aggregation will be accessible to a broader population of Orion advisors than ever before,” said Lowell Putnam, Quovo’s chief executive officer, in a statement.
Thirty-something Putnam, a Harvard grad and Lehman Brothers veteran, is the great-grandson of Putnam Investments founder George Putnam.
Quovo, which secured $1.4 million in a Series A round of venture funding last December, bills its product as “true end-to-end technology for financial professionals.” The company marries the investor’s perspective with big-data capabilities useful to advisors via an online platform combining portfolio analytics and data management tools.
Advisors can immediately request the Quovo solution from their Orion representative or watch for more information from Orion as the integration is finalized, said Orion President and CEO Eric Clarke in a statement.
“Advisors should have access to a portfolio accounting system that meets their specific needs, rather than a one-size-fits-all solution,” Clarke said.
Orion has built a reputation as a key provider of open-architecture technology on its platform. The firm frequently searches out integration partners, which now include Riskalyze, a digital tool for assessing portfolio risk; Laser App Anywhere, a mobile tech product for advisors; and AdvisoryWorld, a software provider of portfolio analysis and investment planning.
“We believe the best technology solution is one that plays well with others,” according to the company’s website. “Orion employs an open architecture so your data can be shared with other leading software solutions you use.”
— Check out In Search of the Best Financial Planning Software: eMoney by Mike Patton on ThinkAdvisor.