“Previously with WealthADV, RIAs were given the capability to act as their own overlay manager for client accounts”, states Michael Stier, Adhesion’s President and CEO. “While still an important feature, there was strong feedback from the market for the desire to outsource that function to us as well. Always responsive to our market, the addition of overlay portfolio management services is an exciting enhancement that positions WealthADV as a truly comprehensive Managed Investing service, delivering the complete unified managed account (UMA) and client reporting solutions that RIAs need for growing successful practices.”
WealthADV is a next generation Unified Managed Account (UMA) solution.
“With WealthADV, the RIA has the flexibility to construct custom composite allocations from an open-architecture library of investment strategies from nationally-acclaimed and boutique money managers, and their own proprietary models”, declares Barrett Ayers, Director of Portfolio Management. “It is important to stress that WealthADV UMAs are not product silos, like traditional managed account or mutual fund wrap platforms. WealthADV delivers a comprehensive set of services integrated into our UMA offering including professional overlay portfolio management, active tax management, accommodation of client-specific customizations and compliance mandates, continuous account monitoring, trading, account reconciliation, billing, performance reporting, manager due diligence and client proposals.” Ayers added, “In contrast, early UMA offerings were typically limited to preset asset allocations and/ or pre-selected money manager models, with little to no tax management or customization. Comprehensive reporting of the client’s entire portfolio and household was not supported, adding complexity to an RIA’s operation instead of making things simpler. Another appealing aspect is the custodial independence of WealthADV UMAs. We have no embedded trading 'relationships' and receive no payments other than transparent fees from our clients, and our UMA’s are transportable ‘as is’ from one custodian to another without having to change managers or liquidate positions.”
WealthADV is a Unified Household Reporting solution.
With WealthADV an RIA’s clients receive distinctive, consultant style reports, optimized for managed accounts. Household reporting can roll together a client’s full set of assets: WealthADV UMAs, other managed or advised accounts, partnership interests and other assets, as well as accounts advised away. “It is a somewhat common misconception that WealthADV is just a technology platform”, observes Rich Conley, SVP of Sales. “It is often a pleasant surprise for RIAs to learn there is a fully outsourced, managed service for high-end client reporting, which includes the needed back office administration such as multi-custodian data consolidation and reconciliation, portfolio accounting, performance measurement, and billing, without the requirement to deal with technology or hire operations staff. Additionally, they see a significant contrast between WealthADV and other reporting solutions, including: ‘Always Available’ reporting on data that is kept current daily; true daily, time-weighted performance calculations in accordance to CFA Institute GIPS; and flexible benchmarking methods (blended, fixed, policy or custom) with a vast library of available indices to utilize.”
WealthADV is Managed Investing!
Market-leading unified managed accounts and sophisticated client reporting in an integrated service package, that is WealthADV. “We have outsourced client reporting and portfolio accounting to WealthADV for quite some time”, says Greg Gardner, founder of The Gardner Group. “Now with their recently enhanced UMA offering, I am moving clients from our custodian’s managed account program to WealthADV based UMAs. We are getting all the enhanced capabilities of UMAs and WealthADV reporting for a lower cost than what we were previously being charged for just the managed accounts through my custodian’s platform, a real bottom-line benefit. What was also very helpful was the relatively simple transition from our existing custodian-based managed accounts. No re-papering of client accounts was required; all we had to do was change the manager code on the accounts and provide allocation instructions. Initially we are migrating from single manager accounts to single sleeve accounts on WealthADV containing the manager’s model, making the move transparent to our clients. Then, over a short period of time, we will consolidate accounts into UMAs containing multi-model composite allocations.”
“It is important to point out that WealthADV is not a ‘one size fits all’ solution”, adds Stier. “While many firms approach us interested in the full offering, many also come to us initially focused on relieving one specific, time-consuming issue in their practice, such as their client reporting and back office processes or managing a set of client accounts. We tailor our service delivery to best address a client’s specific needs, and capacity to digest change. Occasionally, advisors, while having broad ambitions, have difficulty seeing beyond the ‘last bus that hit them’. That’s okay. We help clear these operational obstacles in their foreground so that focus can return to the development of their business. As their focus shifts more strategically, we are there as a partner every step of the way.”