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Financial Simplicity Releases ‘Open Edition’ Managed Account Technology

Managed account and portfolio modeling experts, Financial Simplicity are set to further fuel the growth of managed accounts with the release of their ‘Open Edition’ technology toolkit aimed at the growing number of platforms and distribution groups wanting to offer their own managed account products or infrastructure.

With each provider seeking to differentiate their offer, managed account technologies are proving to require specific integration and customisation, which unlike unit trust systems is creating challenges for technology vendors to provide a ‘one size fits all’ approach. Financial Simplicity Open Edition is a step to overcoming this challenge by allowing each provider to take control of proven pre-packaged technology and then tailor it to suit their specific needs.

With the Open Edition technology kit supporting entire re-branding and customisation of screens, integration to other systems, and a wide level of configurable product features, it is a powerful and flexible head start for any provider seeking to develop the technology base for offering a managed account product, and is well suited to the growing number of platforms seeking to get into managed accounts.

Stuart Holdsworth from Financial Simplicity says ‘Investment platforms are the ideal starting point for offering managed accounts as they essentially can provide a managed account back office that already is a part of established industry practices and workflows. Platforms just need to add and integrate Open Edition’s portfolio modeling, rebalancing and trade allocation functions in a purposefully designed user interface and off they go’

‘We also see a growing number of dealer groups that are seeking to develop their own managed account offers yet outsource the administration to their platform providers’ says Holdsworth who has for some time suggested that with outsourced administration it is relatively simple to set up a managed account operation. ‘Several of our customers operate this industry breakthrough model already, which highlights that managed account providers do not necessarily have to invest into the establishment and operation of a dedicated in-house administration team, a challenge in a tight labour market’.

Financial Simplicity has already signed a deal to integrate Open Edition into one platform and is currently working with a number of others to enhance them with managed account functions to meet the demanding timeframes that distribution groups are placing on their platform providers.

A number of other software companies are also examining the integration of Financial Simplicity Open Edition into their registry and back office solutions also to provide them with managed account functionality to present to their clients.