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Advent Delivers Integrated Rebalancing Solution for Black Diamond Advisory Clients

New Solution Offers Multi-custodial, Household-level Rebalancing Tool

Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, have announced the availability of a multi-custodial rebalancing solution for its Black Diamond platform. This new capability brings together two major advisor workflows within one system, creating efficiencies for advisors while helping them grow their businesses.

“Advisors are always looking for ways to spend more time on client service and less time on data collection and management,” said Reed Colley, Senior Vice President and General Manager of Black Diamond. “We’re excited about bringing integrated rebalancing functionality to our platform giving advisors more time to do great things for their clients.”

Portfolio rebalancing is a major part of an advisory firm’s workflow that typically requires advisors to import data from multiple systems. Since the process is manual, it is often time-consuming, complicated, and prone to error. Custodians often have attempted to address these issues by offering rebalancing capabilities to their clients, but these solutions are largely limited to rebalancing the assets held at each individual custodian.

With Black Diamond’s rebalancing solution, Advent is helping their clients overcome this challenge by creating a tool that allows advisors to rebalance any account, portfolio, or household on the Black Diamond platform, no matter where the assets are held. This provides them with a complete view of allocation scenarios and potential adjustments across their entire client base. The rebalancing solution further streamlines an advisor’s workflow by automatically creating trade files for each custodian once the rebalancing session is completed. Finally, since it is integrated directly into the Black Diamond platform, advisors have the additional benefit of using intuitive, purpose-built workflows and working with data that has already been reconciled and aggregated.

Carl Szasz, President & Chief Compliance Officer of Verde Capital Management, points out that he has been using Black Diamond’s solution “almost daily” and adds “Black Diamond’s rebalancing tool saves me time and gives me the clarity that I need across all of my investments. Whether I want to raise cash in a single account or move an entire group of clients into a more conservative portfolio, it just works!"

“Our mission has always been to deliver solutions that allow our clients to thrive, and we’re working diligently to remove boundaries between the systems and information that they rely on to deliver value to their clients,” said Colley.

Black Diamond’s rebalancing solution was developed after an extensive beta test with more than 50 clients and is now part of the platform’s standard offering.