WOBURN, MA - APRIL 4, 2006 - ByAllAccounts, Inc., providers of reconciliation-ready account data to the investment advisory community, today announced the launch of its newest solution, ByAllAccounts Custodial Integratorâ¢, built upon its financial aggregation and expert system technology.
ByAllAccounts Custodial Integrator automatically gathers financial account information from more than 2500 custodians. During this process, the system gathers balances, holdings, and transaction history for the full range of managed and "held-away" accounts, including retirement, banking, brokerage, trust, hedge fund, annuity, and more. Investment advisors can then easily import the data directly into their portfolio management, accounting, reconciliation, or other system without the development and administrative overhead of a custom data feed.
ByAllAccounts Custodial Integrator is now available for Advent Axysâ¢, Schwab Performance Technologies PortfolioCenterâ¢, Smartstream TLMâ¢, and a number of other systems. "ByAllAccounts Custodial Integrator addresses the well-known challenge of how to efficiently gather custodial data for reconciliation purposes from multiple custodians," said James Carney, CEO, ByAllAccounts. "Using our expert system-driven, data gathering technology, firms have dramatically reduced their time to gather custodial data for reconciliation purposes by 30% to 50%."
"We implemented Custodial Integrator in January and have experienced immediate results in time savings and in the accuracy and accessibility of our clientâs account data," said Cory Colquette, operations manager, Guardian
Wealth Management, a wealth management advisory firm in Chattanooga, TN. "With our newly automated process, weâve eliminated at least three days a month of manual data gathering and data entry, and now have access to updated data and pricing on a daily basis.â Guardian uses ByAllAccounts Custodial Integrator to automate its daily feeds of 401(k) and 529 account data for their client accounts, which they manage in SPT PortfolioCenter.
ByAllAccounts Custodial Integrator enables investment advisory firms to:
- Increase efficiency and reduce costs by eliminating time-consuming manual intervention and by providing consolidated reporting with faster turnaround time.
- Employ a single, consistent source of data no matter how many custodians they use.
- Add custodians into the back-office process quickly and without significant cost.
- Gain a consolidated view of client accounts, enabling them to better understand their clientsâ net worth and to make faster smarter decisions on their holdings.
- Greatly enhance their customer service due to shortened reconciliation cycles and by providing a depth and breadth of data previously unavailable.