Albridge, an affiliate of Pershing LLC, a BNY Mellon company, today announced the integration of Morningstar® ByAllAccountsSM service into its Albridge Wealth Reporting platform. The integration gives advisors more robust data through Morningstar ByAllAccounts, which aggregates all of the information from a client's various accounts, including those that the advisor does not manage such as 401(k) and other held away assets.
"Many advisors face the obstacle of seeing only the assets they manage, this can prevent them from serving clients holistically," said Anthony Johnson, director at Albridge. "Integrating the Morningstar ByAllAccounts service into the Albridge Wealth Reporting platform gives advisors increased levels of visibility of their clients' financial pictures. Having a more complete view of a clients' financial picture may allow advisors to provide more effective interactions."
The integration augments the Albridge Wealth Reporting platform by aggregating data from an additional 13,000 sources. Data from Morningstar ByAllAccounts can be used with Albridge's Applink, which enables clients to share information between Albridge Wealth Reporting and a multitude of applications, including Morningstar® Advisor WorkstationSM, and third-party financial planning, client relationship management, and analytics tools.
"According to a recent CEB Tower Group study, 64% of highly successful advisors provide consolidated reporting on all of a client's assets, including "held away" assets like IRAs or spousal accounts, both in monthly statements and through their website," says James Carney, head of ByAllAccounts. "The integration of our service with Albridge is an extension of our belief that that the ability to choose any platform or investment vehicle is a fundamental requirement for advisory firms and their account holders."
Albridge's implementation of ByAllAccounts is currently in pilot and is expected to fully launch in the fourth quarter of this year. The addition of this service gives advisors more choice of data aggregation solutions to choose from on Albridge Wealth Reporting, which also offers data aggregation services from CashEdge.
Morningstar ByAllAccounts' integration into the Albridge Wealth Reporting platform builds on the deep integration Albridge has developed with nearly 50 of the leading technology solution providers in the marketplace. Other solutions that have recently been added to the platform including FDBS, which offers a commissions solution, Advicent, which is integrating Albridge data and offering advisors a choice of three separate portfolio management tools appropriate for a diverse client set and Riskalyze, which provides an enterprise suitability product.