Did You Know?

As advisors, you make your living by making decisions that help your clients reach their unique short and long-term goals. As advisors, you turn to technology partners in order to help you get the pieces you need in order to communicate with your clients what’s going on. 

So, what happens when the data that could be a large portion of your clients’ wealth isn’t delivered by any of the major custodians? 

Held Away Accounts

Outside retirement plans, which often come in the form of employer-backed 401k’s are systematically not available in the data feeds provided by TD Ameritrade, Charles Schwab, and the like. If this is the case, and if you don’t have a tool that helps incorporate these held away accounts, then you can end up managing your clients’ wealth piecemeal rather than as one portfolio. 

While that’s not necessarily the worst thing in the world, there are overwhelming benefits for you and your clients when it comes to incorporating these held away accounts.

Client Benefits of Held Away Accounts

When considering the benefits of including held away accounts, there is no shortage of upside for your clients. This could be the reason why 95% of financial advisors said their clients are asking them for advice on “held-away” assets. The folks over at Merriman were able to provide a comprehensive list of these benefits, which include:

  • Higher net-of-fee, risk-adjusted expected returns via closing the behavior gap, greater diversification, lower expense ratios, and disciplined rebalancing
  • Increased tax efficiency and reduced trading costs
  • More comprehensive reporting of returns and portfolio history

It’s pretty simple: more useful data means that you can pass that utility on to your clients. That being said 78% of financial advisors say that they don’t have full access to their clients’ data.  So, how do you get that data?

AssetBook x ByAllAccounts

ByAllAccounts by Morningstar is one of the industry-leading custodians when it comes to providing accurate and reliable data for held away accounts. Our team at AssetBook has partnered with ByAllAccounts in order to smoothly incorporate the held away account data that they provide into the AssetBook platform. 

This means that you can now use AssetBook to seamlessly deliver more comprehensive reporting to all of your clients with virtually no additional work or stress. So, if you’re part of the 46% of financial advisors that say that gathering this data is too much work, well we have you covered. The best part is, you’ll be able to make better decisions and help deliver true financial wellness to your clients.

If you’re interested in learning more about how you and your team could potentially benefit from held away account data feeds, don’t hesitate to reach out to us! Go ahead and book a time on our calendar here, and we’ll make sure that we get you the information you need.

AssetBook: The Next Chapter in Advisor Solutions