RIAs work with clients who may have outside accounts of various types on multiple platforms. These additional assets are a crucial part of the client’s financial picture requiring advisors to access this data in a concise, usable fashion. Using a top data aggregator like ByAllAccounts helps consolidate all of a client’s various accounts to facilitate asset analysis and financial planning.
What is ByAllAccounts?
ByAllAccounts is an aggregation service that gathers account information from thousands of financial institutions and consolidates this information on most leading portfolio management platforms such as Pulse.
Using ByAllAccounts can save your firm hours that you may have spent getting this information from your clients and then manually entering it into your systems. With ByAllAccounts, gathering this information is painless and much more efficient.
As the RIA industry continues to grow, a data-aggregation tool like ByAllAccounts is becoming a necessity for many leading RIA firms versus something that is seen as nice to have.
What does ByAllAccounts do?
Each night ByAllAccounts logs into your client’s accounts and gathers information regarding transactions, security prices, and account balances. The data is then normalized and imported into the systems selected by your firm. ByAllAccounts integrates seamlessly into Pulse and is a vital tool for many of our advisors to monitor and report performance to clients on the various types of holdings and accounts they have, such as:
- Variable annuities
- Retirement accounts
- 529 plans
- Checking and savings accounts
- ETFs, Mutual funds, Securities
- Offshore funds
- Private Placements
The benefits of using ByAllAccounts
Using a leading data aggregation tool like ByAllAccounts offers several benefits:
- ByAllAccounts can help your firm automate your back-office functions and automate your workflows. This automation leads to greater efficiency and reduces the likelihood of human error inherent in doing this work manually.
- Improved efficiency can help reallocate time spent on mundane back-office tasks to more productive and profitable client-facing activities.
Clients increasingly want holistic financial planning advice from their financial advisor, requiring access to a client’s financial data, regardless of where these assets are. If you are looking to grow your practice and provide the types of services that today’s clients demand, you owe it to your firm to look at Pulse. Contact us to find out how Pulse can provide you access to ByAllAccounts.