Albridge, an affiliate of Pershing LLC, a BNY Mellon company, has unveiled its strategy to introduce enhanced solutions designed to help broker/dealers, financial advisors and RIAs adapt to an accelerated rate of industry evolution. These advancements address key industry trends highlighted at the 2016 Albridge Forum, its annual gathering of financial services professionals from the broker/dealer and RIA communities as well as financial technology solution providers.
“At this year’s Forum, broker/dealers, financial advisors and RIAs recognized the urgent need to adapt to today’s unprecedented rate of industry change,” said Marc Butler, chief operating officer at Albridge. “We had numerous discussions with clients about how to best adapt to the technological, regulatory and competitive forces reshaping the industry. Our upcoming solutions will help clients meet these challenges and capitalize on emerging opportunities in this new environment.”
MAJOR TRENDS DRIVING CHANGE
Albridge has structured its upcoming solutions to address two major trends driving the accelerated rate of industry change:
- Investors are demanding more holistic service from their advisors; Albridge is helping its clients meet this demand with a redesigned and more powerful reporting platform and increased integration with third-party applications
Millennials now outnumber Baby Boomers,[i] and will account for over 50% of the global workforce by 2020.[ii] Increasingly, these and other investors expect advisors to provide holistic financial planning and to act in their best interest at all times. Additionally, digital tools that enable investor control over basic decisions have caused investors to demand higher-value services from advisors. This demographic shift underscores the urgency for firms to adapt and modernize their offerings to match investors’ expectations.
To meet the greater demands facing advisors, firms now need technology that seamlessly integrates advisor solutions, providing firms with interoperability, insights and automation. Albridge is developing the following proprietary solutions to address advisors’ needs for more intelligent and integrated technology:
– Fully redesigned Albridge Wealth Reporting, with greater integration with NetXInvestor – The entire Albridge Wealth Reporting user interface will be redesigned to enhance its overall look and feel, improve ease of use and enable clients to utilize the platform more efficiently and effectively. Users of NetXInvestor will have access to consolidated holdings and performance values for both Pershing and non-Pershing accounts, powered by Albridge Wealth Reporting. A beta version of the redesigned platform will be available to an initial set of clients in late November, and the remainder of clients in the early part of 2017.
– Applink enhancements and additional third-party tech provider integrations – Albridge is rolling out more extensive integration with leading third-party technology providers as well as expanding its focus on supporting investor portals with performance returns. These integrations enable clients to maximize the use of investor account data and help create a more integrated, efficient advisor technology ecosystem.
- Increasingly stringent regulatory requirements and compliance standards are challenging firms’ business models; Albridge is developing solutions to make compliance processes more efficient and effective.
Compliance burdens have increased steadily for all firms, leading to an increase in compliance costs and operational issues industrywide. The implementation of new Department of Labor (DOL) requirements is expected to accelerate this trend, challenging many firms’ business models.
To help its clients meet immediate compliance challenges and position themselves for long-term success, Albridge is preparing the following enhancements:
– An upgraded Albridge Sales Practices Monitoring solution – Albridge is enhancing its Sales Practice Monitoring solution to enable a more efficient review of transactions and accounts to help compliance teams better align with emerging regulatory obligations.
– A new Global Investment Performance Standards (GIPS) reporting solution – Albridge and Eagle Investment Systems are developing a GIPS composite reporting solution. The solution will combine performance data from Albridge with Eagle’s GIPS composite management and reporting capabilities to enable Albridge clients to present performance information based on GIPS standards.
“We are excited to offer our clients numerous advancements and innovations that enable them to further differentiate their value proposition,” said Jennifer Feinerman, director of sales and relationship management at Albridge. “We are focused on helping our clients achieve success by providing them with an array of services spanning the investor journey, and by building visionary solutions that position our clients for success in tomorrow’s competitive landscape.”
Albridge, an affiliate of Pershing LLC, is a leading provider of enterprise data management solutions that deliver a single view of an investor’s broad range of assets. Their proprietary technology consolidates and reconciles client account and transaction data from hundreds of data sources representing banking, brokerage, insurance, retirement, managed accounts and more. Albridge processes this cleansed data and uses it to power a variety of downstream technology solutions, including performance reporting, sales practice monitoring, data warehousing, business intelligence, imaging and workflow. Albridge provides the foundation for financial organizations to leverage a single source of information to power a number of mission critical technology applications. Additional information is available at albridge.com.
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker/dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is available on pershing.com.
ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com.
[i] U.S. Census Bureau Press Release “Millennials Outnumber Baby Boomers and Are Far More Diverse, Census Bureau Reports,”
[ii] PwC White Paper, “Millennials at work; Reshaping the Workplace”