First Rate, a  provider of financial service technology solutions to the wealth management marketplace, has announced the release of a completely redesigned and enhanced technology platform. These innovations, driven by Artificial Intelligence (AI) and machine learning technologies, include the launch of several new on-demand reporting technology solutions, a powerful data aggregation capability, and intelligent data analytics.

Data Aggregation as a Service (DAASTM) is the latest iteration of First Rate’s data aggregation solutions as part of its core performance reporting platform. Driven by the need for wealth management firms to be able to consume and consolidate structured and unstructured data, DAAS is a next-generation data aggregation approach driven by AI technologies. DAAS will be instrumental in helping wealth firms report on outside held assets, including most notably the rapidly growing use of alternative assets in HNW portfolios. 

Through an outsourced, automated solution, DAAS will eliminate costly manual workflows and drive incremental revenues by attracting and working with more HNW clients to report on a bigger share of those clients’ assets.

Also included in the technology innovations release are three new solutions designed to extend First Rate’s offering to provide flexibility and intelligent insights. These innovative solutions are available as part of the total First Rate platform as well as in components so that firms can easily integrate into their existing tech stack. Reduce development time, expense, and get to market much more quickly with a modern solution.

• IAAS – Insights as a Service: This powerful AI engine unlocks the truth behind your data to generate actionable narratives for each recommendation, enabling you to make faster and more intelligent decisions for investors.

• IPAAS – Investment Performance as a Service: Access reliable performance data in any platform using First Rate APIs. Built by proven processes and a powerful calculation engine, IAAS ensures the integrity of your data. 

• RAAS – Reporting as a Service: This flexible report builder gives your firm the ability to provide reporting any way you want it by allowing wealth managers to drag-and-drop what you need to illustrate the investors’ unique investment story in a compelling way.

“Wealth management is being transformed by technology innovation and disruption on a rapid time-table that is waiting for no one,” said Emily Traxler, Chief Marketing Officer for First Rate. “To help our clients stay on top of these developments, we have made significant investments into a suite of reporting solutions that have the latest technologies, such as AI, directly integrated to provide the most customizable, comprehensive, and flexible reporting solutions in the industry. ‘Technology as it should be’ is our new approach to providing a comprehensive platform that spans an organization’s needs and significantly improves the advisor and client experience they are looking to deliver.”

Also included in the reporting innovations is a new module for Environmental, Social, and Governance (ESG) reporting, as well as new, white label capabilities for firms to create Pixel Perfect Reports that can be designed and developed on the fly through a no code approach, empowering advisors to tell their investment story while not using up valuable IT resources.

According to recent research from First Rate , 

“Financial Services firms need to enhance the client and advisor experience in order to attract and retain the best clients and the best advisors, or risk getting left behind. Most importantly, as investing is rapidly being commoditized and prices are heading towards zero, advisors need better tools and technologies to tell their story to continue to command premium pricing…The good news is that through technology innovation–particularly from artificial intelligence (AI)–firms can now deliver customized reporting, intelligent data aggregation, and data analytics at their fingertips. The solutions are customizable, flexible, visually compelling, automated, and all at a lower cost.”

“The challenge for wealth management firms today is to deliver the tools, technologies, and resources their advisors need that can be personalized at scale,” said Traxler. “With our new innovative solutions, we are delighted to be able to partner with our clients and truly deliver a differentiated solution to help them continue to grow, compete, and succeed.”

Learn more about First Rate’s new technology innovations by downloading the latest industry research, 

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