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In the world of wealth management, position reconciliation is frequently regarded as the "unloved" necessity of back-office operations. Despite its critical importance, it remains a notoriously manual process - painstakingly slow and a persistent magnet for human error. For advisors navigating complex, multi-custodial portfolios, this isn't merely an administrative headache; it is a significant commercial bottleneck that stifles scalability.
At Flanks, we believe your expertise is best utilised on high-level strategy and nurturing client relationships, not untangling fragmented spreadsheets. That is why we are officially launching the Flanks Reconciliation Tool.
Here is how we are redefining data accuracy and giving you back your most precious asset: your time.
The Reconciliation Workflow in 4 Steps
To ensure absolute integrity and eliminate manual guesswork, our engine follows a rigorous four-stage verification process:
- Initial Data Load: The process begins by establishing a validated reference point, obtaining the exact status of all positions as of "Day 0".
- Subsequent Activity Retrieval: The Flanks platform continuously pulls new data from the source, identifying every subscription, redemption, or corporate action executed during the period.
- Calculation and Reconciliation: Our engine runs the numbers, adding or subtracting these transactions from the starting balance to calculate a "virtual position".
- Final Mapping: The tool performs an automated comparison between this virtual balance and the actual custodial data, instantly classifying items as either "reconciled" or identifying "data breaks" for review.
Six Features, One Powerful Engine
Our tool consolidates enterprise-grade capabilities into one intuitive workflow. Through multi-custodian support and the automatic position reconciliation, we unify any data format and calculate positions in real-time, letting the system do the heavy lifting for you. This foundation ensures total data consistency so every figure in your system reflects portfolio reality.
For operations teams, the platform provides effective incident analysis & resolution, allowing for granular management of data breaks. This is underpinned by a scalable infrastructure built for the future of AI and full traceability that creates an unalterable audit trail. The result is absolute control over the financial data lifecycle, from extraction to final reporting.
Why Data Integrity is Your Launchpad
A more efficient reconciliation process is more than a back-office fix; it is a commercial multiplier. As outlined in our modular vision, the Reconciliation Tool is the essential foundation that helps to transform raw data into a "trusted source of truth." When your wealth data is unified and reconciled at speed, it ceases to be a burden and becomes a strategic asset.
- The Foundation for Advanced Analytics: You cannot build sophisticated insights on shaky data. Achieving instant accuracy provides the "clean" infrastructure required to power AI-driven analytics and complex portfolio modelling.
- From Reactive to Proactive: Move beyond historical, month-end reporting. By automating the detection of "data breaks," your team can leverage market-enhanced wealth data to provide agile, forward-looking advice in real-time.
- Operational Scalability: In a growing firm, manual processes are a strategic liability. Flanks ensures that increasing your AUM or custodial network doesn't necessitate a rise in headcount—it simply increases your operational leverage.
- Precision as a Brand Standard: In wealth management, your reliability is defined by your data's integrity. Eliminate the reputational risk of erroneous reporting and replace it with a new benchmark: bank-grade, auditable precision.
If you are ready to transform your wealth data reconciliation and ensure that unified, high-quality information becomes a catalyst for growth rather than a detractor in your operations, we are here to help.
Contact us to request a personalised walkthrough.
Access the whitepaper:
About Flanks
Flanks is a wealth management technology company (wealthtech) that is redefining the industry through automation and data-driven insights. Its modular and all-in-one solution empowers global financial institutions, including banks, family offices, asset managers, pension plan providers, and technology companies, to offer faster, higher-quality, and personalised advice by transforming complex and fragmented wealth data into valuable insights.
Flanks was founded in 2019 in Barcelona by Joaquim de la Cruz, Sergi Lao, and Álvaro Morales, former Global Head of Santander Private Banking. Currently, the company aggregates data from 600+ connections with global financial institutions and processes more than 500,000 portfolios per month in over 33 countries, managing assets worth more than €39 billion. For more information, visit flanks.io.
