Multi-custodian financial advice through aggregation: The case of Wealth Solutions
|
Cover image

Giving multi-custodian financial advice demonstrates a commitment to providing clients with a personalized, comprehensive approach to wealth management. By offering a range of services that address the unique needs of each client, family offices can build long-term relationships based on trust, transparency, and a shared commitment to achieving financial success. And Wealth Solutions is well aware of it. 

Founded in the year 2001, Wealth Solutions is a trusted advisor that provides holistic advisory services to private clients (multi-generation family businesses and tech entrepreneurs) and institutions (foundations, endowments, religious orders and corporates). And by partnering with Flanks, a global wealth data orchestrator, Wealth Solutions has been able to leverage and offer its clients a quicker and more efficient way to connect with custodian entities. Let’s dig a little bit deeper into how this journey started for both firms, and how it looks like now.

The added value

Wealth Solutions’ offering encompasses a range of wealth advisory, management consulting, education and family philanthropy consulting services. Their team of experts in wealth management accompanies end-customers along their journey, starting from the initial phase of a situation analysis and up until the continuous follow-up plan.

What Flanks does is make the whole process smoother by automating and scaling the connection process in every financial entity around the world. This is done thanks to advanced methodologies like reverse engineering, which simulates calls from the Extranet directly to the core banking system. Hence, skipping unnecessary intermediaries and resulting in one less step in the connection process. This ensures the retrieval of all necessary data and promotes stable and secure connections. Then, Flanks standardizes and validates the data to ensure accuracy for daily delivery, while its team detects potential mistakes throughout this process. All of this is summed up in just a few simple steps for Wealth Solutions.

What challenge does it solve?

This approach employed by Flanks has consistently demonstrated to operate with speed, efficiency, and minimal intervention. And consequently, avoiding crafts and errors to offer a global vision of the investor's portfolio. This saved Wealth Solutions’ time and hassle while gaining a better understanding of clients' wealth positions. Which has also helped customers achieve their financial objectives more efficiently and effectively than before.

The benefits for users

Using direct wealth aggregation to provide multi-custodian financial advice can help investors optimize their investment strategy and achieve their financial goals by analyzing data across multiple custodians to identify opportunities for portfolio rebalancing, diversification, and investment optimization.

Through the use of Flanks, Wealth Solutions has been able to:

· Automate the gathering, cleaning and transformation of data from more than 40 financial entities to provide an aggregated reporting to their clients in a timely and efficient way.

· Feed their different tools with real time data.

· Provide up-to-date information from different custodian banks to their customers without human intervention. Likewise, they managed to save up 30% of total hours dedicated to client’s reporting.

Working with Flanks has allowed us to scale our business, which helps us to provide greater added value to our clients through personalization and having all the information available in real time. In short, they have been able to turn our complex world into a simpler one.

Rafael Suárez, Chief Investment Officer at Wealth Solutions

Overall, Wealth Solutions' use of Flanks' account aggregation technology is a key factor in its success as a financial advisor. By leveraging innovative technology to streamline and automate key processes, Wealth Solutions is able to provide its clients with a more personalized, efficient, and effective wealth management experience.

You may also like to read this
Request demo