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Firms Should Give Clients Consolidated View of All Their Assets: Execs

By Sam Del Rowe June 11, 2021

Advisory firms must develop digital solutions that can help them provide their clients with a holistic view of all their assets, regardless of where they are held, according to Kellen Maia de Sá, principal of the financial services practice at EY.

“Operations will become much more a part of enhancing the client experience and helping clients bring it [information about their assets] all together from a data and digital solutions perspective, Maia de Sá said at this week’s Insite 2021 conference organized by BNY Mellon’s Pershing.

Among investors who prefer multiple financial providers, one in four say they would pay more to access a consolidated view of their investment portfolios, whether via a single provider or an aggregated view, according to findings from an EY survey. The consulting firm commissioned research firm Savanta to conduct the survey of 2,500 investors in October and November last year.

“[C]onsolidating financials and bringing information together in a way that is meaningful for assets that are held with the organization as well as assets that are held away” is a top priority for advisors based on client demand, Maia de Sá said.

“What clients want is the ability to see that information all in one place in a way that is meaningful to them, and that will enable them to meet their financial goals,” she said.

David Biliter, president of First Citizens Investor Services at First Citizens Bank, said adjusting to this client demand would completely transform operations in the future.

“The ability to meet customers when, where and how they want is going to change our back office materially over the next two to three years from what it has been for 20 years [and] to what it’s going to be over the next 20 years,” he said at the conference.

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Tags:  Client retention , Technology , BNY Mellon , Pershing

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