Overlay technology provider also adds Eagle Global Advisors' ADRs to roster. Instead of offering third-party money managers as separate holdings CoreStates Capital Advisors has turned to Adhesion Technology's WealthADV platform for help crafting customized unified managed accounts (UMAs) for its clients.

UMAs provide different - and in theory complementary - security styles and asset classes in a single account.

"When we first went independent we attempted a 'roll our own' solution by acquiring a number of products and services from multiple vendors, thinking that we could save some money," says Bill Spiropoulos, president and CEO of Newtown, Pa.-based CoreStates. "What a mistake that turned out to be. With the wisdom of hindsight I cannot overstate that value of the integration of Adhesion's WealthADV Platform."

Room to grow

Spiropoulos says the link with Adhesion saves CoreStates and its clients time and money by providing advisors better access to client data and by giving client a better overview of their holdings in a single report book.

"The real value of the WealthADV platform is how it fits with my vision for growing the business," says Spiropoulos. "With its overlay management technology and library of strategies from quality managers I am now offering my clients an innovative and customized investment management service with the opportunity for enhanced returns and at a lower cost. Equally important, having a solid operating platform allows me to bring on additional advisors and clients without swamping myself and my staff."

Rich Conley, head of sales at Charlotte, N.C.-based Adhesion says that CoreStates, like other independent registered investment advisories (RIAs), "has a distinct advantage over wire houses and private banks in that it works strictly in the best interest of their clients delivering unbiased and highly customized investment services." Historically, however, RIAs have had trouble matching the technology and operational infrastructure of these large organizations."

CoreStates managed about $210 million in client assets at the time of its latest ADV filing with the Securities and Exchange Commission.

In another development Adhesion, says it has added Eagle Global Advisors' International Equity ADR portfolio to WealthADV's UMA platform.

ADR stands for "American depositary receipt" -- a negotiable certificate issued by a U.S. bank and representing a specific number of shares of a foreign stock traded on a U.S. stock exchange.

"The WealthADV platform is a comprehensive solution that allows RIA's to outsource virtually all of their back office functions and offer their clients very customized investment management services," says Richard Hellmann of Houston-based Eagle. "It makes a great deal of sense from a practice management standpoint, but most importantly it allows a firm to focus on what matters the most: providing sound advice to their clients." -FWR

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