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No Let-Up In Pace For Global Fintech Firm; Partners With Data Aggregator For UHNW Clients

Tom Burroughes

5 May 2017

US-headquartered is certainly making a name for itself in the first half of this year, with yet another announcement, this time a partnership with Private Client Resources, a provider of total wealth aggregation services for the ultra-wealthy and their advisors.

The firms will combine their technology to offer wealth managers, family offices, private banks and other financial institutions a "complete digital communication and data aggregation solution".

PCR’s digital enrollment system, which provides a streamlined e-signature workflow for Letter of Authorization processing, is now built into InvestCloud’s client relationship management system for easy on-boarding. The integration also provides consolidated entity and ownership management. After authorization, data and investor communications flow from over 400 electronic data sources and thousands of managers. PCR’s financial analysts and data service teams oversee reconciliation. Analytics-ready data from any source is then delivered at a tax lot level into InvestCloud’s digital warehouse where it powers hundreds of investment apps.

"The combined solution will greatly elevate client communications beyond the capabilities of incumbent products," InvestCloud said in a statement.

Its comments come at a time when the wealth management sector is hearing about the importance of harvesting client data as much as possible to remain competitive, lest outsider firms - such as Google or Amazon - gatecrash the traditional boundaries of the sector.

“Ask anyone in the space – the heart of great client communication is great data. At InvestCloud we have demonstrated the power of data integration and digital strategies to transform the advisor-client communication experience, and our partnership with PCR brings an entirely new level of data quality and completeness to these solutions,” John Wise, chief executive of InvestCloud, said.

InvestCloud has built a libary of more than 200 apps and more than 5,000 client digital experiences offered on digital platform. The apps are delivered using InvestCloud's patented Programs Writing Programs technology.

Among recent announcements, InvestCloud has signed a deal with MASECO Private Wealth, the UK-based firm focusing on advising wealthy expat US citizens, to implement its customer reporting and communication capabilities. In March, InvestCloud brought out Emerald, a solution for robo-advisors and “hybrid” wealth managers that covers areas ranging from portfolio management to payments. And earlier in March, the firm opened an "accelerator" and "incubator" at its Pacific Design Center in Los Angeles, CA. The center enables banks, wealth managers and other financial services firms to undertake "residences" to speed up development of new apps through access to InvestCloud’s full technology platform, in collaboration with a team of InvestCloud mentors. Residences are also available to fintech startups looking to build their businesses using the InvestCloud platform.
In January, InvestCloud announced a strategic acquisition of London-based Babel Systems. The value of the deal was $20 million.