SS&C Technologies, a provider of financial services software, has partnered with Quovo, a financial data science company, to offer additional asset and liability data aggregation to advisors and wealth managers using its Black Diamond wealth platform.
SS&C Technologies, which completed acquisition of Advent Software in July 2015, said Quovo aggregation capabilities will supplement Advent’s direct data interfaces through Advent Custodial Data services, which connect with over 800 financial institutions.
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Integrating Quovo’s rich data to enhance its existing data aggregation partner offerings, Black Diamond will now provide advisors with a more scalable and automated solution to illustrate a client’s complete net worth, including held-away assets and liabilities, such as credit card debt, checking and savings accounts, student loan debt, and mortgage debt.
The initiative is expected to enhance the portfolio management, reporting, rebalancing, and client communications offerings within Black Diamond by adding personal financial management capabilities at an affordable cost for advisors of any size.
Dave Welling, managing director of SS&C’s Advent Software’s Advisory Market Group, said: "We’re excited to partner with Quovo to provide greater flexibility and automation with aggregated data.
"Providing a more scalable and automated way to view all assets and liabilities enables advisors to illustrate a complete wealth picture and power a more dynamic planning process, and ultimately, to become the trusted financial partner today’s investors need," Welling added.
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By GlobalDataQuovo co-founder and CEO Lowell Putnam said: "By offering our account aggregation capabilities via the Black Diamond wealth platform, hundreds of advisors will be now able to provide a more informed and holistic level of advice – a win for all parties involved."
