OpenWealth provides wealth managers with an end-to-end service platform that automates the provision of Unified Managed Accounts and Households (UMA/UMH).
According to Citigroup, its solution automates household rebalancing with tax and cash flow optimization, supports all types of advisors with a desk top across accounts and investment products with pre-trade compliance monitoring guard rails, and enables multiple platform configurations for all managed account products.
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The solution’s capabilities include automated rebalancing at lower cost with unlimited overlay options including advisor controlled, in-house CIO, and third party, performance at the household, portfolio, account and sleeve level, open architecture access to investment research, due diligence and overlay services and aggregated reporting of assets from brokerage, trust and assets held at third- party advisors.
The solution, which was launched in 2009, delivers a full suite of wealth management investment services solutions and currently has over US$14 billion in assets.
Jason Creel, managing director of TIAA-CREF’s managed account group remarked, "We have been very pleased with the efficiencies and growth OpenWealth has brought our Portfolio Advisor business through a unified managed account.
"OpenWealth streamlines administrative tasks for our Private Asset Management investment professionals, allowing them to work more closely with our clients," Creel said.
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