Advent's Black Diamond Delivers Key Rebalancing Enhancements, Data Mining Capabilities and Deepens Integrations With Multiple CRM Providers and Custodians
"We are constantly talking to our clients about the technology they need to improve client service and enhance firm-wide productivity," said
Enhanced Portfolio Rebalancing Functionality
Regular rebalancing, or household-level portfolio re-allocation based on events or drift, is a key advisor workflow, yet industry adoption of third-party tools remains relatively low due to difficulty of implementation, user experience challenges, and total cost of ownership. Seeing the need for a range of solutions to fit diverse needs of advisors, Advent has made significant enhancements to the Black Diamond rebalancing solution as well as expanded its integrations with other industry rebalancing solutions.
Easy-to-use, adopt, and implement, Black Diamond's multi-custodial household level rebalancing solution has been purpose-built for advisors and is integrated within the Black Diamond platform, allowing advisors to rebalance any account or group of accounts across multiple custodians. New enhancements to the platform now provide tax awareness capabilities including cost basis integration, as well as the ability to handle allocations to separately managed accounts and rebalance those investments alongside other securities in one central location. Black Diamond has also added multiple tactical rebalancing workflows based on the unique needs of its advisory and wealth management clients.
"Adoption of the Black Diamond rebalancing solution since general availability last year has been tremendous, with more than a quarter of our client base now having access to the workflow to automate what has traditionally been a complicated manual, time-consuming, and error-prone process. The recent enhancements are based on the fantastic level of engagement and input from the clients we have using the platform and we will continue to enhance the platform based on their feedback," said Welling.
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