News, Vision & Voice for the Advisory Community


Why a disconnect between reporting software and advisors to UHNW assets persists -- and what makes the problem so thorny

Many big-time wealth managers are plagued by their own foibles, their clients' peculiar challenges and third-parties who haven't quite gotten a handle on the challenges

Author Brooke Southall November 19, 2013 at 8:05 PM
no description available
Tom Livergood: Everyone is grappling with the issue.


Peter Giza

Peter Giza

November 20, 2013 — 6:00 AM


A correction is needed. You stated that WealthSite “uses Advent Software as its chassis”. That is not the case. WealthSite is a unique partnership accounting, performance reporting and alternatives management platform that can take direct custodial feeds and/or operate in parallel with legacy systems like Advent Axys, APX and Black Diamond, Schwab PortfolioCenter et. al.

I’d like to add a few things that were glossed over. Many of the legacy systems in question cannot:

1) manage and report on complex family hierarchies that are made up of Family->Household->Legal_Entity->Account->Sub_Account / Holding

2) manage alternatives management and reporting across item #1

3) provide metrics such as daily TWR at the holding level across item #1

WealthSite is as unique as RockIT and provides services to MFO/SFOs, Fund Mgrs and HNW/UHNW wealth managers.


peter.giza@wealthsite.com | VP Bus Dev | WealthSite Inc | www.wealthsite.com

Trent Witthoeft

Trent Witthoeft

November 20, 2013 — 9:41 PM

While I concur with many of the author’s points, it is important to note that there are actionable steps firms can take today that may not be quite as daunting as those depicted in this article. Delivering innovative, elegant and intuitive reports to family members across a wide array of devices and platforms does not necessarily require a firm do a complete “removal and replacement” of their existing systems. My firm, Purveu offers a platform that provides interactive, data-driven reports specifically tailored for Family Offices and their members, while at the same time affording these firms the option to maintain much of what they like about their current systems. And as noted in the article and clarified in this very comment section, Wealthsite can offer a similar approach.

Trent Witthoeft
Purveu, LLC

trent@purveu.com / www.purveu.com / info@purveu.com

Kirby Leeper

Kirby Leeper

November 21, 2013 — 1:56 PM

Along the same lines as Trent, for Advent Axys® users, our data warehouse and reporting solutions have enabled our clients to have elegant, custom external and internal reports driven by not only Axys data but also data from many sources. We should also mention the addition of Business Intelligence data mining of all that data as well which many RIA’s do not have access to. Ours do. Our warehouse sits along-side Axys and does not force any changes to Operations in any way. They think that is very important!

info@viabinary.com — www.viabinary.com

Jim Starcev

Jim Starcev

November 25, 2013 — 3:19 AM

I think an issue that has not been discussed is the data that is available. UNHW clients tend to work with lots of alternative investments. It has been a few years since I have worked with it, so things may have changed, but the transactional data that was available was horrible. Beyond an easy way to get in electronically, even if you manually entered the data a lot of firms just didn’t provide enough information to do performance reporting. You could get enough to show what assets were held, but not enough to calculate returns. I remember seeing distributions that were partial principal returns (which should have adjusted the price but didn’t), partial short term gains, partial long term gains and partial income. You could call the firms and they couldn’t break it down. Ultimately they were suppose to report it, but might not do that for months. In the interim you have cash or additional share you have to account for, but no way to do it until you get the info. Until you do, you can run any performance reports without them being really wrong. Once you get the info, you might need to manually correct months of price files and recalculate all returns for the period. There needs to be a data standard for alternative investments, but there isn’t.

Until you get adequate data, not even good data, no technology solution can really solve this issue.



June 26, 2014 — 10:20 AM

In case you already own an iPad, you could possibly be wondering whether or not to upgrade. For those who will be the form of person who has to make the newest and utmost, and professional whom the cost is not a interest, at that time no trouble, you must strength professional it. The iPad 2 has an improved, sleeker justification plus a noticeably zippier performance. You will certainly think it in excess of a alacrity difference compared to the aged develop. Within the other furnish, when you be inflicted with solitary lately purchased the iPad, you might possibly consider comfort in knowing you be inflicted with an exceptional manufactured goods and acquire pleasure in it professional could you repeat that? It truly is. Unless you are desperate to become up to appointment, you must maybe pass the time professional the iPad 3, or pro a money off over the iPad 2, which will probably occur by approximately top as this model extra manufactured goods is within the encourage pro a though.Apple Ipad two Finest Providing Components



June 26, 2014 — 11:44 AM

Be happy with yourself – Be very pleased with that which you’ve got and don’t ever feel about altering you owing to a person. Uncover things which you need and dislike to ensure that you’ll be able to know which to pursue and which to avoid. Keep in your mind that you are distinctive in every way and don’t entertain people men and women who you think will consider you decrease.

Related Moves

June 11, 2019 at 9:49 PM

Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up

Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.

July 3, 2020 at 1:12 AM

Addepar hires Advent genius then launches 'Advent Converter' to court the RIAs still on Axys and APX ; PortfolioCenter 'easy button' comes next

The tactic by the Mountain View, Calif. firm and Advent co-founder and code avatar Steve Strand comes a decade after Orion, Black Diamond and Tamarac began feasting on the legacy corpses, but Addepar insists meat remains on the bone.

March 3, 2020 at 5:05 PM

Mentioned in this article:

Family Wealth Alliance
Top Executive: Thomas R. Livergood

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.