Peter Hess delivers Advent Direct specifics at AdventConnect as Dave Welling wows with Black Diamond's cloud advance
RIAs on a market high absorbed Advent Software's efforts to press skyward under rainy Las Vegas skies
J. L. Livermore
Tim,
Your favorite dead guy here – or maybe not. Anyway I have a few questions:
+What is the “more” that Advent Axys users will get over “the course of multiple years”?
+Why is it gong to take “multiple years”?
+Is there more to this than just pushing Axys reports into a browser?
+Better reports? More reports?
+New features for Axys?
+Does this provide a migration path to APX or Black Diamond?
Inquiring minds…
Jesse
Brooke
Jesse,
Here is an excerpt from an earlier article that gets into some of this: (and here is the link: http://www.riabiz.com/a/5042545478336512/two-years-in-advent-software-gives-itself-a-sept-30-deadline-to-release-the-middleware-that-will-draw-axys-users-into-the-cloud
Advent Direct is not simply a defensive strategy. Ultimately, the goal for the platform is that it can bring cloud benefits any desktop-bound portfolio management system — Advent’s or a competitor’s — which gives the company an in with an entirely new market of technologically isolated clients. Most RIAs, large and small, continue to exist on the desktop including several thousand firms that use core products like Morningstar Office, Schwab PortfolioCenter .
“We’re de-coupling our growth from [proprietary] accounting systems,” says Anthony Sperling, executive vice president at Advent Software.
While Advent Direct was initially conceived as a lifeline to legacy Advent users, it’s evolved into a plan for a system that can serve as both a platform on top of any desktop system and as a kind of cloud-based app store.
The system will first roll out to work with Advent products: APX, Axys, and the hedge fund accounting system Geneva, along with a number of other Advent systems.
Ultimately, however, the goal is for it to be able to sit on top of other desktop portfolio accounting systems, like Morningstar or its competitors.
Users would then simply add Advent Direct on top of their desktop-based system, giving them the benefit of mobile and cloud-based apps and all the hottest buzzwords, without actually having to change their entire accounting system, which can be disruptive no matter what.
Eventually, third-party applications, like RedBlack Software will be able to integrate through the Direct platform, says Sperling.
“These are things we’re moving towards,” says Sperling
—Brooke
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