First Rate Provides Data Aggregation for Registered Investment Advisor

Client Situation

The registered investment advisor was unable to aggregate all their client data held at different brokers or bank custodians into a single performance database without completing a manual entry process.  

Client Challenges

The manual entry process the registered investment advisor had to go through was both time-consuming and inefficient limiting the number of accounts it could report on which in turn was limiting growth and scalability as the firm adds new accounts and custodians.  

What the Client Wanted

The firm required a timely, accurate and cost-effective automated process that would eliminate the manual work involved in aggregating client information into one location from multiple custodians.  

What First Rate Provided
  • An automated solution that seamlessly aggregates the registered investment advisor’s data which also gives them a single location to process and generate client performance and reporting no matter where or what system their client data resides.
  • A multi-method approach to providing data in the registered investment advisors region by leveraging existing internal feeds and utilizing an aggregation partner who live feeds built with hundreds of global providers.
The Impact
  • The firm is now able to view and report on all client accounts regardless of where they are custodied. In addition, as the firm adds new  custodians, there is transparency in the process that comes automatically each night.
  • This resulted in a savings of one FTE for an RIA with $500 million in assets and provides scalability as the firm grows the business and adds more accounts or custodians.