Historically, client reports were static pdf (or paper!) documents that advisors provided to the client on a periodic basis. These reports were populated with general information about their investments. Everyone got the same type of information with the same look and feel.

Since then, technology has changed every area of our lives from grocery shopping to health care. Today, nothing is one-size-fits-all, and investors believe the same is true of their experience with their advisors. They want customized information at their fingertips at any given moment.

Can advisors keep up? Can they meet these demands? The answer is most definitely YES!

The Future of Wealth Management Reporting

Several new products have hit the marketplace allowing advisors to generate bespoke reports using intuitive design canvases. Drag and drop functionality and pixel perfect renderings allow advisors granular control over the final output while ensuring firms maintain control over reports going out to clients.

There is an opportunity for AI to complement these tools by handling the details advisors shouldn’t have to worry about. Features like auto-formatting and algorithmic color selection allow advisors to create polished reports even if they don’t have an eye for design.  Not only will advisors be able to create reports that are incrementally better, they will be producing at a completely different level.

Other key Features Include:

• Cover Page—As the saying goes, “you never get a second chance to make a first impression,” so the potential for customization begins on the cover page. Design the cover page to look any way you want by adding photos, text, or watermarks.
• Custom Widgets—Further emphasize specific data points using charts and graphs. The widgets use AI to ensure that the space within each report page is being used in the most effective way. This gives you the ability to provide the client with information and clarity in the branding and appearance you want without spending time tediously moving text boxes and charts.
• Portfolio Commentary—Preparing for client meetings is easier than ever. Using NLG, the system generates an overview of the portfolio. Drag, drop, and edit the text as desired. The overview is also converted to voice speech for ADA compliance.
• Additional Content—Insert new pages within the report and use the platform’s subreport library to build charts, tables, and graphs that are tailored to your needs.
• Merge and Restyle—Insert and restyle content from external pdfs so that every page within your report matches the overall theme and headers for a consistent look and feel.

Innovation That Doesn’t Stop

First Rate has built a new reporting engine in order to provide advisors with the opportunity to enhance their value to their clients. We’ve created a Marketplace that houses a library of tools for advisors to imagine and build the reports they need and their clients want. It’s because of this new generation of APIs that we have developed that the future of wealth management launches today. They are the foundation that will deliver all the data and new experiences to our clients and integration partners.

Designed like an app store, the Marketplace allows First Rate to continuously build and offer advisors new features so that you’re always ahead of your client demands. Reporting platform updates can be added when needed, eliminating the need for upgrades to access latest enhancements. Third party apps with our partners can be added by a drag and drop feature to create your own dashboard.

Built on leading edge AI technologies, First Rate reporting gives advisors more ways to tell the client story and offer them greater value than ever before. This makes it easy for advisors to retain and attract new clients by providing an enhanced client experience that surpasses expectations.