It’s the end of the year and many wealth management firms are determining their budgets for the upcoming year. As we reflect on 2020, I think most people would agree that this year is one for the record books when considering the uncertainty and change that firms and their clients had to endure due to COVID-19 restrictions and the safety protocols enacted by businesses around the globe.

Many firms were required to adapt to new operating environments overnight. Wealth management firms and their advisors were now limited in how they could interact with their end clients. The technology strategies that firms were able to employ during these challenging times proved critical. This forethought and planning can leave a firm prepared and nimble enough to thrive in such an environment rather than struggling with these challenges. First Rate Professional Services tend to be closely involved in understanding our clients’ integration strategies, playing an important role in helping to execute this vision.

A few customization projects that we have seen this year that should be considered when planning budgets for 2021:

1. API (Application Programming Interface)

We have assisted several client’s transitions to new data management platforms this year. One of the strategies utilized involved the development of custom APIs (Application Programming Interface).  APIs provide a very flexible path to securely call data into multiple applications. These API calls can be used to populate client dashboards or build personalized reports with real-time data from the First Rate database. These are very effective when deploying a digital strategy, communicating effectively and seamlessly across multiple applications, and accessing the data you need for your clients. Conversely, data can also be provided to the First Rate using APIs, which can be used to enrich data and reporting within the First Rate CORE application.

2. Extracts

Extracts are another method for providing data from disparate systems allowing for similar integration opportunities as described above. This typically involves sizeable sets of data for many accounts with associated levels of performance detail. These are more common when archiving data that can be transmitted based on a desired frequency that meets a firm’s integration needs.

3. Data Aggregation

Do you have accounts that are not custodied at your firm and require the ability to consolidate and aggregate data from multiple sources? This can provide your wealth managers with a centralized view, allowing for better decision making and informed discussions. They would also have the ability to leverage a single client reporting solution, First Rate Performance.

Some additional customization projects that we regularly perform:

4. Report customization
5. Process efficiency 
6. Compliance/regulatory maintenance
7. Handling of unique assets
8. Historical data conversions

Please contact Brian Puerschner or Sabine Adams to learn more about customizations and how they can help with your firm’s 2021 digital transformation strategy.