It’s no secret that entering large quantities of data into spreadsheets is time-consuming and increases the risk of errors. Manually importing portfolio data and bank statements can make things move a little faster, but doing so requires extra work to map fields and make any formatting adjustments needed to ensure all the data flows through correctly. Even if the data is good, however, it still needs to be reconciled.
That’s where back-end bank connectivity combined with a wealth management platform can make a significant difference. A wealth management platform can connect directly with your banks, eliminating the need for manual statement and transaction entry and delivering a real-time holistic view into your assets.
The Benefits of Bank Connectivity for Wealth Management
In many ways, a wealth management platform can effectively act as your digital assistant. Just log into the platform and your data will already be populated, reconciled and up-to-date — no need to manually enter anything. All transactions are reconciled daily to maintain data integrity, saving you time and ensuring accuracy. The platform takes care of converting transaction and statement formats, mapping fields, and data validation so you can spend your time on things you care about. Your digital assistant is always working and never takes a vacation, so there are no delays or backlogs of information to enter.
Connectivity with banks can also allow the platform to automatically match transaction flows, flag transactions for manual review, and link transactions to individual assets. For example, say you withdraw €5,000 from one account to buy stock shares in another account that subsequently shows a new €5,000 investment. If an automated match cannot be made between these transactions, a sophisticated platform will nevertheless identify a correlation between them and ask you to confirm the match to ensure everything is correctly tracked. Any rogue transactions — those without a match — will also be surfaced for review, helping to identify any potentially fraudulent activity.
Comprehensive Wealth and Asset Management
In addition to streamlining banking data, a wealth management platform can offer comprehensive solutions for managing non-bankable assets such as collectibles, real estate, and even luxury assets like yachts. You can link these assets to a cash account, track expenses, and automatically calculate your total cost of ownership along with profit and loss from revenue streams.
Security and confidentiality are paramount in wealth management, especially when dealing with sensitive financial information. An advanced wealth management platform addresses these concerns through access controls, role-based permissions, and advanced encryption techniques, ensuring that data remains secure and accessible only to authorized individuals.
Additionally, a wealth management platform can offer secure storage for documents such as private equity agreements, certificates of purchase, emails, or even digital notes pertaining to transactions, enabling users to digitize and centralize records for easy retrieval and peace of mind.
An Investment in Time Savings
How much more could you do if you had more time? Built-in bank connectivity is just one of the wealth management platform features that can give your time back. Leveraging advanced technologies, a platform can empower users to streamline workflows, enhance decision-making capabilities, and achieve greater financial success. Rather than spending your time gathering data and crunching numbers, you could be researching new investments — or spending time on that yacht.
