Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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Online Portfolio Reporting Upgrade

Advisor Products just launched a streamlined interface for firms using AdvisorVault™ to upload portfolio reports from the two most widely-used portfolio reporting systems, Schwab’s PortfolioCenter® and Advent’s Axys®.

The way an advisory firm maps a report containing a client’s portfolio data to the client’s online vault is simple now. Mapping is a one-time procedure for setting up the Advisor Products Online Reporting Solution. It’s also used whenever a firms adds a new client to the system.

Until now, mapping a single client’s account data to the vault was a five-click process that typically took 30-seconds. Now, it’s a two-click, two-second procedure.

Most clients have multiple accounts—five to 10 accounts per client is common—and advisory firms using the system typically have 200, 300, 1,000 or more clients. The streamlined workflow is a big time-saver for advisory firms—literally 10 times faster. While it previously took 16 hours to map 400 clients with five accounts each, it now takes about 90 minutes.

The Advisor Products Online Portfolio Reporting Solution has also been enhanced to allow a client’s account to be mapped to different family members. A father and mother, for instance, can have different log-ins to view their own individual accounts, but they both are also able to see a child’s account.

Advisors can drag and drop files from their computer hard drive to any client’s online vault folder. Having the flexibility to drag a folder from your desktop or network drive to the online vault makes moving files in and out of the AdvisorVault™ fast and simple. Clients also can drag and drop files to the vault.

In addition, a client or an advisory firm can give outside professionals rights to access a specified folder in a client’s vault. For advisors working with estate planners or accountants, collaboration is much easier and totally transparent to clients.

With many clients seeking greater transparency from their advisor, online portfolio reporting is likely to grow in popularity. One of the HTML reports, for example, shows a client all transactions in his account. Since the system is so fast, advisory firms can provide clients a daily list of all transactions in their portfolio.

Advisor Products Online Reporting Solutions are fully-redundant and servers are behind dual redundant firewalls with web, authentication, and database servers in isolated subnets. Applications are monitored 24/7 and data are backed up daily and stored offsite weekly.

Web servers utilized by AdvisorVault™ utilize SSL 256-bit encryption for all activities, including the log-in screen and user interface as well as when uploading or downloading files. Uploaded files are stored encrypted and files are decrypted only when delivered to the end-user. Advisor Products staff can see partial file names residing in AdvisorVault™ but cannot view the contents of any client files.

AdvisorVault™ is hosted at a data center that’s achieved SAS 70 Type II compliance. SAS 70 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA), which means our hosting facility has had its control objectives and control activities examined by an independent accounting and auditing firm.

The hosting facility requires two-factor authentication, including biometric authentication, for anyone to enter, and all entrances and common areas are monitored 24×7 via closed-circuit cameras. Redundancy is built into the heating and cooling systems to maintain a consistent and optimal environment. The data center has on-site redundant power sources and redundant back-up generators, including a multiple-day fuel supply on-site, and it remained lit throughout the Northeast power outage of August 2003. Connections from Verizon, AT&T, Cablevision Lightpath, and Keyspan enter the building through separate trenches.

The Online Portfolio Reporting Solution represents just one of many applications integrated by Advisor Products into advisory firm marketing websites and client portals.

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