A day after closing $4.75 million in funding, Quovo announced a new partnership with Advicent Solutions, a software provider for the financial services industry.
Quovo’s account aggregation capabilities will make it easier for advisors to adopt Advicent technologies by automating the process of gathering client financial information across custodians. Advisors will also get continual atuomatic updates of their clients’ accounts.
The companies are also collaborating to improve the user experience of Advicent's financial planning tools. Advicent brought Figlo, a Dutch financial planning software company it acquired last year, to the U.S. in May, but it wants to use Quovo to "launch a new, collaborative client experience."
“Planning will now be faster, interactive and real-time,” Cory Olson, the senior product director at Advicent Solutions, said in a statement.
Advicent said it chose Quovo because it offered the best account aggregation and financial planning capabilities. But with competitors like ByAllAccounts and Yodlee already snatched up by Morningstar and Envestnet, respectively, Quovo may be the only platform available for third party companies like Advicent.
The partnership will also help Quovo expand its platform, which already handles $700 billion in assets, to the 120,000 advisors using Advicent products and more than 100 enterprise customers. In addition to data aggregation, Quovo is working with Advicent to provide data analytics and business intelligence.