Portfolio management technology provider Advyzon has finished an update to its integrations with Pershing—the first major overhaul to them since 2015—and revealed it is building its own rebalancing and reporting tools. The reporting tool exited its first phase of development and the rebalancing tool, called Advyzon Quantum, will be ready for deployment before the end of the year, according to the company.
The fintech provider’s bi-directional integrations with BNY Mellon’s Pershing will allow data to flow from Advyzon’s CRM into Pershing’s onboarding tool, while making documents from the custodian’s NetX360 platform visible within Advyzon. Additionally, information from NetX360 client holdings, balances, and real-time alerts will be visible and accessible within Advyzon’s advisor environment.
All development of the enhancements was done in-house, said John Mackowiak, chief business development officer at Advyzon. Advisors who use the firm’s “fact finder” application, launched late last year, will have an even easier time of data transfer when opening new accounts. Data collected using that application doesn’t have to be transferred to the Advyzon CRM and then pushed to Pershing. Rather, the data moves from fact finder to pre-populate data fields within Pershing’s environment. “Our mission is to make sure we’re pushing things as far as we can with technology,” said Mackowiak.
“These integrations will help advance our goal of delivering a superior experience to current and future clients that leverage Advyzon’s suite of software solutions,” added Christina Townsend, head of relationship management, platform strategy and consulting for wealth solutions at Pershing, in a statement.
The first iteration of Advyzon's reporting tool was deployed without fanfare in mid-July on the heels of a host of housekeeping improvements. Advyzon has been busy overhauling all of the platform’s settings, said Mackowiak, but is now ready to make some bigger improvements.
The biggest of those will be Advyzon’s new proprietary Quantum rebalancing tool, which is currently in beta testing. Providing its own rebalancing tool is one of the ways the wealthtech firm aims to stand out from its competition, added Mackowiak.
Long a staple of wealthtech, rebalancing software took on added importance with the market volatility experienced last year. Even massive firms see rebalancing tech as a differentiator. While much has been made of the scale factor in Charles Schwab’s acquisition of TD Ameritrade, for example, one of the critical pieces of technology Schwab identified early on was iRebal, TD Ameritrade’s rebalancing software.
Advyzon’s reporting tool will be improved over the coming months, as it is deployed to more advisors, said Mackowiak. The Quantum rebalancer is slated for deployment in late fall or early winter.