SEI Investments today announced that it had expanded its relationship with Advent Software Inc. The IT firm integrates SEI’s investment processing solutions with Advent TrustedNetwork, an account consolidation data services solution. The agreement aims to give SEI clients – banks, trust companies, fund managers and IFAs – tools which allow them to provide their end-user clients with a consolidated view of their cross-institutional investments.
SEI clients implementing the Advent TrustedNetwork solution will now be able to provide their individual and institutional clients with daily investment data from accounts housed at other financial institutions. The consolidated data, says SEI, will improve client relationship management and reporting, and allow firms to adopt a holistic approach to the wealth management needs of their clients.
“The ability to see a client’s total investment picture on a current basis allows financial services advisors to make better-informed tax management and investment recommendations to their clients,” says Kevin Barr, SEI Senior Vice President, Investment Processing Solutions. “This solution goes a long way in solving the challenge of accessing an investor’s relationships with multiple institutions and the difficulty of bringing timely, accurate and complete data from those institutions together in one place.”
“We are very pleased to join forces with SEI Investments again,” agrees Ted Puryear, Senior Vice President of Advent Software Inc. “We’re proud to have a role in the value-added services SEI offers to its world-class financial services clients through the seamless integration of Advent Trusted Network with SEI’s investment processing solution.”
Advent TrustedNetwork accepts transaction data from more than 200participating banks and brokerage firms, consolidates those transactions by individual investor, and delivers the aggregated information back to the participating institutions-and their clients-on line.
With Advent TrustedNetwork now a part of SEI’s Investment Processing Solution, SEI clients gain access to more of their clients’ investment information. Several SEI national bank clients have either signed-on for the Advent TrustedNetwork solution or already participate. SEI is now beginning a full-scale roll-out of this solution.
“By partnering with Advent for account aggregation, we are helping to make our clients more successful in the highly competitive financial services space,” says Robert Crudup, SEI Executive Vice President, Private Banking & Trust. “This fully-integrated solution delivers the kind of capability our clients are looking for to help them to capture new customers and expand the share of services they provide to their customers.”
Carmen V. Romeo, SEI Executive Vice President, Advisor Network, endorses this view. “We are continually looking for new solutions that will help advisors save time, money and resources through the use of advanced technology,” he says. “As apart of this expanded relationship, the Advisor Network plans to leverage Advent’s platform for potential use with advisory firms who partner with SEI.”
This is SEI’s second agreement with Advent. In July of last year, SEI began offering clients integrated portfolio management and investment processing using Advent Office, a suite of automated solutions for investment managers.