Client Reporting Tools

by Alexander Camargo, November 17, 2010
Vendor Reviews
North America

Abstract

Client reporting tools allow wealth management firms to serve retail clients efficiently by minimizing costs, increasing efficiency, and addressing compliance and scalability issues.

In a new report, Client Reporting Tools, Celent examines the market for client reporting solutions in North America and Europe and profiles and benchmarks the offerings of 16 vendors.

The providers covered in this report are: Advent, Assette, BI-SAM Technologies, Black Diamond Performance Reporting, CorrectNet, DST Global Solutions, Envestnet, Expersoft, Factbook, InvestEdge, Kurtosys, Private Client Resources, SS&C Technologies, Thomson Reuters, Vermilion, and WealthTouch. The profiles include differentiators and disadvantages of each solution. In order to compare solutions, the study utilizes the Celent ABCD Vendor View, which shows at a glance the relative position of vendors in four overarching categories: Advanced technology, Breadth of functionality, Customer base (number of clients), and Depth of client services.

"After the financial crisis, wealth management firms realized the necessity of providing superior customer service and communication,” says Isabella Fonseca, Research Director at Celent and coauthor of the report. “Firms have adopted client reporting tools to automate the reporting process and thereby reallocate advisor time from manual production of reports to retention of clients.”

In order to make apples-to-apples comparisons, Celent has grouped the vendors into three broad vendor categories based on coverage of the client reporting process and the characteristics of the product.

  • Pure reporting vendors: focusing on the rendering, generation, and delivery of reports.
  • Hybrid vendors: offering support across various dimensions of the client reporting and analytics process.
  • Comprehensive vendors: offering client reporting tools as an addition to their product listing, often within a larger wealth management platform.

“The reporting process can be broken down, broadly speaking, into data retrieval and aggregation, performance calculations, and rendering and distribution. Some vendors cover all functions, whereas others focus on a specific function or ‘layer’ of the reporting process to differentiate themselves,” says Alexander Camargo, Analyst and coauthor of the report. “Firms that continue to expand their functionality and adapt to client demands will be future industry winners.”

Included in the study is a vendor comparison section, which provides a detailed breakdown of solutions’ features and functionalities, and a vendor ranking section. Celent graded each vendor within its assigned category but did not make comparisons across groupings. No one solution is considered best in all ABCD categories, but rather solutions differentiated themselves in and among the various functionalities analyzed.

The report concludes with a prospective look at the client reporting industry, likely client demands, and a discussion of what client reporting vendors can do to differentiate themselves in the market.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

9

Criteria for Participation

15

 

Celent’s ABCD Vendor Analysis

17

Market Overview

17

Vendor Preview

21

Vendor Profiles: Pure Reporting Vendors

25

 

Assette

25

 

CorrectNet

27

 

Kurtosys

29

 

Vermillion

32

Vendor Profiles: Hybrid Solutions

35

 

BI-SAM Technologies

35

 

Black Diamond Performance Reporting LLC

37

 

Factbook Limited

40

 

Private Client Resources. LLC

43

 

WealthTouch

45

Vendor Profiles: Comprehensive Solutions Providers

48

 

Advent Software

48

 

DST Global Solutions

50

 

Envestnet

52

 

Expersoft Systems AG

54

 

InvestEdge

56

 

SS&C Technologies

58

 

Thomson Reuters

60

Vendor Comparisons

62

 

Technology, Delivery, Deployment

62

 

Implementation and Scalability

64

 

Partnerships

68

 

Financial Data Prior to Report Production

70

 

Report Content

71

 

Report Production, Delivery, and Presentation

72

 

Performance Measurement and Analytics

74

 

Customer Relationship Management (CRM)

76

Vendor Ranking

77

 

Pure Reporting Solutions Ranking

77

 

Hybrid Solutions Ranking

79

 

Comprehensive Solutions Ranking

81

Looking Forward

83

Leveraging Celent’s Expertise

85

Related Celent Research

86

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