First Rate Changes the Way Wealth Managers Communicate with Goal Based Reporting

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Reporting that communicates progress towards client goals in a way that makes sense to clients

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First Rate’s new goal based reports offer a practical and easy to understand view into this important aspect of the investment process

First Rate, a leading provider of performance measurement and client reporting solutions for the financial services industry, announced today the release of First Rate’s Goals Based Reporting. This newest addition to First Rate’s extensive library of performance and client reports adds even greater depth to their industry recognized wealth management reporting.

“Wealth management is moving to a conversation around target objectives for an investor’s life goals through the use of goal based financial planning tools,” said Deborah Repak, Managing Director of Products, First Rate. “However, there are few client reporting options available in the market to communicate how well the client is progressing toward those goals as opposed to a market index. First Rate’s new goal based reports offer a practical and easy to understand view into this important aspect of the investment process.”

CEB Wealth Technology reports nearly seven out of ten high-net-worth clients do not have a formal financial plan for achieving long-term goals. Of those who did, the majority indicated they would prefer to see the progress of their wealth management against their goals. The CEB findings are a strong endorsement for advisors to incorporate goal based reports into investment conversations to provide a holistic investment process that ties financial planning, portfolio management and client reporting to a client’s goals.

“As the industry accepts that more clients judge the success of their portfolios based on their life goals as opposed to just benchmarks, firms will need to adjust the way they demonstrate value,” said Darrin Courtney, Research Director, CEB Tower Group. “Firms are aware of this however, as demonstrated by a recent survey of senior wealth executives about preferred features in a client reporting solution, where the vast majority chose the ability to tie performance to individual client goals as the most important requirement.”

With more than 25 years of experience in the wealth management space, First Rate has been a leader in building solutions that are agile and adaptable to the newest trends in reporting and investment management. Goal Based reports incorporate seamlessly with First Rate’s flexible and customizable OnPoint reporting module. Clients can now provide relevant information about the investor’s investment goals along with traditional benchmarking and risk information already supported though First Rate’s more than 100 unique report schedules.

For more information about First Rate’s Goals Based reports, please visit http://firstrate.com/goal-based-reporting/ or download our newest white paper Making Investment more Meaningful: How Goal-Based Reporting Transforms Investor Experience

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Emily Traxler

Kathryn Stone
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