It’s clear that the advisor desktop is a natural extension to middle office wealth processing functions, yet the cost to build and maintain this functionality is prohibitive for many of these servicing entities
New York, NY (Vocus) October 26, 2009
NorthStar, with its announcement of it’s Turnkey Advisor Desktop Solution, now provides deep wealth management advisory capabilities to TAMPS, Service Providers, and other wealth management processors of RIA s, regional and community banks. This Solution, offered in a Software as a Service (SaaS) or Shared Source License delivery, is driven by a shift in the wealth management industry, which has seen substantial numbers of high-producing wealth advisors and client assets transfer to RIAs and regional wealth firms. This has allowed these advisors to pursue and service assets of the High Net Worth market, thus requiring the functionality and breadth of products and services previously found only at the major wire houses and private banks.
NorthStar's Turnkey Advisor Desktop Solution (TADS) can be private labeled or linked-in via web-services by RIA and Regional Bank servicing entities to provide a robust wealth workflow application that offers enterprise class advisory functionality in an "out of the box" model. The Solution can be integrated with the core applications that TAMPS and other wealth servicers provide - such as overlay management, transaction processing, manager selection, or custodial operations - and can be up and running in a matter of weeks. This allows the servicing entity to focus on its core expertise, while providing a world class desktop experience to its advisor clients in one seamless user experience. Additionally, this offering is "multi-custody" capable, eliminating the limitations that exist in the market with single channel custody relationships. These options are described further at northstar.com/partners/TAD.html .
“It’s clear that the advisor desktop is a natural extension to middle office wealth processing functions, yet the cost to build and maintain this functionality is prohibitive for many of these servicing entities” said Bob Skea, President, NorthStar. “This Solution, delivered on a multi-tenant SaaS and private label basis, allows wealth servicing entities to deliver this capability at a lower cost and quicker time to market with each client, thereby realizing revenues sooner.”
The application provides the following functionality:
•Profile and Relationship Management of Prospects and Clients: users can set up household structures for clients and prospects including interested parties, legal entities, ownership structures, managed accounts, hearsay accounts and investment portfolios while maintaining their profiles and contact details.
•Book of Business Reporting: Teams can be hierarchically arranged to represent sales regions, divisions and branches providing management level reports on sales and assets by region or branch.
•“Open Architecture” Product Catalog and Catalog Data Management: Via the product catalog, users can access qualitative and quantitative information on investment products – including alternative investment vehicles, mutual funds and managed accounts – that their firms offer. This centralized catalog allows product managers to maintain a consistent set of analytic and marketing information on the products that they want advisors to leverage for investors.
•Proposal Generation for Firm Introduction, Asset Allocation, Portfolio Construction and Goal Planning: Provide clients and prospects qualitative and quantitative information on the firm, their advisors, investment strategy options and products being offered to them.
•Investment Policy Letter Generation and Monitoring: Users can generate Investment Policy Letters and investment considerations that will be used to monitor the portfolio’s holdings on a daily basis to ensure it remains compliant with the agreed-to policy.
•Scheduled or Real-Time Client Reporting: NorthStar reports on a client’s current holdings, measuring performance versus the benchmark chosen for each investment portfolio..
NorthStar, in continuing with its history of cutting-edge innovation in products and services, will continue to extend its Services Offerings and its Partner Program to additional markets over the next several months to address the shifting marketplace.
About NorthStar Systems International
NorthStar is a leading provider of wealth management software that enables firms to dramatically improve productivity and drive profitability. Industry leaders use NorthStar to automate and streamline their wealth management workflows with NorthStar Desktop, NorthStar Client Acquisition Solution, NorthStar Client Reporting Solution, NorthStar Compliance Solution, and NorthStar Product Catalog Solution. For more information about NorthStar, its premier clients and award-winning software, visit http://www.northstar.com .