CashEdge Survey Reveals Opportunities Exist for Advisors to Generate New Fee Income Using Aggregation Technology

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AllData Advisor’s sophisticated aggregation technology offers opportunity to increase fees charged for advice on held-away assets

CashEdge Inc., provider of AllData Advisor ( ), the industry's leading account aggregation service for financial advisors, today announced the results of its second annual Financial Advisor Survey, which is available for download here.

The study revealed that advisors want to generate fee income from advice provided on held-away or self-directed accounts. It also showed that there is strong demand for this advice, as investors are proactively requesting this service from their financial advisors. However, many advisors are giving this advice away for free, missing a valuable opportunity to generate additional fee income. AllData Advisor enables financial advisors to monetize this service by providing them with a comprehensive view of their clients’ held-away accounts.

“Advisors realize the importance of providing advice on all of their clients’ accounts – both assets they manage and those they do not. Unfortunately, most advisors are leaving money on the table, and are not charging fees for this advice,” said Tom Roberts, General Manager of Aggregation, CashEdge. “Automated account aggregation enables advisors to provide held-away asset advice based on accurate, real-time data, which can offer the means and structure that are needed to formalize the delivery of advice on held-away assets.”

Key Findings

  •     77 percent of advisors provide advice on assets they do not manage; 54 percent of this group provide this advice to less than a quarter of their clients
  •     71 percent of advisors do not believe they have a complete view of their clients’ entire financial picture
  •     Most advisors collect held-away data manually, by collecting paper statements (43 percent) or by taking notes from verbal discussions (45 percent)
  •     85 percent of advisors are interested in leveraging advice on held-away assets to generate new fee income
  •     95 percent of advisors have been proactively asked by clients for advice on self-directed retirement accounts in the past year

About the Survey
Conducted in November 2010, the survey polled 351 U.S.-based financial advisors that have been advising investors on a full-time basis for more than five years. Respondents indicated they were affiliated with a broad and balanced cross-section of firms. The majority of respondents are affiliated with independent or insurance-based broker-dealers, while nearly a quarter work for a major wire house. The remaining 21 percent identified themselves as independent registered investment advisors. Fifty-one percent of the respondents personally manage between $26 and $100 million in assets and more than half (54 percent) of the respondents advise more than 100 clients.

For more information on this survey or to receive the executive summary, please contact Kathleen Fusco:, 215.939.5709.

About CashEdge AllData Advisor
CashEdge’s AllData Advisor, the industry's leading account aggregation service, delivers a complete view of a person’s financial picture to power better-informed financial decisions across the financial spectrum and provide advisors with stronger, more meaningful customer relationships and opportunities for additional revenue. Scalable, flexible and highly secure, AllData Advisor provides a complete view of an investor’s financial picture, delivering aggregated data from more than 12,000 sources, including investment, retirement, insurance, mortgage, annuities, banking and credit card accounts.

CashEdge is headquartered in New York with offices in Silicon Valley and India. For more information, visit


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Kathleen Fusco
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