Wealth Access Experiencing Strong Growth, Rapid Adoption in Wealth Management Industry

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Business results up on all metrics, with assets on the platform now $41 billion, a 57% increase year over year and end client accounts doubling to over 16,000

What we are seeing is a wholesale embracement of account aggregation and digital wealth views by the wealth management industry.

Wealth Access, the industry’s largest independent personal financial management and account aggregation platform, announced today business results from 2016 with strong growth reported across the board in all key measurements.

Assets on the Wealth Access platform now total $41 billion, a 57% increase year over year from 130 wealth management organizations, up from 85 last year, a 53% growth rate. Sales to these industry-leading RIA, Broker-Dealer, Bank, Trust, and Family Office firms last year were up 134%, representing broad adoption from clients, which doubled year over year to 16,000. To support this rapid growth, Wealth Access has increased its staffing by 23% and acquired new office and technology space.

“What we are seeing is a wholesale embracement of account aggregation and digital wealth views by the wealth management industry,” said David Benskin, CEO of Wealth Access. “The macro industry changes hitting the industry, such as shifting consumer expectations, the fiduciary movement and the early success of the robo advisors are making these advanced communication technologies mission critical to advisors and their firms in order to remain competitive, provide a higher level of service and drive needed efficiencies in a much more challenging operating environment.”

Wealth Access has pioneered “intelligent integration” through an innovative and comprehensive client portal platform to provide a flexible solution for advisors and their enterprises. Through 60 “plug and play“ widget applications (net worth views, cash flow analyses, asset allocation charts, financial planning analyses and more), firms are able to integrate specific components to complement and extend their existing technology or deploy a complete custom solution for their specific needs.

Wealth Access uses an “aggregator of aggregators” technology approach to tap into visual-aggregated displays of clients’ entire financial situations, cash flow and budgeting, personal financial statements and integrations with financial planning systems through links to over 20,000 institutions via multi-tiered data sources.

Wealth Access’ innovative platform has been recognized with multi-awards in 2016, by both wealthmanagement.com’s industry awards program as the best Personal Financial Manager (PFM) for advisors, and Orion Advisor Services recognizing Wealth Access with its prestigious FUSE award for its innovative API usage in being able to share widgets across client portals.

On the product development front, Wealth Access rolled out a number of new enhancements to the platform in 2016, including:

  • Third generation enterprise architecture to provide an open-architecture solution for flexible component delivery.
  • New and enhanced PFM and cash flow widgets to make it easier for clients to track spending, monitor net worth, and share information with their advisor.
  • Enhanced data quality in the Intelligent Aggregation process by doubling data sources to ensure 99% accuracy by 8am every morning.
  • New reporting enhancements, including an innovative Report Builder for one-click updates.
  • New native mobile app in both Apple iOS and Google Play stores

“We are very excited with the industry’s broad acceptance and adoption of the Wealth Access technology this past year,” said Benskin. “Going forward we will continue to invest in the platform to further expand functionality and service levels to stay on the cutting edge for advisors and their firms in meeting their client needs and helping them drive profitability and growth.”

About Wealth Access

Wealth Access is an innovative wealth management technology firm that provides reporting solutions for the high net worth advisor and investor community. Its proprietary and diagnostic cloud-based platform aggregates information from more than 20,000 financial services institutions and various holdings to deliver an aggregated view, allowing for better decision support in investments, tax planning, insurance and other complex situations faced by high net worth individuals. Founded by a former Merrill Lynch high net worth advisor, Wealth Access provides a complete platform for advisors to collaborate with other professionals and position themselves central to their clients’ lives. Headquartered in Nashville, TN, Wealth Access is backed by successful investors and notable wealth management technology platforms. For more information, please log on to http://www.wealthaccess.com.

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Timothy Welsh
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