Integrated and flexible solutions for the busy wealth-management adviser
Over 155,000 investment professionals in 22 countries rely on FactSet technology to serve their wealth and asset management, banking and corporate clients. The company offers a comprehensive suite of software, combining portfolio analytics, multi-asset class research, global data streams and reporting tools. Through portals, data feeds, mobile and desktop platforms, and interfaces with their own systems, wealth management firms can offer their advisors and clients a truly customised, digital client experience.
FactSet collects and links over 30 separate proprietary datasets, allowing advisers to make smarter investment decisions. External data also plays a critical part, with heavy user demand in the UK and Europe for fund performance and manager research via FactSet’s link with FE fundinfo.
Senior Director for Wealth Management Strategy Greg King says flexibility and choice were key in choosing FE fundinfo data feeds: “We loved the opportunity to combine FE fundinfo’s data with our own fund holdings and ETF data to offer our clients a choice of data providers when performing fund or manager research, or building and managing a client portfolio.”
Efficient workflows and effective presentation
Client needs can be complex, and adviser workflows are often heavy. Greg says that making processes more efficient is key to the FactSet value-add. Advisers often struggle to visualise the impact that market conditions have on their entire book of business. FactSet’s Advisor Dashboard marries client portfolio data with unique content such as revenues by geography, supply-chain information and ESG data to deliver real-time insights.
FE fundinfo data plays a critical role, says Greg. Advisor Dashboard users are able to see what needs to be done and use the feeds to take the next best action, whether that be to rebalance discretionary portfolios or share fund data and factsheets with clients before proceeding. And as the market moves to models, rather than investing in single instruments, mutual fund and exchange-traded funds play an increasingly important role in the adviser toolbox.
“Workflows that surround collective instruments are a major trend in the wealth and asset management marketplace. The ‘buy-side’ makes up more than 80% of FactSet’s overall business, so this is a critical area for us,” he says.
FactSet has integrated around 800 data sets from various vendors over the last 40 years, so has plenty of experience. Greg says that integration and implementation with FE fundinfo was smooth, including the provision of KIDS, PRIIPS and factsheet documentation.
“Collaboration with FE fundinfo has been very smooth, because we both focus squarely on client satisfaction as our barometer for success,” he says.
Regulatory and cost drivers
Regulation is driving demand for fully compliant, updated documentation, especially when it comes to suitability for wealth management clients. This demand has led to an expansion of the geographic spread of FE fundinfo data offered and integrated within FactSet solutions, along with MiFID data for reporting purposes.
There is still work to be done. Wealth management clients are keen to simplify their own technology use and integration to keep a lid on costs and complexity.
“FactSet and FE fundinfo often co-exist in mutual wealth and asset-management clients’ ecosystems,” says Greg. However, firms increasingly believe that they would benefit from tighter integration between various point solutions within their existing tech stacks.
“As an open and flexible solution provider, it is natural for FactSet to integrate with data providers like FE fundinfo to remove some of IT cost associated with maintenance of point solutions for our clients,” he adds.