Advanced Aggregation Service Provides Greater
Transparency into Customers' Complete Financial Pictures
OAKS,
Pa., March 21, 2024 /PRNewswire/ --
SEI® (NASDAQ:SEIC) today announced that U.S. wealth
managers utilizing the SEI Wealth PlatformSM (SWP) can
view and manage assets custodied with third parties through an
advanced integration with SWP's proprietary core accounting engine.
SEI's enhanced technology combined with the strength of its
operational processing and reconciliation services enables the
enhanced aggregation of high-fidelity data.
By maintaining robust, accurate data at the core accounting
level, SEI's transformational multi-custody capability enables a
seamless experience across internal and third-party custody
accounts and helps ensure data consistency across any front- and
middle-office solution integrated into SWP. Benefits include:
- Greater transparency of a customer's total assets, regardless
of where they're custodied
- Tailored advice based on a complete financial picture
- Ability to manage both custodied and held-away assets through a
single process and experience
- Centralized governance of acquired books of business without a
custody migration
Sanjay Sharma, Global Head of
SEI's Private Banking and Wealth Management business, said:
"As wealth management organizations continue to wrestle with
inconsistent data provided by point solutions that don't run across
the entire customer lifecycle, SEI's multi-custody capability is a
game-changer for the industry. We don't just aggregate the data—we
go above and beyond by caring for it. By ensuring the data is
flowing properly, then enriching and reconciling it, we can provide
enhanced data accuracy for wealth managers across applications, no
matter where the assets are held.
"Investing in and advancing our data and platform capabilities
globally is an important component to helping drive growth—for our
clients and our business. Our solutions allow them to better serve
their customers more holistically with a complete view of their
businesses' and customers' data."
By synching high-fidelity data with the custodian, organizations
can operate within a unified infrastructure for front-, middle-,
and back-office applications and services. Our advanced aggregation
service enables an internal custody experience for external
custodied assets within SWP, including capabilities such as:
- Real-time transaction creation
- Tax lot creation, maintenance and reconciliation
- Accurate gain/loss reporting
- More robust performance reporting and portfolio analysis
Rob Wrzesniewski, Head of
Global Solutions for SEI's Private Banking and Wealth Management
business, said:
"Providing leading-edge solutions that meet the market's needs
for an end-to-end, frictionless wealth management experience is
imperative to helping our clients grow their businesses for the
future. The SEI Wealth Platform's multi-custody capability not only
empowers our clients to better serve their customers, but it can
also create opportunities for them to gain new customers without
requiring them to migrate custody of their assets. We're excited to
help our clients continue to transform their organizations and
power the future of wealth."
Six U.S. wealth management clients are utilizing this capability
through SWP, with more than a dozen preparing for future
deployment. Currently, more than 230 third-party custodians feed
data into SWP, representing more than $50
billion in assets.
About the SEI Wealth PlatformSM
The SEI Wealth Platform (the Platform) is an outsourcing
solution for wealth managers encompassing wealth processing
services and wealth management programs, combined with business
process expertise. With the Platform, SEI provides wealth
management organizations with the infrastructure, operations, and
administrative support necessary to capitalize on their strategic
objectives in a constantly shifting market. The Platform supports
trading and transactions on 156 stock exchanges in 58 countries and
51 currencies, through the use of straight-through processing and a
single operating infrastructure environment. For more information,
visit: seic.com/wealthplatform.
About SEI®
SEI (NASDAQ:SEIC) delivers technology and investment solutions
that connect the financial services industry. With capabilities
across investment processing, operations, and asset management, SEI
works with corporations, financial institutions and professionals,
and ultra-high-net-worth families to help drive growth, make
confident decisions, and protect futures. As of Dec. 31, 2023, SEI manages, advises, or
administers approximately $1.4
trillion in assets. For more information, visit
seic.com.
Company
Contact:
|
Media Contact:
|
Emily Baldwin
|
Kerry Mullen
|
SEI
|
Vested
|
+1
610-676-3262
|
+1
917-765-8720
|
ebaldwin@seic.com
|
kerry@fullyvested.com
|
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SOURCE SEI Investments Company