Microsoft has announced the first .NET service specifically designed for the financial services industry.
The subscription-based finance service, code-named MSN Money Professional, is intended to aid collaboration between financial advisors and their clients. Advent Software says it will implement Money Professional in the development of WealthLine, a new wealth management software package intended to provide financial institutions with a secure, Web-based vehicle for advisor-client collaboration.
WealthLine will seek to integrate the investment data and financial reports that advisors generate through Advent's Axys portfolio accounting software and Advent TrustedNetwork data service with the Money Professional service. Advent's 6500-strong client list ranges from small regional investment firms to large Wall Street banks including Salomon Smith Barney, Bank of New York, Goldman Sachs, Morgan Stanley and Paine Webber Prime Brokerage Group.
Scheduled to launch in early 2002, the beta version of MSN Money Professional will combine select .NET My Services with secure document publishing, portfolio reporting and financial content from the MSN Money Web site.
Financial advisors will be able to use Money Professional to provide clients with a personal, private-labeled financial portal, says Microsoft. This portal features a current look at the client's personal investment portfolio alongside up-to-the-minute news, research, quotes and other content from MSN Money. Advisors will additionally be able to publish reports to each private portal, specifying content which is of direct relevance to that particular client.