WealthTouch consolidates e-statements with Electra

WealthTouch consolidates e-statements with Electra

Denver-based wealth management consultancy WealthTouch has selected an institutional financial data aggregation system from New York-based Electra Information Systems to deliver current bank transaction information to its customers.

DataPipe delivers daily consolidated electronic transmissions of data, replacing the delivery of hard copy and faxed statements from custodians. The system currently receives information from more than 40 institutions, including State Street, Schwab Institutional, Northern Trust, CitiBank, Merrill Lynch and Morgan Stanley.

Rick Higgins, CEO of WealthTouch, says: "The clients of the wealth managers we serve typically maintain seven to ten custodian bank relationships to manage their financial portfolios and we needed a means to gather and aggregate that data as part of the service we provide."

Higgins says the company expects to go live with three custodians, following testing, by the end of this month, and plans to add an additional 10 over the next two months.

WealthTouch provide back-office support and consulting for the institutions that serve the high-net-worth market.

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