San Francisco-based Finaplex has launched its Wealth Service software, a hosted service which enables brokerage firms to consolidate internal and external client data for added-value advisory services.
Based on the company's enterprise product, the Finaplex Wealth Solution, the system has distinct platforms for advisors and clients, each delivered with the specific branding of the financial institution. The service is offered as a turnkey solution, complete with integrated transaction capability but which can also be customised.
The software captures and normalises client data and retains it in a secure data model that can generate reports across multiple business channels and perform applied analysis around asset allocation, tax efficiency, trust and estate planning, concentrated positions, options and restricted stock.
Mike Cagney, president and CEO of Finaplex says the service delivers the value value demanded by the high net worth client and the services necessary for their advisor to support them: "These clients want quick and easy access to know how their investments are performing, how to reduce risk and how to improve returns, with special consideration to tax efficiency."
The service is offered on a per user subscription basis and is expected to be made available to the broader market in the first quarter of 2003.
Finaplex says that First Republic Bank is among the early customers that have selected the service.