Albridge signs First Southwest to wealth reporting platform

Source: Albridge Solutions

Albridge Solutions, a provider of portfolio accounting and wealth management services, will deliver its enterprise data consolidation and wealth management platform to First Southwest Correspondent Clearing and its network of introducing broker-dealers.

In reaching the agreement, First Southwest is the first clearing firm to provide its introducing broker-dealer clients with direct access to technology that enables them to provide consolidated performance reporting across all of their clients' accounts.

First Southwest will launch the Albridge Wealth Reporting portfolio accounting and performance reporting platform to a select number of its introducing broker-dealer clients by the fourth quarter. First Southwest also has the option to expand the deployment to its full client base of approximately 75 introducing broker-dealers following the initial roll out.

Through the Albridge Wealth Reporting Web-based portfolio accounting and performance reporting platform, financial institutions and their advisors have access to a single, consolidated view of their clients' portfolio data, and the ability to generate consolidated client statements, as well as a variety of on-demand client portfolio performance reports. Financial advisors taking advantage of these capabilities have a proven track record of success. An internal Albridge analysis found that advisors actively using Albridge Wealth Reporting achieved 75% more asset growth and increased client accounts by 123% compared to inactive users.

"Financial advisors affiliated with our introducing broker-dealer clients will have a powerful technology at their fingertips that delivers a single view of their clients' assets and is central to their efforts to increase client assets and accounts," John Muschalek, managing director, First Southwest, said. "Recent research highlights that 50 percent of advisors do not have access to a 'single client view.' Our relationship with Albridge enables First Southwest's clients to address this gap and provide their advisors with a significant advantage in delivering a higher level of wealth management and client service that only a select few can offer to investors in today's marketplace."

"As the first clearing services firm to recognize the value of placing consolidated client data at the foundation of an introducing broker-dealer's relationship with the investors they support, First Southwest is far ahead of the competitive field," Greg Pacholski, president and chief executive officer, Albridge, said. "They've enabled their clients to implement consolidated wealth reporting capabilities that take advantage of the speed to market that outsourced solutions deliver and quickly tap into the value of reliable, consolidated client portfolio data for their businesses."

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