SunGard announced today that Miami, Florida-based Coconut Grove Bank has implemented SunGard's WealthStation.
WealthStation is a wealth management technology platform that combines front-to-back office capabilities including financial planning, asset allocation, portfolio construction, unified managed accounts and trust accounting into a single integrated, point-and-click advisor solution.
WealthStation provides Coconut Grove with a sophisticated investment management solution, integrated with financial planning and proposal tools, in an ASP-based environment. Coconut Grove uses WealthStation's financial planning, portfolio and presentation capabilities, integrated with SunGard's Charlotte trust accounting solution and SunGard's Unified Overlay Management Program, an outsourced solution that combines multiple money manager models into a single client account.
"The seamless integration that WealthStation provides with Charlotte and the Overlay program greatly simplifies the process of customizing and optimizing client portfolios," said Barry Givner, executive vice president and senior trust officer for Coconut Grove Bank's Trust and Wealth Management Department. "With WealthStation, we have the ability to swiftly analyze our clients' portfolios, financial and estate plans and present the information in a coherent and professional manner using the system's presentation and reporting tools. All of this provides us with a fast response and the capabilities we need to compete with larger institutions and make a positive impression on clients."
Coconut Grove implemented SunGard's Unified Overlay Management Program in February 2007 in order to offer investment management expertise using open architecture structure. The program helps the bank to offer clients unified managed account (UMA) capabilities in a trust environment by monitoring portfolios, identifying investment opportunities and creating a customized investment vehicle based on the return, risk and tax criteria specified for each client. Coconut Grove's revenue has grown by 15% over the last year, which the bank in part attributes to SunGard's Overlay platform.
"With SunGard, we are leveraging the expertise of a proven platform to offer local trust administration and develop relationships with families," said Mr. Givner. "The technology today helps me to offer a sophisticated money manager process, and with SunGard's help, we are able to create customized indices that match our asset allocations and investment objectives."
"As an integrated wealth management platform WealthStation is a key ingredient in helping nimble financial services institutions like Coconut Grove to implement sophisticated money management capabilities quickly and more cost effectively," said Blaine Maxfield, chief operating officer and executive vice president of product management for SunGard's Wealth Management business. "The technology is helping to change the landscape of the local wealth management arena, helping community banks to provide their clients with innovative investment management and financial planning capabilities on a single platform."
SunGard is a leading provider of wealth management solutions that help financial advisors, investment managers and compliance officers grow their businesses by meeting the needs of their mass affluent and high-net worth clients, expanding client relationships and gaining assets while fulfilling increasing regulatory demands. SunGard provides an integrated suite of services and best-of-breed point solutions for financial planning, asset allocation, portfolio management, unified managed account programs, trade execution, asset management, custody and trust accounting.