Account Aggregation Checklist

6 Point Account Aggregation Checklist

Not all account aggregation client portals are the same. Here is a quick check list to consider when choosing an account aggregation and client portal partner.

• Is it independent?

Having an independent client portal with account aggregation capability to link to your back office system or your investment platforms ensures you have less reliance on those data sources. Our experience indicates advisers and wealth managers will typically change their back office, crm or investment administration platform every 5-7 years. An independent client portal will allow you to continue delivering a consistent client experience no matter what is happening back at base.

• Who fixes broken feeds?

Ideally an aggregator should go to the ‘source of truth’ when aggregating client data. This is typically an investment platform, product provider or stockbroking platform. Advisers have historically used the back office system to aggregate this information but this requires effort and manual processes to achieve in practice and is rarely automated or accurate. An effective account aggregation supplier should allow you to outsource unnecessary business processes when feeds go wrong.

• Is the aggregation comprehensive?

Effective account aggregation should include everything you and your clients need. Advisers will typically use multiple platforms in their business and clients will have accounts with a number of institutions. Any aggregation supplier should have the widest possible coverage of personal finance, investment and pension accounts, and ability to track properties, insurances and personal possessions. A credible aggregation vendor should also have formal data sharing agreements in place with it’s data source partners.

• Future development roadmap?

Any potential supplier should be able to demonstrate where they are heading and what this means for you. Any great technology is evolved over time but should be cutting edge enough to deliver new benefits to your business and your clients’ lives.

• Full bespoke portal branding?

Its no point having a service which is identical to that offered by your peers and competitors. Your digital proposition should only be available from you. Any potential account aggregation supplier should not only fully white-label the public and private screens but should also be flexible to accommodate any bespoke requirements you have to truly create a unique experience.

• How is the aggregated data being used?

Many aggregation suppliers have a conflict of interest and often subsidise their tools by reselling data or using it for their own marketing purposes. Any aggregation vendor to financial services companies should not have a financial services proposition of their own to promote. Account aggregation suppliers should use the aggregated data in the best interest of the customer. As moneyinfo is built for financial advisers, aggregated data not only delivers convenience and greater insight to both client and adviser, it can also enable triggers and notifications identifying actions to be taken to put the client in a better position. This could be addressing protection shortfalls through to identifying limits resulting in potential tax charges.