Advent Software has revealed the next generation of its Black Diamond wealth management platform, which will see the platform evolve into a fully-featured wealth management offering.
In addition to its reporting solutions the Black Diamond platform also offers an intuitive, native rebalancing application, firm and business intelligence reporting, data mining, and a dedicated service model designed to provide advisory firms with a solution that enhances the service they provide their clients and boosts firm productivity.
"Black Diamond's roots are in empowering advisory firms by providing elegant technology solutions combined with great service to help solve the complex problems of advising clients and running a growing wealth management business," says Dave Welling, senior vice president and general manager of Black Diamond. "This next generation platform — what some of our clients are calling 'Black Diamond 4.0' — is a testament to Advent's deep commitment to helping our advisory clients thrive."
Founded in 2003, Advent's Black Diamond redefined advisory reporting through its intuitive, dynamic portfolio management and reporting application. In 2010, Black Diamond launched BlueSky, the second generation of its application, which now supports over 565 advisory firms who manage over USD266 billion in assets on the platform. In June 2011, Black Diamond was acquired by Advent Software and has expanded its network of relationships with financial institutions for aggregation of custodial data as well as third party data for benchmarks, fixed income characteristics, and other reference data.
Black Diamond's new platform and latest enhancements leverage new cloud, mobile, and social technology as well as expand platform functionality well beyond its roots in advisory reporting.
Black Diamond's new platform will include a complete redesign of the online investor experience, including a revamped investor portal that can be tailored to each individual client and be delivered through a web browser, tablets, phones, or other mobile devices. Advisors will be able to post reports, financial planning documents, market commentary, and forms for clients to sign and return. A communication and notification system will leverage detailed client data or characteristics to target and tailor messages to each client by custodian, investment model, specific investment or any other data element in the system or criteria established by the advisor.
"We are excited about the next generation of the Black Diamond platform — it's great to have a partner who understands the industry so well and has the technology and talent to anticipate our needs and build for the future. We are looking forward to seeing how the new investor portal, documents vault, and communications tools can help us interact with clients even more effectively, with a whole new level of personalization in our online and mobile interactions," says Chris Casdia, chief compliance officer, Homrich Berg.