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Advent launches new version of Black Diamond wealth management platform

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Advent Software has released a new version of Black Diamond, continuing its evolution from a cloud-based portfolio management and reporting technology solution to a fully-featured wealth management platform.

The release of the new version of Black Diamond comes on the back of a three-month pre-release period in which more than 20 firms carried out extensive testing. These advisors – including rHomrich Berg, Intrepid Capital, LourdMurray, Moneta Group, RMB Capital, and others – provided invauable feedback and input for pre-release enhancements. Existing clients will participate in a staged rollout to transition to the new platform and personalise their investors' experience.

"The new Black Diamond investor experience isn't just an updated client portal, it's a game-changing opportunity for advisors and wealth managers to elevate their interactions with clients in a powerful, personalised, and consistent nature," says Dave Welling, Senior Vice President and General Manager of Black Diamond. "Our vision is to empower advisors to have a digital experience that is just as rich as their face-to-face interactions. That means having the functionality to present content that tells the whole story beyond just portfolio performance."

The investor experience includes a revamped investor portal that can be customised for each client and delivered through a web browser, tablet, phone, or other mobile device. Powerful and flexible communications tools help advisors easily connect with clients to support more proactive and interactive relationships.

"We are excited to see firsthand how profoundly the new Black Diamond investor portal will enhance the clients' experience. Advent has designed it around how clients prefer to engage with their advisors through technology. We appreciate having new, more dynamic ways to engage with our clients using information that is both relevant to them and the conversation," says Michael Lee, Chief Operating Officer at LourdMurray.

The expansion of capabilities to support a broader wealth management dialogue with clients led to the creation of a bi-directional document vault to help support the two-way advisor-client workflow. Advisors can notify clients about new files added to the vault or share summary-level highlights that best suit their needs. Advisors will be able to post reports, financial planning documents, market commentary, and forms for clients to sign and return. Integrated data querying capabilities also enable advisors to proactively notify clients about important action items or news, such as the availability of a new 1099, a reminder to make an IRA contribution, or messages to let clients know when action is being taken to mitigate risk in cases of exposure to a particular holding.

"Black Diamond's new investor experience allows us to integrate financial planning content and craft timely, targeted messages that alert our clients to a range of important updates, including everything from shifts in our investment strategy to specific action items,” says Christopher Casdia, Chief Compliance Officer and Director at Homrich Berg. "The Advent team has demonstrated a deep understanding of our clients' wishes and has built a platform that will serve them well while also helping to attract new investors to our business."

"As consumer technology has become increasingly user-friendly and intuitive, our clients expect the technology they use to engage with their advisor to keep pace," says Welling. "We understand these dynamics and have answered the call with this next generation Black Diamond wealth management platform, marrying powerful data capabilities with the latest responsive web app design to deliver the most powerful, client-friendly experience since the platform's inception.

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