Digital wealth management technology provider Invessence has partnered with MX to provide account aggregation capabilities for its client base.
Aggregation will enable advisory firms on the Invessence platform to gain a holistic, current view of an investor's financial situation, including both accounts managed by the adviser and non-managed accounts.
"Advisory firms are required to understand their client's full financial situation, risk and needs," says Jigar Vyas, CEO of Invessence. "Integrating the account aggregation capabilities of MX with our digital wealth management platform gives advisory firms the ability to see a comprehensive view of their clients' total assets and liabilities across multiple custodians. It will act as an analytical dashboard for investors but also as an oversight tool for advisers."
Ahead of proposed changes in regulation, financial advisers are looking towards technology to better analyse their client's financial situation when they offer guidance around 401(k) plans, retirement accounts and other funds earmarked for retirement. By using aggregation to import non-managed accounts, advisers can better make the case that the financial plan of a client is based on their full financial picture. MX was chosen by Invessence for its reliable, redundant multi-source aggregation, superior transaction cleansing and data visualisations.
"Account aggregation is a crucial capability for advisors in this new environment, absolutely vital to remain in compliance. Invessence understands that you have to make the process quick and reliable," says MX founder and CEO Ryan Caldwell. "By partnering with MX they've shown their commitment to bringing the best technology and user experience to their clients."