Advent Software Inc. and Schwab Intelligent Technologies have entered into an agreement to integrate two of Advent's portfolio management platforms--Black Diamond Blue Sky and Advent Portfolio Exchange (APX) via Advent OnDemand--with Schwab's OpenView Gateway.
When implemented, these integrations will allow advisors, portfolio managers and other advisory personnel to access current, intraday custodial data from within their Advent/Black Diamond software, enabling them to make timelier, informed decisions. According to David Welling, managing director at Black Diamond, the availability of intraday information within Advent/Black Diamond software will allow his firm to offer a better overall experience to advisors. "Over time, we expect to integrate custodial alerts into our systems. We also integrate custodial data contextually into our workflows. This will produce significant productivity gains and enhance the user experience."
"This is an extension of our more than 20-year relationship with Advent, during which we have worked together to serve more than 1,400 shared clients," said Neesha Hathi, senior vice president of advisor technology solutions at Schwab Advisor Services."
Some industry observers voiced skepticism about the immediate impact of the announcement. Industry consultant Bill Winterberg tweeted to his followers, "It would be nice to know when the Advent/Black Diamond-Schwab integration will be released to advisors." Columnist Davis Janowski tweeted: "Perhaps Advent/Black Diamond/Schwab integration is as much about perception in eyes of clients of both [companies] as [about the] inevitable reality of integrating."
In other news, Advent announced that it is reorganizing. The three functional groups will be: a solution strategy and market development group led by Chris Momsen; a solutions development group led by Todd Gottula; and a services and support organization led by Anthony Sperling. Black Diamond's development and service delivery remain unchanged. The division will now be led by General Manager David Welling. Reed Colley, the founder of Black Diamond, has moved to a corporate strategy role at Advent headquarters reporting directly to Advent CEO and President Peter Hess.