The lack of consistency in the language and codes financial service institutions use to record transactions complicates the data collection process, says Bryan Gulyas, a product manager Private Client Resources, which provides account aggregation and reporting services.

Aggregation companies have developed systems to capture transactions efficiently and to ensure the accuracy of data.

With a broad view of a client's net worth, financial advisors can identify investment risks and opportunities, says Mark Rogozinski, chief executive of Rockefeller & Co.'s Rockit Solutions subsidiary.

But advisors shouldn't count on seeing all their clients' assets as families can determine who can access what pieces of information.

Most investors can keep tabs on their money by checking their brokerage and bank accounts online. The really rich want the same snapshot of their far-flung assets. Wealth managers who don't provide this service will be at a disadvantage, Rogozinski predicts.

"It has become a very powerful tool," he says. "Individuals and families really want to know what does this all look like on one sheet of paper."

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