One area where firms can add value is by supplying good defaults. My test account did not shine here. My default for Monte Carlo iterations was only 100, though I'm told the default for the retail RIA account is 200. Up to 200 may be sufficient if you are solving for the mean, but not if you are trying to solve for outliers. The defaults I experienced might not be typical because I was using a demo server, so I'll give SunGard the benefit of the doubt here.
The Verdict
Overall, SunGard's WealthStation has much to offer. Its interface and flexibility, administrative controls and client access options make it a strong contender in the institution space. I'd like to see some of the orphan modules integrated into the Advisor series workflow, but that is not a major issue. The ability to prioritize goals would certainly strengthen an already appealing package, however.
WealthStation is slightly less attractive for independents today, although the gap appears to be rapidly narrowing. In order for WealthStation to be as attractive to independents as other competitors, two things need to happen. First, SunGard needs to improve documentation and add additional training channels. Based upon what I've heard, SunGard expects independents to learn how to use the platform primarily through weekly online training seminars and calls to tech support. Not all advisors learn that way, nor can all attend at the appointed time. SunGard should provide written documentation, targeted training videos and other tools that competitors provide.
Integration capabilities are outstanding for institutions, but less so for independents. That's because SunGard has yet to ink many integration deals with third parties, although rumor has it that some are in the works. If independents had access to integrated online forms, research feeds, portfolio management/reporting and rebalancing tools from third parties, this already good offering would be much more compelling.
WealthStation has the ability to support these integrations; SunGard just needs to follow through on making them happen. When they do, WealthStation will likely add many independents to their list of satisfied clients.