Technology platform provider Advyzon said today it would be rolling out a new portfolio management tool specifically for the financial advisors and investment managers of ultra-high-net-worth and family office clients.
The tool, called Auria, combines portfolio management, performance reporting and customer relationship management into a single, seamless interface while at the same time providing certain features geared specifically for the family office or ultra-wealthy clients, according to Kartik Srinivasan, president of Advyzon Institutional, the company division that created the tool.
“For advisors who are serving these ultra-high-net-worth clients, they don’t have a central unified technology solution,” he said in an interview. “We centralize the most important pieces.”
Among the tools the platform offers is enhanced net worth tracking, since ultra-wealthy clients hold their assets in trusts, LLCs and corporations. It will also offer more robust alternative management and reporting to accommodate those clients who invest more of their assets in alternative investment vehicles, Srinivasan explained.
Finally, Auria will help advisors working with family offices by displaying the assets over the course of multiple generations through the “Wealth Blueprint,” a sophisticated visualization tool.
Chicago-based Advyzon said it saw growth among the ranks of the ultra-wealthy and an increase in the number of family offices opening to serve them, and the firm believed advisors for those clients needed efficient technology tools.
“We noticed that there just wasn’t a fully integrated comprehensive technology platform that served these individuals and families, so we thought that there was an unmet need in the market, and we got to work in building this,” Srinivasan said. “We feel the timing is right as more and more of these family offices are getting created and more and more advisors are seeking a solution to serve the needs of these clients.”
The tool will become available by February or March of next year. The actual cost will depend on the size of the firm purchasing it, as well as the number of assets and accounts the firm has—as well as the types of investments if offers and other factors, Srinivasan said.