FinFolio, a Denver-based portfolio management system provider, is looking to expand its business into larger wealth managers and has unveiled new enhancements to its back-office software that specifically targets that audience..

The firm launched in 2008 to provide software solutions for professional wealth managers. Since then, it has developed a business that focuses on registered investment advisors with $200 million to $2 billion in assets under management.

It rolled out its initial back-office software three years ago. The original tool collects a variety of information in one place, including financial account and trading data from the major custodians. Using this data, the system then creates an analysis and can also develop billing information or make trade recommendations based on a client's investment accounts, according to the firm’s founder and CEO Matthew Abar. 

FinFolio is now looking to branch out and target firms with $10 billion in assets. This move comes as the revenue in the portfolio management industry is soaring, according to the firm. Assets in this class are projected to reach $282.9 billion by 2024, the firm said, and Abar believes his firm is well positioned to capitalize on that growth.

“RIAs are increasingly looking for affordable solutions that leverage the latest in technology along with a user-intuitive user interface that minimizes learning curves and improves day-to-day efficiencies,” Abar said in a statement.

With the help of feedback from its existing customers, FinFolio unveiled two enhancements to entice larger firms to use the system. The first is composites, which will allow a firm to track its investment performance using global investment performance standards, Abar said.

“It lets large firms publicize their performance in a consistent way so they can compare it against other firms,” he said. “It’s a bit of a marketing tool.”

The second enhancement will allow multiple brokers within the same firm to access the system simultaneously without seeing one another’s information, such as fee structures and strategies, according to Abar. This type of feature is one that the larger firms are particularly interested in, he added.

“We can have a single instance of it with many reps or brokers on it without them interfering with each other and knowing each other exists,” he said. “Not a lot of products in this space are like this that lets them each have their own set of fee schedules and models and trading parameters.”

Abar has made a career of providing technology solutions to the financial services industry starting more than 30 years ago when he created his first portfolio management and reporting system. He then helped develop the Investment Advisory Network, which was the very first WRAP accounting product.

He then developed web-based portfolio management software while serving as CEO of Techfi, which had been based in Denver before moving to San Fransico. 

The firm recently announced integrations with both Redtail Technology and Wealthbox, two customer relationship management software platforms. The firm is also looking into adding eMoney as an additional integration, according to Abar.