FLX Networks, an online platform where wealth and asset managers can share data, investment products, and other tools, has launched a new enhancement designed to streamline the due diligence process for firms.
“We’ve digitized the process and made it more of a dashboard experience for the wealth management side to quickly understand where potential risks may be or potential opportunities,” said Brian Moran, CEO of FLX Networks, which is based in Bernardsville, N.J.
FLX incorporates data that is “required to maintain a sophisticated diligence process which is required of advisors and their platforms today,” Moran said.
That includes key personnel, investment process description, product characteristics, performance, risk statistics, and fees and expenses, he said. By storing the information in one place, it reduces the amount of time it will take for advisors to find a firm to work with, Moran explained.
“You move out of the chasing down individual manager world to a cloud-based digitized platform that allows you to get everything you need in one location versus going back across a variety of locations,” he said.
The new FLX system handles private market firms as well, he said.
“Our product that we’re bringing to the market is the only product that we’re aware of that can deliver a consistent experience in the data collection for both alternative investments products as well as traditional long-only products,” Moran said.
Correction: A previous version of this story misspelled the name of FLX Networks.