The latest version of the Black Diamond Wealth Platform will feature a new capability, the Rebalancer, say SS&C Technologies officials.
The latest version of the Black Diamond Wealth Platform, known as BD3, has been enhanced via integrated software that rebalances client data with the intended goal of freeing financial advisors from operational chores, say officials of SS&C Technologies Holdings, Inc., the maker of BD3, other financial services software and software-enabled solutions.
The vendor released details about BD3 during its Deliver conference in Las Vegas this week.
Rebalancer will “help differentiate high-net-worth client advisors in a very competitive market. Rebalancing software is one of the most important pieces of technology as it impacts multiple facets, including investment strategies, risk tolerance, taxes and more,” say SS&C officials in a prepared statement. “The Black Diamond product team incorporated feedback throughout the development process. Long-time client, AdvicePeriod was a key beta user influencing the process and testing the new product.”
“By providing a fully integrated solution with complete flexibility, our advisors spend less time with operational duties and spend more time with their clients and building their business,” says Phil Boscarino, head of reporting and analytics for the financial services firm AdvicePeriod, in a prepared statement. “Forward-looking technology is one of the primary reasons advisors join AdvicePeriod, and the Black Diamond Rebalancer is a key part of our solution,” Boscarino says.
The Black Diamond Rebalancer offers notifications on drift, portfolio cash needs and tax loss harvesting opportunities, SSC officials say. The new capability offers N-tier modeling that enables advisors to manage models that can serve as building blocks “when creating client investment strategies,” officials add.
“The new Rebalancer was built for Black Diamond clients, with Black Diamond clients,” explains Steve Leivent, senior vice president of advisory client experience at SS&C Advent, in a prepared statement. “We are pleased to be able to deliver to the market this next-gen solution supporting even the most sophisticated structures. The new Rebalancer demonstrates one more way we help advisors manage their clients’ full wealth picture,” Leivent says.
The Black Diamond integrated suite, overseen by SS&C Advent, uses cloud-based tools to provide connections to clients and prospects, SS&C officials say. The platform is intended to help financial advisors, wealth managers, investment banking divisions (IBDs) and aggregators manage client relationships.
The capabilities of the platform include communication tools, client portal support, vault services, a presentation builder, and on-the-go access, officials add.
The platform can integrate with systems for risk analysis, financial planning, customer relationship management (CRM) and managed accounts.
SS&C has partnerships with: Advizr, which helps firms create a financial plan; Riskalyze for the quantitative measurement of client risk tolerance; SS&C’s Salentica Elements for overseeing client relationship information such as client profiles, activities, and communications; and the SMArtX single interface to manage traditional and alternative investment strategies via unified and separately managed account (UMA and SMA) structures.