OAKS, PA — SEI (NASDAQ:SEIC), a provider of wealth management solutions, recently unveiled an advanced integration within its SEI Wealth PlatformSM (SWP) that marks a significant leap forward for U.S. wealth managers. This new feature allows for the viewing and management of assets custodied with third parties, seamlessly integrated with SWP’s proprietary core accounting engine. The move is poised to redefine the landscape of wealth management by offering an unparalleled level of data aggregation and accuracy.
At the heart of this innovation is SEI’s commitment to maintaining robust and accurate data at the core accounting level. This approach not only ensures seamless experiences across both internal and third-party custody accounts but also guarantees consistency of data across any solution integrated into SWP. For wealth managers, this means greater transparency into a customer’s total assets, tailored advice based on a comprehensive financial picture, and a unified process for managing custodied and held-away assets.
Sanjay Sharma, Global Head of SEI’s Private Banking and Wealth Management business, emphasized the transformative nature of this capability. “In a sector often hampered by inconsistent data from disjointed solutions, our multi-custody capability stands out by ensuring high-fidelity data handling, enrichment, and reconciliation,” Sharma stated. He highlighted that this advancement is critical for driving growth, enabling wealth managers to serve their clients more holistically.
The integration facilitates real-time transaction creation, tax lot maintenance and reconciliation, as well as improved gain/loss and performance reporting. This enhanced data accuracy and operational efficiency allow wealth management firms to offer a more robust portfolio analysis, ultimately benefiting their clientele.
Rob Wrzesniewski, Head of Global Solutions for SEI’s Private Banking and Wealth Management business, pointed out the strategic advantage offered by the SEI Wealth Platform’s multi-custody capability. “It empowers our clients not only to enhance service to their current customers but also to attract new ones without necessitating custody migration,” he explained.
Currently, six U.S. wealth management clients are leveraging this capability, with over a dozen in the pipeline for future deployment. The platform integrates data from more than 230 third-party custodians, representing over $50 billion in assets. This extensive network underscores SEI’s position as a pioneer in providing comprehensive solutions that meet the evolving needs of the wealth management industry.
The introduction of SEI’s multi-custody capability is a testament to the company’s ongoing investment in data and platform capabilities globally. As the wealth management sector continues to evolve, SEI’s innovative approach offers a blueprint for how firms can adapt to changing market dynamics, enhance customer satisfaction, and secure competitive advantages in a rapidly changing financial landscape.
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