The key features of this “new trading experience” include a more user-friendly, intuitive, guided transaction workflow for the subscription process, a more streamlined transaction initiation process requiring only the most essential information and less data entry, more flexibility in account creation that can now be initiated in multiple stages along the pre-trade process, and improved management of accounts within households.
Choreo Tax Advantage Developed With Smartleaf
The large RIA Choreo, which has more than 40 offices around the country and $24 billion in AUM and AUA, has partnered with Smartleaf on a specialized suite of automated tax tools.
Called Choreo Tax Advantage, the automated and customizable tools are meant to assist advisor-CPA collaboration (something Choreo is known for) with daily tax impact assessment and management of client portfolios.
Software-as-a-service platform provider Smartleaf helped develop the tools, the core features of which include automated daily account review and recommendations, optimized after-tax performance through several screening methodologies, strategic gains deferral, strategic loss harvesting, tax and gains budgeting, tax-minimized rebalancing and direct-indexing.
Conquest Planning Crosses 1-Million-Plans-Created Mark
Conquest Planning, the AI-powered financial planning application launched by Mark Evans in 2018, has now surpassed 1 million financial plans.
Milemarker Adds New Features, Including Automated Technology Audit
Milemarker, which in September launched its Firm Intelligence all-in-one data platform and hinted at new features and enhancements being rolled out over the coming months, announced this week the addition of an automated technology audit, among other things. The audits help a firm assess its tech stack and identify where it makes the most sense to optimize and integrate data, and in conjunction with the company’s data strategy roadmap capabilities, a firm can create a clear plan aligned to best achieve business goals.
Smarsh Launches Email ‘Echo Cancellation’ to Remove Redundant Content
This new feature available within Smarsh’s Professional Archive product filters the “echoes,” or repeated email content, in threads to reduce overall supervision queues and save time for compliance officers. It has built-in technology to prevent errors or false positives.
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Frequently Asked Questions
How to build a data roadmap?
To build a data roadmap, identify key objectives, assess current data capabilities, and prioritize initiatives. Engage stakeholders, outline timelines, and allocate resources effectively to ensure alignment with business goals and enhance data-driven decision-making.
What is data strategy and roadmap?
Data strategy and roadmap outline how an organization will manage, utilize, and govern its data assets. It includes defining objectives, identifying key data sources, and establishing processes for data collection, analysis, and security to drive informed decision-making.
How to create a data strategy?
To create a data strategy, identify key objectives, assess current data capabilities, and establish governance frameworks. Prioritize data quality, implement analytics tools, and ensure alignment with business goals for effective decision-making and enhanced performance.
How does a technology audit enhance strategy?
A technology audit enhances strategy by identifying inefficiencies, optimizing resource allocation, and ensuring alignment with business goals. It provides insights into system performance, enabling informed decisions that drive innovation and improve overall operational effectiveness.
What defines a successful data strategy roadmap?
A successful data strategy roadmap is defined by clear objectives, stakeholder alignment, robust data governance, and scalable technology integration. It should also include data quality managementanalytics capabilitiessecurity measurescontinuous improvement processes to ensure long-term effectiveness.
What steps ensure an effective technology audit?
Define audit objectives and scope.
Gather and review existing technology documentation.
Conduct interviews with key stakeholders.
Evaluate current technology performance and compliance.
Identify gaps and recommend improvements.
How do intelligence platforms integrate with data strategy?
Intelligence platforms enhance data strategy by providing actionable insights, automating data analysis, and facilitating informed decision-making. They enable organizations to leverage data effectively, ensuring alignment with business goals and improving overall operational efficiency.
What are key elements of a firm intelligence platform?
Key elements of a firm intelligence platform include data integrationautomated reportingreal-time analyticsuser-friendly interfacecustomizable dashboardscollaboration toolssecurity features to enhance decision-making and operational efficiency.
How can automation streamline the audit process?
Automation can streamline the audit process by enhancing efficiency and accuracy through automated data collectionreal-time monitoringstandardized reportingreduced manual errorsfaster analysis and insights, ultimately saving time and resources.
What role does data play in technology audits?
Data is crucial in technology audits as it enables accurate assessments of system performance, compliance, and security. It helps identify inefficiencies, informs decision-making, and supports strategic improvements for enhanced operational effectiveness.
How to align data strategy with business goals?
To align data strategy with business goals, organizations should:
Identify key business objectives.
Assess current data capabilities.
Develop a data governance framework.
Implement analytics to drive decision-making.
Continuously monitor and adjust strategies.
What metrics measure a data strategys success?
Data quality and accuracy
Return on investment (ROI)
User adoption rates
Data accessibility and usability
Impact on decision-making processes
How does a firm intelligence platform gather data?
A firm intelligence platform gathers data through integrated software tools that automate data collection, analysis, and reporting. It utilizes APIs, data feeds, and user inputs to compile comprehensive insights for informed decision-making and enhanced operational efficiency.
What trends are shaping automated technology audits?
Automated technology audits are shaped by trends such as increased demand for efficiencyintegration of AI and machine learningenhanced data security measuresreal-time compliance monitoringcustomizable reporting features to streamline processes.
How to ensure data quality in intelligence platforms?
To ensure data quality in intelligence platforms, implement regular data audits, establish clear data governance policies, utilize automated validation tools, and provide ongoing training for staff on data management best practices.
What are common pitfalls in creating a data roadmap?
Common pitfalls in creating a data roadmap include:Insufficient stakeholder engagementLack of clear objectivesIgnoring data governanceOverlooking scalabilityFailing to prioritize initiatives Addressing these can enhance effectiveness and alignment.
How to incorporate AI in technology audit processes?
Incorporating AI in technology audit processes can enhance efficiency and accuracy by automating data analysis, identifying anomalies, and providing actionable insights. Key steps include:Implementing AI-driven tools for real-time monitoringUtilizing machine learning for predictive analyticsIntegrating AI for risk assessment and compliance checks
What are the benefits of an automated audit system?
Automated audit systems enhance efficiency by providing real-time data analysisreducing human errorstreamlining compliance processesoffering cost savingsimproving accuracy in reporting and enabling timely decision-making for organizations.
How to secure data within a firm intelligence platform?
To secure data within a firm intelligence platform, implement robust encryption, conduct regular security audits, and enforce strict access controls. Additionally, ensure compliance with data protection regulations and provide employee training on cybersecurity best practices.
What challenges arise in executing a data strategy?
Executing a data strategy can present challenges such as:Data quality and integrity issuesIntegration of disparate data sourcesCompliance with regulationsResource allocation and skill gapsChange management within the organization
How to tailor a data roadmap to industry needs?
To tailor a data roadmap to industry needs, assess specific requirements by conducting stakeholder interviews, analyze current data capabilities, and prioritize initiatives that align with business goals. Regularly review and adjust the roadmap based on evolving industry trends.
How to integrate firm intelligence into strategic planning?
Integrating firm intelligence into strategic planning involves leveraging data analytics to inform decision-making. Key steps include: Assessing current data capabilitiesIdentifying strategic goalsUtilizing insights for informed strategiesMonitoring outcomes for continuous improvement
What is the impact of data strategy on ROI?
A well-defined data strategy enhances ROI by enabling informed decision-making, optimizing resource allocation, and improving operational efficiency. It allows businesses to leverage analytics for better customer insights, ultimately driving growth and profitability.
How to measure the effectiveness of a technology audit?
To measure the effectiveness of a technology audit, consider these key metrics: Improvement in system performanceReduction in operational costsEnhanced compliance with regulationsUser satisfaction and feedbackIdentification of security vulnerabilities
What are the stages of developing a data strategy?
Assessment of current data landscape
Defining business objectives and goals
Data governance and management framework establishment
Implementation of data architecture and tools
Continuous monitoring and optimization
How to leverage firm intelligence for competitive advantage?
Leveraging firm intelligence for competitive advantage involves utilizing data analytics to enhance decision-making, streamline operations, and improve client engagement. Key strategies include:Implementing advanced analytics toolsAutomating processes for efficiencyPersonalizing client interactions
What are the legal considerations in technology audits?
Legal considerations in technology audits include compliance with data protection laws, intellectual property rights, and contractual obligations. Organizations must ensure adherence to regulations like GDPR and HIPAA, while also safeguarding sensitive information during the audit process.
How to update a data strategy with market changes?
To update a data strategy with market changes, regularly assess market trends, incorporate advanced analytics, and enhance data governance. Additionally, engage stakeholders for insights and adapt technology to ensure alignment with evolving business objectives.
What training is required for technology audit teams?
Technology audit teams typically require training in areas such as information technology systemsrisk managementcompliance standardsdata analysiscybersecurity protocolsto effectively assess and enhance organizational technology frameworks.
assetmark review, smartleaf inc, wealthstack 2024
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Key Developments in Wealth Management Technology
The wealth management industry is witnessing significant advancements in technology, aimed at enhancing operational efficiency and client experience. AssetMark's recent acquisition of Morningstar Wealth's TAMP assets marks a pivotal moment, as it integrates innovative trading features designed to streamline the investment process. This acquisition not only strengthens AssetMark's position in the market but also reflects a broader trend of consolidation among wealth management platforms seeking to offer comprehensive solutions to advisors and their clients.
In addition to AssetMark's acquisition, CAIS has introduced a new trading experience that simplifies the transaction workflow, making it more intuitive for users. This development is complemented by Smartleaf's collaboration with Choreo to create automated tax tools, which are essential for optimizing after-tax performance. As firms like Milemarker continue to enhance their platforms with features such as automated technology audits, the wealth management landscape is evolving rapidly, driven by the need for efficiency and improved client outcomes.
Innovations Driving Client Engagement and Compliance
As the wealth management sector evolves, innovations are increasingly focused on enhancing client engagement and ensuring compliance. Milemarker has recently rolled out new features, including an automated technology audit, which helps firms assess their tech stack and identify areas for improvement. This proactive approach not only aids in operational scaling but also ensures that firms remain competitive in a fast-paced environment where technology plays a crucial role in client service delivery.
Moreover, Smarsh's introduction of email 'echo cancellation' is a noteworthy advancement in compliance management. By filtering out redundant content in email threads, this feature significantly reduces the workload for compliance officers, allowing them to focus on more critical tasks. As firms continue to adopt such innovative solutions, the emphasis on maintaining regulatory standards while enhancing client interactions will be paramount in shaping the future of wealth management.
