Do not put all your eggs in one basket – Warren buffet’s advice on investment. Wealthy individuals often follow this principle and typically hold their assets in limited partnerships, family trusts or in alternative and illiquid investments spread across a number of banks and accounts. Studies show that more than 76% of the wealth management experts find it difficult to aggregate, report, bill, manage the portfolios which deals with multi currency, partnership accounting etc. Currently, the private wealth managers use different softwares to run all of their reporting and hold all their data in one place and do all client access and client notes, like managing multicurrency or partnerships.
The only inevitable thing in this universe is change and the same has struck the field of wealth management by the name Addepar. Addepar’s software is aimed at wealth managers who have to keep track of billions of dollars in assets, from real estate and artwork to stocks and investments in venture capital funds. Many companies rely on Excel spreadsheets to do this type of work, while others use old software that can’t combine different types of assets in a single view. Addepar has developed ways to organize assets into a consistent format and displays the information with the gloss of a consumer Web app.
Addepar handles all types of assets in any currency, so investors and advisors have a clearer financial picture at every level, all in one place. Addepar places all those previously used softwares within one single platform. Addepar’s platform will allow the Wealth Managers to gather information from those various accounts in one place, and to quickly parse the data to answer individualized questions.
Addepar have started to work with the banks in order to enhance the efficiency of the banks.Before, the banks used to have better technology and that was a big advantage of theirs, now the other Private Wealth managers who have this new technology,Addepar, are getting ahead and hence the banks started using Addepar.
Addepar is also going one step ahead by helping the entities to access all those different types of products and services and teach their clients what is best for them using the platform.,Addepar, thus, helps to increase the efficiency of the wealth managers by saving time and reducing the erroneous assumptions or data.Like any other company, it is also not free from competitors.Some of the competitors of Addepar are GlobalSCAPE, DigitalTown, Mimecast, Introhive etc.