Account Aggregation Services FAQ
Market Drivers
- What do clients look for in a financial advisor?
According to a recent survey from the Aite Group, "An advisor who has the ability to look beyond the product level and discuss client matters on a holistic scale will be able to become a trusted advisor to the client, which ultimately will lead to an increased wallet share."
- Do investors prefer working with one, trusted advisor, or multiple advisors?
"Research has shown that the average affluent investor has 2.82 financial advisors. Despite this fact, the majority - 68% of high-net-worth investors - prefer to work with one, trusted advisor," according to a recent Worldwide Wealth Report.
About Wealth Management
- What data can CashEdge aggregate?
CashEdge's solution offers the widest and deepest consolidation coverage available, including from more than 12,000 financial institutions, including account information from investment, retirement, and insurance accounts, as well as hard-to-access assets, such as life insurance, mortgages, credit cards, annuities and REITs. This high quality consolidated data provides historical, transaction-level data for all of a client's assets, including those not under management.
- How does CashEdge access the account on behalf of a client?
CashEdge's solution uses client-provided account credentials (username and password) to access the web-based account portals that house held-away assets. CashEdge also facilitates advisor aggregation, using advisor-provided credentials to access the advisor portals at investment houses.
- How do I get service and support?
Advisors using CashEdge's aggregation services through a third-party application, such as Albridge, should contact the application provider for support.
Risk Management & Security
- How does CashEdge ensure the security of the data?
Security is paramount at CashEdge and we leverage the same technology that is used by the world's leading financial institutions to safeguard Internet banking portals, so advisors and clients can be sure their data is protected. To further safeguard the data, CashEdge protects it with 128 bit-encryption, the strongest encryption available, and the data is not accessible to any human - not even CashEdge employees. The system is also audited regularly and is subject to security penetration tests by leading third-party providers, ensuring that CashEdge's system remains impenetrable.
- How often is this data updated?
All data is updated daily. Data may also be updated intra-day or, on-demand.
Deployment and Integration
- What advisor applications does CashEdge integrate with?
CashEdge's aggregation solution is built on industry-leading technology and provides secure, reliable, and normalized financial data that can be used in any third-party portfolio management and performance reporting application.