Innovations in Private Wealth Technology & Reporting

1. Innovations in Private Wealth Technology & Reporting
We view the natural cycle of industry and technology interdependence to evolve through three phases:
1) gets the job done, 2) best in class, and 3) world class:
THREE PHASES OF TECHNOLOGY EVOLUTION
Gets the Job Done Best in Class World Class
ƒ
ƒ Moderately disparate systems -
individual “best of breed” solutionsƒ
ƒ Specialized technologies for specific
business functionsƒ
ƒ Automated (or semi-automated) system
interactions, but still typically overnight
and batch in natureƒ
ƒ Core General Ledger maintained for
reporting purposes, but usually only
accurate, at best, to “end of yesterday”ƒ
ƒ Multiple reconciliation points, but
supported through automated exception
reporting
ƒ
ƒ Tightly coupled/integrated “enterprise”
applicationsƒ
ƒ System modules for specific business
functionsƒ
ƒ Real-time integration with the General
Ledger driven by business rules and
configurationƒ
ƒ Core General Ledger and chart of
accounts drive module behavior and are
updated real-timeƒ
ƒ System managed, rules-based
reconciliation
Effective - Inefficient, but ‘gets the job
done’
Simple Reporting and Presentation
Purpose-Built Solutions
Some Controls
Some Efficiency
Enterprise-wide System
Full Accounting, Financials and Client
Relations
Fully-Integrated and Cross-Functional
Reporting
Easily Reconciles
Natural Data Aggregation
Robust Controls and Efficiency
Complete Reporting Enabled
Compliance
More Time to Focus on Strategy
Data Accuracy
Minimal Control and Security
Tribal Knowledge Reliance
Compliance
Disparate/Segmented Systems
Reconciliation Burden, Lack of
Aggregation
Integration Failures
Difficult Reporting
Fragile Technology Footprint
Compliance
Change Management
Stakeholder Buy-In
Additional Infrastructure Considerations
OVERVIEWADVANTAGESRISKS
Through employing an integrated approach, World Class systems offer full management and audit trails of data throughout
its lifecycle as it may originate as a trade, become a journal entry, participate in profit and loss, and ultimately be
evidenced as allocated income to clients.
THREE PHASES OF TECHNOLOGY EVOLUTIONƒ
ƒ Highly disparate systems - one per each
separate business functionƒ
ƒ Pervasive use of spreadsheetsƒ
ƒ Many manual system interactions (e.g.
batch files, manual data loads, report
formatting, etc).ƒ
ƒ Core General Ledger, but always the
recipient from a multitude of data
sources and usually only accurate at
week-, month-, or even quarter-endƒ
ƒ Very labor intensive and manual
reconciliation and data QA
SEI Archway is the technology partner to Veridate Financial in Asia. Please contact info@veridatefinancial.com