Leading financial services company SEI is enhancing its outsourcing platform for wealth managers with an advanced multicustody capability specifically for US clients.
The new multicustody feature for the SEI Wealth Platform allows wealth managers to integrate assets custodied with third parties into the platform's core accounting engine, offering a comprehensive view of customers' financial assets.
Described as a comprehensive outsourcing solution for wealth managers, SWP supports trading and transactions across numerous stock exchanges worldwide.
The platform’s latest integration aims to provide wealth managers with a clearer understanding of their clients' total financial picture, including held-away assets. By aggregating high-quality data, the technology helps maintain accuracy at the core accounting level, while supporting their ability to manage assets and provide personalized advice for their clients.
The upshot for wealth managers, SEI says, is a unified management experience across all custodied and non-custodied assets, promoting data consistency across various front- and middle-office solutions connected to SWP.
"As wealth management organizations continue to wrestle with inconsistent data provided by point solutions that don't run across the entire customer lifecycle, SEI's multi-custody capability is a game-changer for the industry," Sanjay Sharma, the global head of SEI's private banking and wealth management business, said in a statement.
“By ensuring the data is flowing properly, then enriching and reconciling it, we can provide enhanced data accuracy for wealth managers across applications, no matter where the assets are held,” Sharma said.
The platform's enhanced capabilities include real-time transaction creation, tax lot maintenance and reconciliation, accurate gain/loss and improved portfolio performance reporting.
"The SEI Wealth Platform's multi-custody capability not only empowers our clients to better serve their customers but it can also create opportunities for them to gain new customers without requiring them to migrate custody of their assets," said Rob Wrzesniewski, head of global solutions for SEI's private banking and wealth management business.
Currently, SEI says the platform integrates data from over 230 third-party custodians representing more than $50 billion in assets. Six US wealth management clients have adopted the new capability so far, with over a dozen more in the pipeline for future implementation.
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