In order to attract and retain investors, advisors and investment managers need to offer personalized attention, excellent customer service and solid performance results. This can be a challenge because the data driving those activities is often scattered across a complex system of spreadsheets, integrations and databases. This in turn creates operational silos and data deserts, which require workarounds and patches, resulting in missed opportunities and dissatisfied clients. These challenges have prompted the quest for a single unified data model. The complete data source that would be achieved with a unified model provides benefits like lower risk, less data duplication, and robust data to feed front-, middle- and back-office operations for organizational alignment, accuracy and applicability.
External and Internal Advantages
Investors, advisors and their clients expect real-time data as well as holistic and aggregated views of their investments. Centralized data enables firms to meet this expectation, enhancing the customer experience while complying with ever-increasing reporting standards. Centralized data can also help segment clients and create personalized investment proposals, as well as provide insights and ideas to advisors and managers.
Centralized data simplifies data storage, management and delivery to support advances in the operating environment. For example, resources can be optimized to focus on critical exceptions and priorities through data-driven workflow and alerts. This data model can also enable real-time compliance and internal audit checks and balances, as well as risk management and real-time matching for alignment and consistency between the market and your portfolios. It’s also helpful for checking counterparty effectiveness, with integrated information that can help manage cash flow better with enhanced information about your operations. Strategically, the data allows you to make adjustments as needed and make better decisions using objective, real-time information about your investment tactics.
Operational Health and Future-Proofing
Data governance and data monitoring are as important as the data itself. A unified data model can examine data elements like compliance, pending trades, custody, pricing, etc. to identify those elements that aren’t where they need to be across front, middle and back offices. While integrating multiple data sources with different formats can be difficult, wealth managers can achieve native data management capabilities with a single source of truth.
Asset and wealth managers need a flexible, scalable solution with a unified data model at its core, allowing complete, cross-functional data access across the entire firm. A single unified source drives efficiency and effectiveness in every aspect of a firm’s operations by ensuring data consistency and quality. A single source of truth can elevate firms to a higher standard of excellence by providing a more precise view of current conditions and future forecasts.
SS&C Aloha spans the front, middle and back office to solve the data dilemma by design—it’s built around one unified data model. Information is stored only once, and as soon as it is updated, it is immediately reflected everywhere in the system and available to all users. Coupled with its advanced API service and cloud-native open architecture, Aloha negates data management struggles.
For a look at a unified data mode in action, download our "Trustees Executors Leverages SS&C Aloha to Launch New Business" case study.
Written by Eric Rocks
Vice President & Managing Director