Reporting drives meaningful conversations


Thursday, April 4, 2019 | By Steve Leivent

Reporting drives meaningful conversations

It wasn’t that long ago that notebooks stuffed with dry numbers and tab dividers were the norm for quarterly client reporting. Now, investors know they don’t have to wait a full quarter to find out how their portfolios are doing. They expect answers on demand and reporting they can understand, with or without an advisor to walk them through the details. Advisors, meanwhile, have come to realize that reporting and communication is not simply an obligation, but an opportunity. They use reporting strategically as a conversation driver and a relationship builder. They recognize that the style, content, format and even delivery method can be a real competitive differentiator and truly elevate the value of the advisor in the client’s or prospect’s eyes.

The quality of reporting and communication takes on particular importance at a time when investment strategies are becoming more complex, diversified and data-driven. While advisors may be keyed into the numbers, investors are emotionally invested in their financial plans. They want to know why the advisor is pursuing a certain strategy and how it is relevant to their lives and aspirations. Even the most brilliant strategy can fall on deaf ears if it is not presented and explained in a way that clearly resonates with the client at an emotional level.

When the Black Diamond platform was first launched, it was billed as a “performance reporting” solution. In the years since it has become much more than that..  Today empowering advisors to tell their story in the most compelling way is still very much at the heart of what we do and has advanced well beyond report generation.  Our full range of tools includes a flexible and intuitive client experience portal for creating a highly customized, visually engaging way to relay the strategies and value of the advisory services provided.  With portfolio details at an investor’s fingertips, we’ve even seen many advisors stop delivering quarterly reports altogether.  However, reports are still a core part of how many firms use our platform and we’re focused on making it the best experience possible.

Today, our clients can deliver reports digitally through a secure document vault within the Black Diamond Client Experience portal, making it more convenient and less cumbersome for clients than secure email.  And while many of our clients have become extremely proficient in do-it-yourself report creation and delivery through our intuitive report builder, we have a team of experts standing by to assist in any aspect of the process, from data validation to report design to posting the final results in the client portal.  In fact, in 2018 alone, Black Diamond users collectively created over 13,000 custom reporting templates, generated over 1 million ad hoc reports and our team generated another 5 million on their behalf.

The Black Diamond Wealth Platform is all about helping you deliver an exceptional client experience. Communication and reporting is a huge part of that. Take advantage of the platform’s reporting capabilities to demonstrate the thinking behind your strategies and to connect more effectively with your clients’ wishes and needs.



Wealth Management