WealthTouch Inc. this week announced an addition to its Institutional Reporting Module which it is calling the Share of Wallet Report.
The feature and module are part of the company's independent-financial-reporting platform for ultrahigh net-worth individuals and families — those with assets of more than $50 million. This encompasses about 40,000 U.S. individuals, WealthTouch chief executive Norman Jones said during a recent televsion interview.
While the number of individuals is relatively small, the investments tracked are impressive — the WealthTouch platform currently reports on more than $14.5 billion in assets. This new feature gives advisers a more complete view of assets in an attempt to let them make more-effective and better-informed portfolio assessments and decisions.
It was developed to allow private banks and advisers to better track “away” assets — those that are managed by competing private banks and institutions. It also helps the private bank or independent wealth manager to assess how much of the total relationship they are capturing, a factor that has a direct impact on their revenues.
“Ultrahigh-net-worth investors tend to spread their assets between different wealth managers in order to extend their risk and encourage competition, most private banks, custodians and wealth managers focus on the assets under their management versus their competing wealth managers,” Logan Allin, senior vice president of wealth management at Los Angeles-based City National Bank, said in a prepared statement. “Because most of the industry charges on assets under management, it's all about what share of wallet you are managing for each family,” he added in the statement.
WealthTouch Inc. is one of a handful of technology providers that specialize in serving the small, yet lucrative, ultrahigh-net-worth
family office market. In less than 18 months, it has increased the assets it reports on to more than $14.5 billion, from $400 million, and is averaging more than $1 billion a month in new assets running through the platform, according to a company representative.
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WealthTouch
Growth in do-it-yourself Internet trading continues
If the third quarter results of Collective2.com — a slick and technically advanced site that facilitates and monitors trades in stocks, options, futures and currencies — are any indication of how activity is improving in the world of online trading, then it appears things are heating up in the online do-it-yourself trading space.
Trading volume rose at the site to $17.5 billion during the quarter. That compares with about $1.2 billion in the similar period a year ago.
As most advisers are probably aware, a trading system is a set of formulas and rules that generate “buy” and “sell” recommendations based on price, volume or other data. Collective2.com acts as an online repository for thousands of automated trading systems. Investors with an Internet connection have access to more than 9,000 trading systems developed by mathematicians and traders from around the world. Once an investor selects his systems, trades are automatically placed in the customer's regular brokerage account.
And transparancy is one of the keys to Collective2; the customer alone selects which trading strategies are automated in his account and can see, in real time, exactly which trades are being placed.
There are several similar sites out there — for example, Covestor.com and Marketocracy.com, which are based on stock trading only, and Zulutrade.com, which is involved in currency trading.
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Collective2
Visit the following stories for more coverage of related companies and sites:
Startup taps Facebook, Yahoo to help investors meet money managers
Anyone for a cafeteria-style SMA?
Covestor launches retail multimanaged accounts
Virtual portfolio boasts solid returns, multiple stars from Morningstar
Advisers find value in new investor-focused websites
Websites rouse stock picks from the rabble
