The tool, which was developed by Beverly Hills Wealth Management in collaboration with Intel software specialists, allows RIAs and advisors to consolidate their operational, sales, and compliance tools, which are typically spread across a number of providers and networks, into one branded, controlled, cloud accessible environment.
According to the California-based RIA, firms with multiple advisors and staff members that use the new platform will no longer need to manage multiple credentials, views, and access devices. Now one identity will follow the advisor to each service and application, reducing costs and increasing operational efficiency.
The company, which was founded in 2010 and led by Margaret “Mag” Black-Scott, said that this is a “wirehouse type experience that independent advisors have lacked due to cost and implementation hurdles.”
The platform includes a document management system, intranet and a client extranet content management system, financial compensation portal integrated with payroll, business intelligence and analysis, custom intelligence analytics, and cloud-to-cloud single sign-on and identity management
“Typically, it is the wirehouses that invest significant amounts of capital into organizing all of these services into a single dashboard type environment. Beverly Hills Wealth Management saw a significant opportunity to bring a wirehouse offering into the independent space and be disruption evangelists as it pertains to technology for the independent channel," said John Stuart, Beverly Hills Wealth Management’s chief information officer. “The investment advisor's core competency is investment management, not juggling their eco-system of tools for document and content management, performance reporting, IT security, financial planning, prime brokerage, and the additional partners needed for comprehensive wealth management.
“The cloud is a rapidly shifting, dynamic environment,” said Girish Juneja, a director of application security and identity products at Intel. “Working with Beverly Hills Wealth Management has provided an excellent opportunity to learn more about evolving market needs, as identified during the Maestro development process. Intel is a tools innovator and BHWM is a business innovator. The collaboration was a great fit to customize a solution for independent financial advisors.”
Beverly Hills Wealth launched the first phase of Maestro in April. A second phase of Maestro is expected later this year.