Questions for Private Client Resources (PCR)
PCR "Total WealthStream"
What Does It Do?
PCR’s is changing the way the world’s wealthiest families and their advisors manage and analyze their complex investment data. TotalWealthStreamtm, the company’s award-winning wealth information management platform combines data aggregated from over 400 custodians with alternative transactions curated from the investor communications of almost 3,000 managers. Over $250B in assets are delivered to their reporting, accounting, risk management and analytics platforms daily.
What makes your company or product great?
We combine over a decade of experience serving UHNW advisors with a newly conceived data aggregation platform built to satisfy the toughest global data sharing regulations.
TOTAL WEALTH STREAM provides UHNW Advisors and Family Offices a platform to safely and efficiently manage the entitlement, acquisition, normalization, storage, and delivery of a single source of truth to all their reporting, accounting, risk and other systems.
We have never used credential sharing in our processes and have relied only formal letters of authorization to obtain client consent to share data. TOTAL WEALTH STREAM goes further with first digital letter of authorization process that is faster, more secure and a produces better client experience.
All aggregators handle electronic files from custodians. None operationalizes investor level aggregation from statement accounts such as hedge funds. 50% of the assets we aggregate come from these illiquid investments. TOTAL WEALTH STREAM implements sophisticated document robotics and quality processes to automate a large portion of these accounts. But when there is a problem trained financial analysts are available to interpret manager reported information and resolve issues.
A core tenent of GDPR is "security by design". All the other data aggregation and management platforms pre-date this charter and its guiding principals. Total Wealth Stream incorporates every aspect of data subject management, jurisdictional awareness, data classification, automated detection of personal data, psuedo traceability and compliance with GDPR
What key challenge does it solve?
For decades the industry has struggled with reliable and efficient data management strategies - warehouses, lakes, islands and free-for-alls. In part because its hard but mostly because the rush to put data to work always trumped the investments in sustainable strategies for automation, quality, governance and importantly the ability to evolve an extensibility model that works. The single largest failure in wealth management projects is the ability to get the data right.
UHNW wealth is complex and in many cases heavily weighted in hard-to-aggregate and hard-to-value illiquid investments. The collection, reconciliation and accounting for these investments has historically been manual, costly and error prone. Most reporting and other vendors do little to help operationalize the management of these illiquid investments that often represent in excess of 50% of a families wealth. The efficient aggregation and normalization of hedge fund, private equity, real estate, business interests and other investments is critical to enabling UHNW advisors to benefit from emerging digital innovations.
Best success story?
Check back for more information.
Adam Carta, COO
Rob Neville, CTO
Brian Shapiro, CPO/CMO
Willima Lichtwald, Head of Sales
Major Private Banks, Advisors, Multi-Family Offices and Service Providers trust us to manage client data accross every asset class and deliver this information accurately to their trusted reporting, analytic and operations systems.