FOR most advisors, a primary goal is to manage as much of a household's wealth as possible. By increasing the number of accounts managed, including retirement plans and annuities, advisors can create a more robust relationship with their clients and position themselves as the go-to person for holistic financial counsel. But for this to be possible, there must be a way to view all of a client's assets, not just those custodied with the advisor.
That was the challenge facing Rob Siegmann, chief operating officer and senior advisor with Financial Management Group, in 2008. At that time the Cincinnati-based firm estimated that $30 million resided in their clients' other accounts, mostly retirement deposits and annuities. The only way to get a look at these "held-away" assets was to ask clients for statements, and manually enter the data in a portfolio management and performance reporting system-a process many advisory firms currently use.
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