Asset Aggregation in Wealth Management

In today's wealth management, relationship managers face an increasingly greater challenge: the use of a multitude of software systems.

Advisors often use up to 12 different software systems in parallel. This leads to countless open tabs, constant manual work, and a tremendous risk of error. In many cases, customer data is distributed across multiple platforms and trapped in silos – a tremendous burden for both advisors and clients alike. Incomplete or inconsistent financial data limits the ability to make informed decisions, and manual data collection not only slows down processes but also primarily leads to errors. A holistic and individual consultation that takes into account the personal circumstances and financial goals of the client thus seems impossible.

Asset aggregation remains an important foundation for building trust with your clients and exciting them about your consulting services in the long term.

The solution: fincite • cios Asset Aggregation for maximum flexibility

Our SaaS platform fincite • cios includes five different options for aggregating all client assets, providing unprecedented flexibility. No matter how your institution manages client data, CIOS enables seamless integration and guarantees the highest efficiency and precision.

The starting point for creating the asset overview is the liquid assets of your clients. This step helps answer your clients' question, "How wealthy am I?" and gives the client the opportunity to create their own “Wealth Banking.” But how exactly is this integration implemented in practice? Here are all five options:

1. Direct interface to the bank or custodial institution

   This direct connection allows data to be transmitted seamlessly and securely in the highest quality without any additional steps required.

   
   

2. AISP partners like fino, Qwist, and wealthAPI

   We recommend starting with one of our AISP partners. With our Multi-Custodian Connector (AISP), assets can be easily consolidated. These partners allow bank accounts to be integrated with just a few clicks and offer a fast, user-friendly solution. This frees you from manual copy-pasting work, a high risk of errors, and enables a precise asset overview in seconds.

   As Friedhelm A. Schmitt, Founder & Co-CEO of fincite, aptly states:

   “Customer data is often distributed across multiple platforms and often trapped in silos. With fincite • cios, you solve this problem with just one click!”

   
   

3. Partner (GOIO Data GmbH)

   GOIO offers a European solution for the digi tisation and standardisation of billing from any bank. Incoming documents, whether PDF, paper or electronic, are converted into uniform records and can be directly integrated into systems like fincite • cios. This allows a large number of banks to be covered, which are not reachable through regular AISP connections. Asset managers and family offices thus gain a cross-bank 360° view, save manual effort, and benefit from high data quality with fast, straightforward integration.

   
   

4. Manual data entry

   If necessary, all data can be entered manually to integrate it into the system. This option ensures maximum flexibility and control. From residential properties, jewelry, whiskey, or crypto to ETF funds or individual stocks, with the direct input function you can add all liquid and illiquid assets of your clients to the asset overview with just a few clicks.

   
   

5. CSV download and upload

   Clients can download their data as a CSV file and upload it to fincite • cios to enable quick aggregation.

The process of data consolidation plays a crucial role, especially during the onboarding process or a consultation.

All assets and liabilities can be considered in order to create a complete 360° asset overview.

Furthermore, assets and liabilities can be valued manually or automatically. An example of automated valuations are real estate properties realized by providers such as Price Hubble or Sprengnetter. Other providers can also be easily added. We are also working on integrating automated valuations for other assets such as insurance, cars/classics, watches, and more.

No matter which path you choose, the guiding principle remains: Better data = Smarter decisions and stronger customer relationships!

Results of Asset Aggregation with fincite cios:

• 360° asset overview: A central view of all data that reduces manual processes and minimizes errors. Result: Asset advisors were able to increase their Assets Under View (AUV) by three times, leading to a 20% increase in share of wealth.

  
  

• Time savings: Through digital processes and reduced manual entries, processes are significantly accelerated. Result: Asset managers have saved 12 weeks per year – freeing up more time for valuable client interactions.

• Stronger customer experience: Through a clear, consolidated asset overview, clients feel better understood and more individually cared for. Result: more trust and closer, long-term client relationships.

Conclusion: Maximum flexibility and efficiency

fincite • cios enables seamless, fast, and efficient asset aggregation that revolutionises the entire asset management process. With AI-driven processes, flexible integration options, and a unified data view, wealth advisors and asset managers can make more informed decisions that increase efficiency and strengthen client relationships.

Convinced? Not quite yet? Our free demo for you

Would you like to learn more about how fincite • cios can help you with asset aggregation? Test our software free for 14 days or schedule a personal consultation with our WealthTech experts today.

Frequently Asked Questions (FAQ)

1. What is asset aggregation in wealth management?

Asset aggregation refers to the process of consolidating client data from various sources (e.g., bank accounts, custodial accounts, and investment platforms) into a single, integrated overview. This enables advisors to take a holistic view of client assets and facilitates consultations.

2. How does asset aggregation work in fincite • cios?

fincite • cios offers five different options for asset aggregation that enable seamless data integration from various sources. This includes direct bank interfaces, partners such as wealthAPI and GOIO Data, manual entries, and uploading CSV files. The platform allows for automated data aggregation that speeds up the process and minimizes errors.

3. How does fincite • cios assist in meeting regulatory requirements?

fincite • cios is designed to comply with all regulatory requirements and integrates MiFID II, ESG, and other regulatory mandates into its processes. As a result, all data and processes comply with the current compliance requirements – risks and manual errors are significantly reduced.

4. What results can be achieved with CIOS asset aggregation?

Asset advisors using CIOS have increased their Assets Under View (AUV) by three times, leading to a 20% increase in share of wealth. At the same time, 80% of investment restriction breaches have been eliminated in all advisory processes, and 12 weeks per year have been saved, which can now be used for valuable client interactions.

5. What data integration options does the CIOS platform offer?

The CIOS platform offers several options for data integration, including:

• Direct bank interfaces and custodial accounts

• API partners like wealthAPI and GOIO Data

• Manual entry and CSV files

6. Why is the 360° asset overview important for asset managers?

A 360° asset overview enables a complete, holistic view of client assets, including all assets and liabilities. This helps asset managers provide better recommendations, work more efficiently, and increase client satisfaction.

7. How can I test fincite • cios?

Interested asset managers and wealth advisors can request a free demo to experience the platform and its asset aggregation in practice. Schedule an appointment today and discover how CIOS can improve your processes.