The service could bring registered investment advisers (RIAs) more reporting capabilities than previously available, the company said in a news release.

The new report enables advisers to handle consolidated reporting of managed accounts and retail accounts under one platform. The new capability is available to financial institutions and advisers accessing Albridge Wealth Reporting, according to Albridge, a PFPC Worldwide Inc. company. The first client to implement the service is Chicago-based advisory firm Financial Strategy Network, LLC, an affiliate of Raymond James Financial Services.

The company said this solves an industry inconvenience. Traditionally, separately managed account (SMA) program managers classify assets according to their own proprietary methodologies, while an adviser commonly relies on security master-based asset classifications provided by a third-party service. Through the Albridge reports, advisers working with clients who maintain SMA accounts can automatically produce a uniform asset allocation that combines both methodologies.

The new capability also allows advisers to generate client reports with detailed money manager performance and access Rogerscasey money manager classification and benchmarks. Benchmarks can also be displayed on client portfolio reports to help advisers and their clients easily view product performance in the portfolio.

“The availability of detailed managed account reporting through Albridge Wealth Reporting represents the next step toward providing financial advisers and their clients with access to performance reporting capabilities traditionally available only to advisers with access to an army of back-office personnel,’ said Jake Rohn, executive vice president, Albridge, in the release.