Invessense, a digital wealth management provider, is collaborating with MX to offer aggregation services for non-managed accounts. The firm plans to use MX services to help advisers better analyze their clients’ financial situations while offering guidance around 401(k) plans, retirement accounts and other funds earmarked for retirement.
“Account aggregation is a crucial capability for advisers in this new environment, absolutely vital to remain in compliance,” says MX Founder and CEO Ryan Caldwell. “Invessence understands that you have to make the process quick and reliable. By partnering with MX they’ve shown their commitment to bringing the best technology and user experience to their clients.”
By utilizing aggregation to import non-managed accounts, advisers can better make the case that the financial plan of a client is based on their full financial picture, the firm says. Invessence says it chose MX for its “reliable, redundant multi-source aggregation, superior transaction cleansing and data visualizations.”
“Advisory firms are required to understand their client’s full financial situation, risk and needs,” says Jigar Vyas, CEO of Invessence. “Integrating the account aggregation capabilities of MX with our digital wealth management platform gives advisory firms the ability to see a comprehensive view of their clients’ total assets and liabilities across multiple custodians. It will act as an analytical dashboard for investors but also as an oversight tool for advisers.”
Invessence provides digital wealth management technology including robo advisery services that enable asset managers, broker-dealers, and advisers to deliver their investment solutions through a white labeled platform.