These must-have features build efficiency and cohesion.
Multi-custodial software allows seamless trading across multiple client portfolios, avoiding uploads, spreadsheets and manual account allocations. RIAs know their tech has to be nimble and easy to use. But what features in multi-custodial software for RIAs matter most?
1. Easy segregation of data
With years of integration experience, we’ve built tools to standardize and seamlessly segregate all data that comes through, even if there are inconsistencies between data categories, clients and custodians. For example, if you have accounts at Fidelity and Charles Schwab, it will be easy to sort and filter.
2. Standardized processing
Whether you have 2 custodians or 20, the more standardized, automated processes you have available, the less likely it is that you’ll have to engage in time-consuming manual processes to meet the needs of multiple custodians. Blaze Portfolio creates trades across all accounts at once and the system automatically aggregates trades into groups by custodian.
3. Normalized data capabilities
The way data is segregated can vary widely between custodians, and not all multi-custodial software for RIAs can handle it. But Blaze Portfolio ensures normalized data is consistent across custodians. For example, if one custodian segregates data between ADRs and U.S. Common Stock, but another lumps them together under equities, a single data convention is created — so you don’t have to maintain multiple versions of the same security.
4. Standardized data integration
Regardless of where all your client data and accounts originate, Blaze Portfolio lets you filter, sort, optimize and analyze — all from one place. Send trades to many custodians at the same time with a single click, optimizing your trading workflow. The methods for sending data in and out of the system are the same, regardless of which custodian you’re integrating with, making instant, across-the-board trading fast and easy.
5. Systems for managing data differences
Sometimes stock symbols are inconsistent across custodians, but in our multi-custodial software for RIAs, we’ve designed specialized ways to adapt for differences. And while fixed income pricing is a challenging area to normalize because pricing can be subjective, there are ways to make this data objectively distinct for sorting and analysis.
Intrigued? Find out more with a free Blaze Portfolio demo!