ByAllAccounts' WebPortfolio Compliance Service Gives Financial Advisors Custody Rule Relief

BOSTON, March 30 /PRNewswire/ -- ByAllAccounts, Inc., the financial advisors' choice for account aggregation, today launched WebPortfolio Compliance, a secure, cost-effective way for advisors to benefit from account aggregation without being subject to the annual surprise examination requirement of the SEC rule 206(4)-2, known as the "custody rule." WebPortfolio Compliance provides advisors aggregated account information without the need for direct online access to clients' accounts, access which often constitutes custody under the revised SEC rule. Advisors get all the benefits of aggregated account access, including the ability to advise and bill on held-away assets and provide more holistic portfolio analysis, without assuming the burden of custody.

"Advisors who can see a client's complete financial picture are able to offer better advice and, in turn, benefit financially from doing so, but in the wake of the SEC's custody rule amendments many question whether they want to have possession of client login credentials," said James Carney, president and CEO of ByAllAccounts. "Our new service simply eliminates the risk so advisors and their clients get all the benefits of account aggregation without the time-consuming and costly headaches that accompany formal custody."

Key Features of WebPortfolio Compliance Include:

• Easy, Secure Investor Login makes it convenient for clients to allow aggregation of their accounts, without granting advisors direct access.
• Data Gathering Engine ensures accurate retrieval of all of a client's financial information (prices, balances, positions, transactions) from thousands of sources.
• Reconciliation-Ready Data, delivered by ByAllAccounts' patented technology, is normalized, cleansed and enriched before entering wealth management or trust accounting systems.
• Advisor Admin Tool provides the ability to obtain source position, balance and transaction information to research exceptions, again without the need to have direct access to the investor's account.
• Wealth Management Platform Integration so aggregated account data flows seamlessly into whatever system the financial advisor uses today.

Advisors who use the WebPortfolio Compliance service can see all of a client's account information and provide advice, but, because they do not have client usernames and passwords, they do not have custody. This means they are not required by SEC Rule 206(4)-2 to enter into written agreement with an independent accountant for a costly, time-consuming surprise examination of those client funds. For more information on ways the new solution saves time without sacrificing valuable, revenue-optimizing portfolio visibility, please visit: http://www.byallaccounts.com/index.php/products/webportfolio/.

Live Webinar March 30 at 2pm ET: Amendments to the SEC Custody Rule – What Do They Mean for You?

The webinar will summarize the amended custody rule and how it impacts advisory firms and advisors. The session will guide participants through what constitutes custody and will introduce ByAllAccounts' WebPortfolio Compliance service.

Register: https://www2.gotomeeting.com/register/619840354

About ByAllAccounts, Inc.

ByAllAccounts, the financial advisors' choice for account aggregation, is the only service that retrieves, enriches and consolidates reconciliation-ready account data from any custodian. ByAllAccounts' patented aggregation engine, through which more than $130 billion in assets flows, aggregates all client account data – from any source – within an advisor's wealth management platform or trust accounting system for a truly comprehensive view. Hundreds of advisors rely on ByAllAccounts to save administrative time and costs, mitigate risk associated with having incomplete information and grow revenues through client referrals and new business development. ByAllAccounts integrates seamlessly with all of the most popular wealth management platforms.

ByAllAccounts was founded in 1999 and has its headquarters in Woburn, MA. For more information about the company: www.byallaccounts.com.  

SOURCE ByAllAccounts, Inc.