Invest Edge's Flagship solution: Painkiller for Headaches of Wealth Managers

By CIOReview | Monday, September 16, 2019
Jeffrey Cowley, CTO

Jeffrey Cowley, CTO

InvestEdge releases the compliance monitoring system embedded with skills to save time and expenses of the company simultaneously retaining the quality of reviews.

FREMONT, CA: InvestEdge, a financial advisory solutions provider, has announced the release of Compliance Middle Office Management (Compliance MOM), thus leveraging its compliance monitoring system's new capabilities. These capabilities are specifically designed for reducing compliance expenses incurred by wealth managers, simultaneously retaining the standard of every conducted review.

InvestEdge is a wealth management solution provider to trusts, large banks, and brokerage firms. The progressive leaders of investment firms that are in partnership with InvestEdge, do the job of advising and serving prosperous families and individuals. The company aims at assisting the businesses to flourish and provide the ultimate customer experience through innovative thinking and certified wealth management technology. Today, numerous world advisors depend on InvestEdge for measuring, managing, and reporting on the assets of significant net worth and ultra-high net worth customers.

InvestEdge was featured in CIO-Review as one of the 20 Most Promising Banking Technology Solution Providers 2019. “Advisory firms choose InvestEdge because we have a proven track record and highly scalable technology that can grow with their firm,” said Brian Burns, President of InvestEdge. “Over the last two decades, our solutions have enabled advisors to navigate considerable industry shifts, most notably increased regulatory requirements.”

Compliance MOM comprises of three characteristics that enable the wealth managers to scale their business cost-effectively by assisting them in cutting down the time spent by high earning advisors on conducting reviews without putting the quality at risk.

Quality Control Process: The randomization algorithm of compliance MOM for quality control takes a leaf out of the book of the manufacturing sector by picking a random and statistically good percentage of overall reviews for the second review. The software of Compliance MOM selects a piece for a second look, thus significantly reducing the number of second reviews. According to research, there is an increase in the initial review quality when the workers get to know about the uncertainty of their review being selected for double-checking. The software allows reducing the number of secondary reviews that assist the wealth managers saving a lot of time that can be later spent on tasks related to revenue-generation.

Reassignment of Task: Compliance MOM’s software helps the front-office managers to have extra free time, by assigning middle-office employees to less sensitive, routine administrative reviews. Combined with the additional time saved, the software allows the wealth management firms to significantly cut down the time as well as the expense associated with compliance without putting quality at stake.

Types of configurable reviews: Earlier the firms were restricted to only two types of traditional reviews, i.e., Investment and Administrative reviews. With Compliance MOM, wealth managers can enjoy the privilege of creating multiple types of reviews based on uncountable features like risk, account type, or on the cycle, which completes the review. This enhances the capability of the firm to smoothen the work process, and of review management to meet the business requirements.

“Each firm must clear the usage of this software with their individual regulator, but the responses we’ve received from our customers and prospective customers so far has been overwhelmingly receptive and positive. This addition to InvestEdge’s suite of integrated technology tools further empowers wealth managers to focus on growing their business and providing the best client experience possible” concludes Brian.