Advent Software, well known to the wealth management sector for its technology, has kicked off its annual conference with the launch of a new cloud-based platform.

Advent Software has launched Advent Direct, a cloud
platform designed to help firms improve operational efficiency and client service by consolidating solutions and workflows spanning front- and back-office
operations.

The New York-listed firm, which provides technology solutions for the wealth management industry,

unveiled Advent Direct
yesterday at its annual AdventConnect conference in San
Francisco, CA,
describing the new platform as “highly configurable, secure and collaborative.”  

Specifically, Advent Direct will unify functions within the firm including research, capital allocation, performance measurement, exposure management and tax.

“For the multi-family office, we enable the central firm to create structured workflows to drive best practices within key activities such as client on-boarding, investment reviews, re-balancing, etc,” Advent told this publication.  

One of the first solutions delivered through Advent Direct will be Advent
Direct Community, an “online client experience” designed to encourage the sharing
of ideas and opinions among Advent’s clients, partners and employees.

“While advances in big data and cloud-based technologies are transforming the business practices of investment management firms, social and mobile consumer technologies are transforming the expectations of their employees and clients,” said Todd Gottula, chief technology officer at Advent Software.

New look

Advent Software has also unveiled a new logo
and re-designed its website in a move reflecting current technology and industry transformation. The new brand identity is a “visual commitment” and incorporates a new focus on collaboration, flexibility, innovation and openness, the firm said. 

Advent Software provides technology solutions to some 4,500
investment management firms and professionals in over 60 countries. It serves around 440 advisory firms with web-based, outsourced portfolio management
and reporting via its Black Diamond platform, while Advent OnDemand offers investment
solutions through the Software-as-a-Service model. 

Advent Direct has been launched during a time of increase awareness among wealth
management firms and professionals globally about the potential benefits of cloud
technology. The
main operating efficiencies gained from using cloud technology include seamless remote access, security/guaranteed backup, cost
savings, no hardware limitations and time savings, according to the 2013
FOX Family Office Benchmarking: Technology in the Family Office study. However, concerns about security and privacy emerged – somewhat predictably – as
the biggest factor holding back family offices from using cloud
technology. While the FOX study is based solely on responses from family offices, its findings are indicative of wider industry trends.

“This is a critical time for the industry we serve with major regulatory, macroeconomic, and technology shifts continually evolving the way investment managers do business, making this a great time to come together to share ideas and demonstrate new solutions that will help our clients thrive and seize the many compelling opportunities today’s markets have to offer,” said Pete Hess, chief executive at Advent Software.