Family Office
Concord completes overlay-technology installation
Investment-platform seller puts last touches on integration with
Smartleaf. Wealth-service outsourcer Concord Wealth Management
has completed the integration of its investment platform with
Smartleaf's overlay-management technology.
Concord has been working with Cambridge, Mass.-based Smartleaf
for about a year, according to Richard Trumpler, CEO of Concord's
banking-services group. Its Smartleaf-supported unified managed
account (UMA) platform went live this past summer.
Universal architecture
UMAs are fee-based, single-account investment products that
typically feature combinations of separately managed accounts
(SMAs), mutual funds and ETFs. Overlay management refers to
processes associated with account-level rebalancing,
restrictions, cash flows, and, where relevant, tax-liability
management.
Wealth managers with access to Concord's "Universal Architecture"
platform can use Smartleaf's overlay system to rebalance client
portfolios with a view to managing tax exposure, expenses and
risk. Where warranted, they system also lets advisors and
portfolio managers transition existing client portfolios to UMA
formats.
"This alliance with Smartleaf exemplifies Concord's 'Universal
Architecture' approach to wealth management, which enables banks,
brokerages and other Concord clients to integrate a broad range
of products, processes and technological capabilities into their
own operational infrastructure," says Trumpler.
Matawan, N.J.-based Concord, which works mainly with banks,
doesn't publicize its assets under administration.
Still, Smartleaf's CEO Gerard Michael says that "Concord's growth
is impressive and a testament to the quality of their firm and
client base. We're excited to participate in Concord's continued
success as they expand their UMA offerings."
Smartleaf has around 50 institutional clients; and like Concord
it does most of its business in the banking channel.
In addition to completing the Smartleaf integration, Concord has
added to a recent string of hires with the appointment of Erik
Leishman to oversee sales and client relationships in Concord's
eastern U.S. region. He reports to executive managing director
Alan Gavornik. -FWR
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