WealthTouch, a reporting platform for ultra-high net worth families, family offices and their advisors, has launched a reporting service which gives clearer information on a clients’ total investment assets and how much of it is being managed by an institution.

The “Share of Wallet Report” is designed to helps private banks and other advisors assess how much of the total relationship with a client they are capturing.

"The Share of Wallet Report provides private bankers and advisors with a succinct yet comprehensive view of all accounts in their clients’ portfolios, whether those accounts are under the custody or management of the bank itself, or not.  This allows the private banker or advisor to monitor, manage, and grow the percentage of a client’s wealth under that advisor’s management and control," WealthTouch told Family Wealth Report.

The venture comes at a time when private banks and other wealth management professionals are trying to increase their share of the assets of high net worth and UHNW clients, and as a result, increase their overall revenues and profit margins.

In recent years, consultancies such as the UK-based Scorpio Partnership have noted that wealth management firms only manage a fraction of the total investable assets of the world’s wealthy, suggesting that even if assets remain static, there is considerable upside potential for growth by the wealth management industry.

“Many of our clients are investment managers and private banks who advise the wealthiest and most sophisticated families in the world.  In addition to providing complete clarity and control to the families on our system, we need to also build information and management tools for their advisors to enhance their productivity,” said Norman Jones, chief executive of WealthTouch.

The Share of Wallet reporting can also be assessed for different regions allowing management to assess how well their relationship managers are performing in other markets, such as Dallas, New York and Los Angeles.

WealthTouch was set up in 2001 and it has more than $14.5billion of reporting assets on its system.