Private Client Resources, which works with family offices, RIAs and private banks, has taken on a financial technology expert in a new role to help bolster its growth in the data aggregation and wealth reporting space.
Private Client Resources, the data aggregation and wealth reporting firm, has brought in fintech veteran Bob Miller as vice chairman and strategic advisor.
As founder and chief executive of four fintech companies, Miller is an expert in the consolidated investment data space and has a strong background providing managed solutions to the financial services industry. His most recent company, CorrectNet, was a venture capital-backed provider of aggregation and reporting for institutional asset managers, prime brokers and hedge fund administrators.
PCR has been busy expanding its reporting offering over the last 12 months to include data as a service, mobile client communication capabilities, enrollment automation tools, and the ability to access data via APIs. It also recently linked up with Chicago Clearing Corporation, the securities class action claims recovery specialist.
“Over the past seven months, Bob and I have worked closely together with management to shape the vision for a new PCR. Over the next 18 months, we plan to double the assets we aggregate for advisors and their ultra high net worth clients,” said Robert Fiore, president and chief executive at the Connecticut-based firm, which was founded in 2000.
Miller noted that wealthy families “have always been high-touch and required tailored service,” but that trying to scale this service model at increasingly large advisory practices is a pressing challenge for the industry. “One area at the center of these challenges is information and the client communication process,” he told Family Wealth Report. Around 30-50 per cent of client portfolios are in illiquid assets and liabilities that require “costly manual and error-prone processes to satisfy,” he said.
“We believe that the printed report will be around a long time but that delivering a more real-time total wealth view designed to satisfy the new ultra high net worth client will be paramount,” added Miller.
The topic of client reporting has attracted considerable industry attention in recent years. Back in 2012, a study by Family Office Exchange found that 80 per cent of family offices provide their clients with a quarterly financial report, but that the task of doing so consumes almost a third of the average family office’s time. Meanwhile, according to FOX's most recent Wealth Advisor Benchmarking Study, client reporting is the area where technology is having the greatest impact in the wealth advisory space.