Has anyone undergone a vendor selection process for Wealth Management Systems? Looking to shortcut the RFP process and slim down all of the reading and explaining in my future. :)

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ck on Apr 14, 2020 • 1 answer
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We are looking for a modern system that has a real api that will allow us to easily integrate with our other platforms. Finding something like this has proven to be more difficult than I had hoped. Thanks in advance!


Hey ck, I saw your question today and reached out to a CIO from a wealth management firm that I work with, to get his input. Although he is not an IT Pack member, he shared his experiences, below, in hopes they might be helpful to you.

"CK, While it’s not the full answer you are looking for, I too, have had issues with this. Especially when it comes to Bloomberg and our multiple clearing firms. Introducing API writebacks to an outside company’s systems is extremely hard to do “contract wise” and is usually not allowed. The only help I can offer is to tell you that we built a data warehouse internally where we scrape the data from our clearing firms and other systems, normalize that data, and push to companies such as Sungard, Xtiva, and others. However, this is through SFTP and not API. I think you will start seeing this become more available in the coming years due to the heavy requests from broker-dealers to upgrade platforms that allow for corrections of data or other information to be pushed. Good luck with your search and I hope you find what you are looking for."

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Caleb Reimers on Apr 14, 2020
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