As we approach the close of 2024, it’s the perfect time to celebrate the milestones we've achieved through the Reporting Flexibility Initiative. This year has been a transformative one, marked by significant advancements in how we empower clients to tailor their reporting needs. This initiative goes beyond features—it’s revolutionizing how our clients work, empowering them to achieve more with less effort. Black Diamond® is committed to simplifying day-to-day operations, saving time, and delivering a more tailored reporting experience.
In 2024, the Black Diamond® team came together with a clear mission: to define success for our Advanced Groupings Initiative. Armed with bold ideas and a relentless focus on client needs, we envisioned a tool that would let advisors customize groupings, visualize reporting levels, and add unique colors and benchmarks—turning data into actionable insights.
What we couldn’t predict, however, was the incredible response we’d receive during our September webinar. With over 300 attendees and more than 40 questions in the Q&A session, the level of engagement was beyond our expectations—and the team was thrilled by the turnout.
Empowering Advisors, Elevating Outcomes
Beta testing for Advanced Groupings has been nothing short of groundbreaking. By introducing custom and system fields, we’ve streamlined workflows, slashed time spent on manual interventions, and unlocked more hours for advisors to focus on their clients’ success.
The results? Over 90% adoption and a massive shift in efficiency as we prepare for our upcoming Quarterly Performance Reporting. With impressive adoption numbers, it’s clear that the enhancements are meeting a critical need and driving value for our advisors and their clients.
Tailoring Reports with Classification Overrides
Hot on the heels of the Advanced Groupings rollout, we’ve already shifted our focus to the next phase of our Reporting Flexibility Initiative: Classification Overrides. In collaboration with our clients, the product team has been working closely to understand how this enhancement can further optimize reporting workflows.
By offering a solution for exception management, Classification Overrides enables clients to reclassify holdings that don’t fit within their firm’s standard classification schema. Whether it's adjusting a holding's superclass, class, or segment, we now provide the flexibility to accurately categorize assets and ensure that reports reflect the most relevant data. This tailored experience ensures that clients receive reports that meet their exact preferences and needs, regardless of whether a holding fits within the standard classification schema. It’s a new level of personalization that fosters stronger advisor-client relationships.
Simplifying Strategies with Manager Asset Reporting
Capping off the year, our product team is putting the finishing touches on Manager Asset Strategy reporting. This enhancement will provide clearer, more intuitive visuals for separately managed accounts within Black Diamond. With this update, scheduled for a Q1 launch, multiple accounts assigned to the same strategy can now be consolidated and reported as a single line item, offering a more accurate and cohesive representation of the strategy's performance.
Looking ahead, we’re excited for the continued evolution of our Reporting Flexibility Initiative. With these enhancements, we’re not just adding features—we’re transforming how our clients interact with their data, ensuring that their reports are as dynamic and adaptable as the markets they navigate.
To learn how the SS&C Black Diamond Wealth Platform can support your unique advisory business, request your personal demo, call 1-800-727-0605, or email info@advent.com.
