As a multi-generational wealth advisor, Beaumont Financial Partners utilizes a tailored investment strategy to help each client achieve their unique, long-term goals. Beaumont has delivered wealth management services to affluent individuals and families, small businesses, and non-profits since 1981.
Now serving over 1,000 client relationships, representing $2.5 billion in AUM, Beaumont’s technology strategy has evolved to manage its continued growth. “One of the reasons I was hired was because of my systems background and experience working on institutional trading desks,” noted Brian Corcoran, Director of Operations and Trading for Beaumont.
“Our first project was to find a new portfolio management platform that could accommodate our proprietary view on asset classifications, as well as our robust usage of alternative assets, as that is a core aspect of our offering, and our growth was making it difficult to scale. As part of that review, we looked into several industry platforms but found them either too expensive for what we needed or lacking key functionality we required.”
Benefits of Customizing Client Reporting for Wealth Managers
When Corcoran was introduced to SS&C Black Diamond Wealth Platform® , however, all of that changed. “The high amount of customization in Black Diamond is impressive,” Corcoran said. “We were able to customize the reporting and portfolio construction by client, whether they were tax or goal-oriented, and build out those templates right into Black Diamond – making it a straightforward decision to switch over.” Additionally, the automated reconciliation process has been transformational for Beaumont.
“Ultimately, our biggest obstacle growing and scaling the business was being stuck with a manual reconciliation approach,” Corcoran said. “The daily recon was brutal, and anytime there was a stock split or corporate action, we had to fix those by hand, particularly with over 2,000 accounts at that time, along with three different custodians. It was a huge time commitment. By getting rid of that through Black Diamond, however, we have freed up so many resources.”
Streamlining Data Management with Black Diamond
Data management is also a key focus for Corcoran. “Because of the robustness of the data in Black Diamond, it has become our central command,” he said. “As a result, we have confidence in the data, and thus, Black Diamond has become the source of record for any changes. Our philosophy is that if it isn’t in Black Diamond, it didn’t happen.”
The intuitive and user-friendly Black Diamond interface (UI) also impressed Corcoran and the advisors at Beaumont. “It is beautiful and so easy to navigate, so much so that I can sit down with a recruit and get them up and running in less than an hour. Also, via the robust provisioning in Black Diamond, I can turn them loose in the system, and they can’t break anything, making the adoption and usage across the firm widespread.”
Beaumont also provides its clients with financial planning services that requires tight integration with Money Guide Pro (MGP).“The Black Diamond integration with MGP works great. We get seamless, real-time data from Black Diamond into MGP. Because we manage nearly 100% of our client’s assets, that full financial picture becomes a powerful relationship management and experience enhancement for our advisors working with clients.”
What Corcoran appreciates the most from Black Diamond, beyond the superb technology, is the service culture. “Our client advocates play a consultative role, in addition to resolving any issues we may have,” Corcoran noted. “For example, if a change at one of our custodians will impact us, we hear about it from Black Diamond first. They can anticipate the alterations to our workflows and advise us of the best way to manage these changes because of their intimate familiarity with our service style and approach. As a result, that level of proactivity is critical, and we really appreciate having them on our team.”
FOR MORE INFORMATION
No matter your size or structure, the SS&C Black Diamond Wealth Platform has the flexibility, infrastructure, and power to support your unique wealth management business. To learn more, please call 1-800-727-0605 or email info@advent.com.
