Client in the News: Private Wealth Systems CEO Craig Pearson Describes Banking Strategies to Control Consumer Relationships


As Envestnet and Yodlee clash, Banks Attempt to Slow Data Collection Processes and Sustain Business Relationships


JoTo PR Client, Private Wealth Systems (PWS), was featured in an article in RIABiz titled, Envestnet quietly deals rivals in on Yodlee play to placate big banks and their latent threat of ‘oblivion’ in response to ‘screen scraping.

With its precious Yodlee asset threatened with “oblivion” — but also presented with a tantalizing chance to leap ahead — Envestnet Inc. spent the last year taking the extraordinary step of forming a united front with two of its chief rivals. The Chicago-based outsourcer is leading a trio of Morningstar Inc.’s ByAllAccounts and Quovo Inc. and its own $590 million purchase, Yodlee, in assuring that their collective lifeblood — financial data held at bank and brokerages — remains cheap and accessible.

Given that banks may start to put up roadblocks to stop data collection processes, building relationships with banks is the only way Envestnet and co. can stay relevant as aggregators. The presumed disapproval of regulators is not entirely heartening, Pearson counters. “It’s telling that banks are not participating in this alliance or announcement,” he says. “Banks want to own the client experience and the overall relationship with financial consumers and they will take strong measures to protect those relationships.”

Private Wealth Systems, a global financial technology and data management company, provides a cloud-based consolidated investment reporting platform that captures, consolidates, cleanses, calculates and presents actionable investment insight across complex, multi-asset, multi-manager, multi-jurisdictional wealth.  With clients in the Americas, Europe, and the Middle East, Private Wealth Systems enables asset managers to reduce their operations and technology costs while providing a modern personalized user experience to sophisticated investors.   The company was named a FinTech20 Top Technology Company to Watch in 2017 and a FinTech 50 Top Innovator 2018. For more information, visit www.privatewealthsystems.com.  

RIABiz is an online journal covering the financial advice business. The publication uses sourced journalism and editorial analysis to capture the rise of new models for providing client-first financial advice against the backdrop of Wall Street’s decline.

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