MyVest Launches Next Generation Suite of Advisor Managed Tools

SAN FRANCISCO - Dec. 5, 2014 - PRLog -- MyVest, a provider of client-centric wealth management technology, announced today the release of their next generation suite of advisor managed tools that increase advisor productivity and reduce the risk associated with rep-as-portfolio-manager (“Rep-as-PM”) programs.  These new tools give advisors more power to efficiently deliver custom portfolios while giving their sponsoring firms confidence that each client portfolio is being invested according to its investment policy guidelines.

Powerful new features

This production release signifies a major step in the evolution of MyVest’s Rep-as-PM capabilities complementing the Mutual Fund/ETF Advisory and Unified Managed Account programs supported within MyVest’s Strategic Portfolio System^TM (SPS).  With the release of these new tools, MyVest has extended its holistic, household wealth management framework from centralized, firm-managed investment programs to advisor-managed programs.

Enhancements include:

- A redesigned dashboard of action items and alerts that highlight portfolios requiring attention

- Across-the-board trading tools streamlining the implementation of tactical portfolio changes

- A portfolio editor for precision control over trading within a single portfolio

- An order management system for managing/blocking trades with real-time executions

- Broader fixed income trading and support capabilities

After the completion of a pilot and successive refinements, these new tools are now generally available to sponsors who want to offer advisors more powerful portfolio management tools while enhancing centralized compliance and oversight.

Growing demand and risks

Rep-as-PM programs, where advisors control portfolio construction and management, are a growing need for wealth management firms’ recruiting and retention.  Rep-as-PM represents $863B of the $3.8T managed accounts industry, and shows a 67% 2-year growth rate, compared to 50% growth for entire managed accounts industry (The Cerulli Edge – Managed Accounts Edition, 3Q 2014).  However, it is expensive, requires extra oversight, and introduces new risks for the sponsoring firm.  Challenges include adhering to a fiduciary standard and a consistent portfolio management process, and addressing divergent performance between advisor-managed and home-office-managed portfolios. Additionally, Cerulli mentions that “scale quickly becomes nearly overwhelming with thousands of advisors each serving hundreds of clients” (The Cerulli Edge – Managed Accounts Edition, 3Q 2014).

Benefits for advisors, firms, and investors

MyVest solves these challenges by integrating its powerful Rep-as-PM solution within an enterprise wealth management platform.  Advisors not only get the freedom and control over portfolio management they are looking for, but they can also create multi-account household portfolios using MyVest’s Unified Managed Household (UMH) framework.  At the same time, the sponsoring firm can maintain oversight over the entire operation at scale, using technology that automates monitoring and the use of best practices for all portfolios across all managed account programs on a single platform.  Investors get better outcomes though more personalized, holistic, tax-sensitive investment management from their advisor.

“As a comprehensive enterprise wealth management platform, MyVest has always covered the spectrum of managed account programs, from central firm-managed to advisor directed solutions,” said MyVest CEO Anton Honikman.  “Now we are offering the next generation of Rep-as-PM tools to meet the increasing demand from advisors to personalize portfolios as well as meet the rising bar for firms to manage these programs in a compliant and scalable way.”

About MyVest

MyVest's mission is to secure the financial future of more families by enabling their advisors to provide personalized wealth management at scale.  With MyVest, formerly underserved investors receive personalized solutions, advisors spend more time with clients and prospects, and wealth management firms grow into more scalable, profitable businesses.  MyVest's core offering is its Strategic Portfolio System™ (SPS), a cloud-based software and services platform that enables holistic wealth management across the enterprise in a single, unified system. Headquartered in San Francisco, MyVest draws on the Bay Area's technology and financial services communities in an innovative, collaborative environment.