State Street, a provider of financial services to institutional investors, has expanded its wealth management service offerings that build on its suite of services.
State Street Wealth Connect provides access to State Street through a customisable web-based platform that is fully integrated with its investment servicing solutions including global custody, accounting and corporate actions monitoring. Users can view and create custom reports and queries to analyse accounts, holdings, transactions and event information.
In addition, the service provides on-demand client statements as well as additional transparency into underlying security positions through reporting on exposure and tax impact. Additional services, such as messaging and document delivery, help wealth managers to communicate directly with their customers through this portal. State Street WealthConnect can be customised as a full-service model or as a targeted set of services to meet the needs of each customer.
State Street has added that its expanded service offering includes customised interfaces and white-label capabilities for wealth managers including registered investment advisors, trust companies, and private wealth management firms and their high net worth customers. Existing customers can access the system via its web interface. Additionally, it is planning to release additional functionality to the WealthConnect platform within the next year including performance and analytics, administrative workstation and portfolio management tools.
Steve Nazzaro, senior vice president of wealth manager services business at State Street, said: “Our wealth management customers are increasingly looking for a comprehensive service that helps them manage regulatory requirements, optimize their business processes and provide expanded functionality and reporting. The enhancements that State Street has made to its WealthConnect offering enables our customers to focus on asset management and growth instead of middle-and back-office functions.”
