SEI enhances wealth management with multi-custody data integration

SEI (NASDAQ:SEIC) has announced an enhancement for U.S. wealth managers utilizing the SEI Wealth PlatformSM (SWP), offering an advanced integration that allows for comprehensive management of assets custodied both internally and with third parties. This enhancement is enabled by SEI’s proprietary core accounting engine, setting a new standard in the wealth management industry for data aggregation and accuracy.

The introduction of this multi-custody capability by SEI is a transformative move designed to address the persistent challenge of inconsistent data across the wealth management customer lifecycle. By ensuring robust, accurate data at the core accounting level, SEI empowers wealth managers to provide tailored advice and manage assets more efficiently, enhancing transparency and governance across all types of accounts.

Sanjay Sharma, Global Head of SEI’s Private Banking and Wealth Management business, emphasized the significance of this development: “As wealth management organizations continue to wrestle with inconsistent data provided by point solutions that don’t run across the entire customer lifecycle, SEI’s multi-custody capability is a game-changer for the industry.”

The SEI Wealth Platform‘s multi-custody capability provides a range of benefits, including:

– Greater transparency across all customer assets, regardless of the custody location.

– Enhanced ability for wealth managers to offer tailored advice based on a complete financial overview.

– A unified process for managing both custodied and held-away assets.

– Centralized governance for newly acquired business without the need for custody migration.

Rob Wrzesniewski, Head of Global Solutions for SEI’s Private Banking and Wealth Management business, further detailed the platform’s capabilities: “The SEI Wealth Platform’s multi-custody capability not only empowers our clients to better serve their customers but also creates opportunities for them to gain new customers without requiring them to migrate custody of their assets.”

This capability has already been adopted by six U.S. wealth management clients through SWP, with more than a dozen in preparation for future deployment. The platform integrates data from over 230 third-party custodians, representing more than $50 billion in assets, highlighting the extensive reach and impact of this innovative solution.

SEI’s commitment to advancing data and platform capabilities globally is evident in this latest enhancement, promising to drive growth and improve service delivery for wealth managers and their clients. This strategic development underscores SEI’s dedication to providing leading-edge solutions that cater to the evolving needs of the wealth management industry.