What is Account Aggregation?
Account aggregation is an electronic service that retrieves a client’s bank account, investment account, and outstanding liability account balances from multiple financial institutions’ websites into one display, while not interfering with these accounts, to provide a comprehensive snapshot of the client’s assets and liabilities. As the advisor community continuously strives for higher quality investment advisor tools, account aggregation is playing an important role as an advanced feature of wealth management software. A rapidly growing number of US-based financial institutions are offering online financial services with account aggregation. Wealth management software and additional advisor tools are also including account aggregation as a part of their online feature set. Account aggregation makes detailed financial monitoring and analysis in wealth management software and other types of advisor tools possible. Account Aggregation & Wealth Management Software: What’s the Attraction?
Part of maintaining any type of financial records requires organization. Whether handling the income and expenditures for a household budget or the operating budget of a major corporation, it is important to have all the information in one central repository. That is the essence of account aggregation. In effect all Accounts Payable and all Accounts Receivable information is kept in one simple set of accounting books, either hard copy or electronic versions. Account aggregation is all about consolidating bills, so there is the chance to see a true picture of the current amount of indebtedness. There are several advantages to this approach. First, consolidation of all outstanding debt into one source of information, such as a database, makes it possible to develop a workable plan for managing the debt. This cannot be accomplished effectively without taking into consideration all outstanding obligations. As an example, a household attempting to juggle multiple credit card balances, a mor
Account aggregation is a service that simplifies the login process for multiple online services and allows consolidated viewing of information from multiple sites. By registering your username and password for such services as online banking, trading, and credit card accounts, you can view your information and transaction details for the various accounts on a single screen at the aggregation site.
