Impact of Account Aggregation on Advisor Practices: Capturing Growth Opportunities

New Aite Group advisor survey finds that the average practice revenue production is 36% higher for advisors who offer aggregation to clients compared to those who do not.

Boston, July 19, 2017 — Account aggregation technology consolidates financial account information held at multiple institutions into one holistic view, and the latest Aite Group report, Impact of Account Aggregation on Advisor Practices: Capturing Growth Opportunities, finds that it is not only experiencing a revival as the wealth management industry shifts from commission-based sales to fee-based advisory services but is also creating a competitive edge for the firms that provide it. After 20 years in the industry, account aggregation technology is cemented in place, and Aite Group research finds that financial advisors who do not encourage all clients to use account aggregation risk missing growth opportunities for their practice.

“Account aggregation is most beneficial as a client-engagement tool,” says Aite Group senior analyst Bill Butterfield. “Advisors can leverage held-away account data to provide more comprehensive service and advice, which ultimately leads to more revenue and assets per client,” he says.

This report, based on annual survey data collected from 2011 to Q2 2017, provides a view into account aggregation technology’s availability for financial advisors and their adoption of it. The report also compares key practice metrics for clients who use account aggregation technology against those of all clients. Finally, the report highlights opportunities for revenue growth.

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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