The chief technology officer at the wealth management division of a large global financial services firm wanted to enhance the internal wealth portal used by the firm’s 10,000+ global employees. The objective was to expand and improve the quality of content and analytics within its internal portal in order to provide a sophisticated solution for analyzing portfolios, researching securities, and monitoring markets.
In addition to the firm’s desire to expand the capabilities of its internal wealth portal, it was also looking for a robust market data platform that would meet the advisors’ market data, research, and analysis needs as well as support their daily workflows. At the time, the firm’s advisors were relying on a legacy market data platform that users repeatedly described as being too confusing and cumbersome to navigate. Advisors felt they lacked the confidence and ability to quickly locate the content or functionality they needed when addressing client queries. Users often found themselves relying on web searches or contacting their internal research team for assistance. This was inefficient and led to lost time and productivity for advisors.
The technology team was looking for an open and flexible solutions provider that would address the diverse market data requirements across the enterprise and achieve higher levels of platform adoption.
The firm discovered that it could access FactSet’s unique content and dynamic reports in the form of individual web components. These components could be framed into the firm’s internal wealth portal alongside its portfolio management and trading applications for an optimal user experience.
During the evaluation process, the firm’s development team was pleasantly surprised with how quickly and easily these web components could be integrated into the firm’s intranet. It required less than a day’s work to develop a fully-functional proof of concept (POC), with FactSet web components communicating seamlessly with the firm’s native intranet displays.
Following the POC, the development team completed the integration of additional web components including company tear sheets, market overviews, news summaries, charts, and quotes into the firm’s internal wealth portal. These dynamic, interactive reports provided access to actionable insights without users having to navigate to other applications.
While this solution addressed the content and functionality requirements of the firm’s broader employee base, there were 2,000+ advisors who needed a more advanced and comprehensive market data solution. These advisors were licensed for FactSet's Advisor Web Workstation, giving them access to FactSet’s robust market data platform accessible from any device with a browser. Having access to FactSet’s wealth of content and analytics across all major asset classes and security types was particularly important for advisors, especially unique content such as FactSet’s global geographic revenue exposures, StreetAccount news, and fund and ETF analytics. In addition, FactSet’s integration of the firm’s internal model portfolios and recommended lists was very well received.
Above all, users found the tab-oriented web platform intuitive to navigate, often citing FactSet’s powerful search utility which empowered advisors to effortlessly locate and access the content and functionality they needed.
The integration of FactSet’s web components into its internal wealth portal allowed the firm to deliver superior content and functionality to its global userbase while outsourcing the data management and application development to FactSet. This minimized both development and implementation costs and reduced time to market.
Through the deployment of FactSet’s Advisor Web workstation to the firm’s 2,000+ advisors, the firm saw a substantial increase in platform discoverability and adoption, driven by an intuitive web-based interface coupled with FactSet’s interactive search utility.
Following the successful implementation of FactSet’s web components and deployment of the Advisor Web Workstation, the firm has begun exploring the use of FactSet’s digital solutions to create a personalized and engaging client online experience for its high and ultra high net worth and mass affluent clientele.
The opportunity to improve client communication and engagement by providing a consistent user experience between advisors and their clients was the next priority for the firm. The technology and digital strategy teams recently discovered that with an open and flexible suite of digital solutions, FactSet is well positioned to assist with this strategic objective.