LAWRENCEVILLE, N.J., Oct. 6, 2015 /PRNewswire/ -- Albridge, an affiliate of Pershing LLC, a BNY Mellon company, today announced the latest innovation to its comprehensive metrics program: The Albridge Data Quality Benchmark. The new benchmark is designed to help broker-dealers assess the quality of data they receive from companies. It also enables data source and product companies to more accurately identify and monitor their competitive strengths and opportunities for business improvement.
Albridge Data Quality Benchmark measures the quality of data on the Albridge platform based on the aggregate of holdings across three dimensions:
- Market segments
- Data sources
- Product companies and product types
Across the market segment dimension (including RIA, bank-owned, self-directed, independent broker dealers, insurance-owned and full service) client's metrics such as asset value or overall data quality are compared with other clients on the Albridge platform within the same segment. Data source depicts the data quality from different platform providers—such as custodians. Lastly, the data quality of the product company includes product types such as mutual funds, alternative investments, insurance, 529 plans and other investment products.
"Throughout our 15 year history as a leader in aggregating multi-custodial data to support wealth reporting, we have been personally invested in helping to drive the highest data quality standards for the retail financial services industry," said Greg Borgman, director of Albridge. "We created the benchmark to help companies identify where they can improve and help hold them more accountable for the quality of data that fuels wealth reporting and integrated applications. Our ultimate goal is to help improve the advisor and investor experience from a quality standpoint."
The metrics are generated on a month-to-month basis and are available to clients quarterly. Available at a client and enterprise-view level, the Albridge Data Quality Benchmark shows trends that help firms determine areas for improvement, resulting in increased transparency and confidence in the advisor or investor wealth reporting experience. The data quality metrics available on the new tool are key performance indicators of the client experience.
"These data quality scorecards provide valuable insight and business intelligence regarding our firm and relative market segment," said Donna Guinta, Vice President at Cadaret, Grant & Co., Inc. "Our firm is now enabled to make informed business decisions and take action based on the data quality of the data sources and product companies."
Albridge will host an industry wide working group, the Albridge Data Quality Forum, beginning in November 2015 to bring together all interested parties to help drive data quality initiatives forward.
Albridge aggregates data for over 45 million accounts at over 130 financial institutions for over 60,000 advisors. The Albridge Financial Data Network processes information relating to over 35 million transactions from more than 90 data sources, 650 product companies, and 6 million securities—offering a breadth of coverage unmatched in the industry.
For more information, visit www.albridge.com.
Albridge, an affiliate of Pershing LLC, is a leading provider of enterprise data management solutions that deliver a single view of an investor's broad range of assets. Our proprietary technology consolidates and reconciles client account and transaction data from hundreds of data sources representing banking, brokerage, insurance, retirement, managed accounts and more. Albridge processes this cleansed data and uses it to power a variety of downstream technology solutions, including performance reporting, sales practice monitoring, data warehousing, business intelligence, imaging and workflow. Albridge provides the foundation for financial organizations to leverage a single source of information to power a number of mission critical technology applications. Additional information is available at albridge.com.
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Contact: Cassandra Osei
+1 201 413 3394
SOURCE BNY Mellon