October 6, 2015
New benchmark tracks and compares metrics for data source and product companies
LAWRENCEVILLE, NJ – 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:
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 .
About BNY Mellon's Albridge
BNY Mellon’s Albridge Solutions Inc. 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. Albridge Solutions Inc. is an affiliate of Pershing LLC. Additional information is available at albridge.com.
About BNY Mellon's Pershing
BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage, managed account technology and operations and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. 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. As of March 31, 2020, BNY Mellon had $35.2 trillion in assets under custody and/or administration, and $1.8 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.