News

StatementOne Introduces Automated Data-Conversion Tool for Users of Advent Axys and dbCAMS+

Economical data-conversion tool enables advisors to import valuable historical and client data into StatementOne's web-based solution

April 15, 2003— Lawrenceville, NJ — StatementOne, the industry leader in enterprise data consolidation and web-based portfolio accounting and performance reporting, announced today the introduction of TransPro, the first fully-automated data conversion tool. TransPro efficiently - and cost-effectively - backloads historical account data and client information from 3rd-party software systems, such as Advent Axys and FCSI's dbCAMS. Advisors with years of historical data in these systems can now leverage their investment as they move to StatementOne's web-based platform.

Overcoming the many data import challenges presented through other systems, StatementOne applies its proprietary scrubbing methodologies to the imported data, prior to joining it to the StatementOne consolidated database. Advisors need only to review and approve the imported information, before it is automatically merged into the StatementOne data warehouse. TransPro enables advisors using StatementOne to leverage their investment made in other systems by providing the historical data required for accurate performance reporting.

An early user of StatementOne's TransPro tool was Fairfield, Iowa-based broker/dealer Cambridge Investment Research. They used TransPro to convert over ten years of account transaction information for several of their advisors. This data had previously been stored in a dbCAMS portfolio accounting application. "Our advisors are now able to take full advantage of the power of our StatementOne platform," said Amy Webber, Cambridge's chief operating officer and executive vice president. Webber adds, "TransPro has allowed our reps and advisors to complete the process of fully automating the steps necessary to deliver quality data consolidation and performance reports to their clients, without sacrificing the years of history that had been maintained in other systems. They're able to save thousands of dollars per year through the elimination of desktop applications, and through reallocating their administration staff towards higher-value, revenue-producing activities."

"Our objective in developing TransPro was to automate the process of moving account data from one system to another, requiring minimal time commitment on the part of an advisor or the financial institution. Historically, this process was cumbersome, labor-intensive, and fraught with error. Now, a simple 'Review and Approve' tool enables the advisor to verify the accuracy of the import file, helping to ensure the integrity of the data," said Jakob Rohn, StatementOne's senior vice president of product development. He adds, "Of course, we're very conscious of our financial institution clients' concerns about compliance. TransPro leverages the automated data-scrubbing and cleansing techniques we pioneered in developing our web-based portfolio accounting system, enabling us to achieve a level of accuracy that's simply unparalleled in our industry. This goes a long way towards helping us to meet the compliance needs of our clients."

"Our financial institution clients - and our prospects - have been clamoring for this functionality," said Rohn. He added, "Having the ability to augment our daily, dealer-level, feeds with an advisor's historical data will enable them to better track cost basis and report on performance for those assets which have acquisition dates predating our relationships with our financial institution clients. More comprehensive data gives advisors a holistic view and will enable them to provide better advice to their investor clients. Most importantly, it's a fully automated process which ensures highest data integrity, and is painless to the advisor."

About StatementOne...

Founded in 1993, StatementOne provides technology solutions to the retail wealth management market. For financial institutions, they consolidate enterprise investment account data in a scalable and accurate way, to power best-of-breed applications used for business planning, analytics, product development, compliance, and CRM. For financial advisors and their clients, they deliver a powerful, yet easy-to-use web-based portfolio accounting and performance reporting solution that enables advisors to provide better and more timely advice. This helps advisors boost top-line revenue while reducing administrative costs, and increases the probability of financial success for both them and their clients.

StatementOne currently manages account data for 49 financial institution clients, representing over one hundred fifty billion dollars in assets, tens of thousands of financial advisors, and millions of investors and individual accounts. Their current clients include independent broker/dealers, banks, credit unions and other financial institutions.

For more information contact StatementOne at marketing@statementone.com.