A DC I-O ally is extending its support to reach the retail and RIA channels of asset managers, too.
Today San Diego-based BrightScope
unveils a new service for asset managers, built on the Beacon
sales reporting platform already used by DC I-Os and BrightScope's Advisor Intelligence
platform of all folks out there registered as some kind of advisor. The idea, explain BrightScope CEO Mike Alfred
and chief revenue officer Chris Riggio
, is to help asset managers aggregate and enrich their retail and RIA channel sales reporting data, tying transactions back to specific RIAs and advisors.
Alfred confided that BrightScope's first client for the expanded service went live with it last month. He declined to name the client, describing the shop as "a top-20 global asset manager."
"An overarching theme in the industry is that firms are struggling with the level of transparency and the ability to aggregate that internally," Riggio tells MFWire
Alfred points to finance, information technology, and product divisions as being asset manager units that all the channels end up working with. That makes them logical points of delivery for BrightScope's newly expanded service.
Like the DC I-O side of Beacon, the retail and RIA channel piece is also dependent on data sharing between BrightScope and the asset managers who sign on.
"We have to have participation from our clients," Alfred tells MFWire
. "They're providing us files they're getting from their partners."
Alfred puts the Beacon expansion into the context of a broader strategy at BrightScope to extend "beyond just retirement." Asset managers, Alfred says, are telling BrightScope that their teams "need help on these other aspects of [their] business," too.
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