Software
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Available on-premise or on-demand to banks, trusts, broker-dealers, multi-family offices, and service providers, the NorthStar Desktop is an integrated wealth management software platform that streamlines and automates the entire workflow process.
NorthStar Desktop Benefits¹
Increase revenue per wealth manager
- Increase client-facing time by up to one-third by decreasing administrative efforts. Because NorthStar Desktop automates key wealth management processes, staff no longer needs to re-key data.
- Close more prospects by generating personalized proposals within an hour and personalized asset allocations within two hours.
- Accelerate client acquisition through improved prospect targeting based on profile data, investable assets and number of proposals sent.
- Improve service and increase client retention through proactive, personalized communications based on alerts and quick reports. NorthStar Desktop automatically generates alerts based on client life events or portfolio events such as bond maturing date. NorthStar Desktop also generates quick reports for use between client reviews that track drifts and portfolio performance.
- Gain additional assets under management by identifying underperforming held-away assets for conversion to more appropriate firm products.
- Improve perceived value of services and fees by demonstrating your firm can implement and monitor financial plans and proposals across multiple portfolios.
- Increase billable client services such as personalized consolidated reports explaining performance for held-away assets.
- Increase firm’s the book of business through NorthStar’s signature 360-degree client views.
- Bring new or complex products to market faster through a centralized product repository where wealth managers can become instant product experts by accessing up-to-date marketing and educational content.
Decrease operating costs
- Reduce application, staffing and training costs by eliminating or consolidating your firm’s un-integrated wealth management applications such as proposal generation, investment policy statement, update letters, portfolio proposals, financial planning, portfolio construction, and client reporting.
- Reduce the cost of under-used point applications such as third-party mean variance optimization calculators, wealth management analytics, financial planning, and investment policy document generators.
- Save on proposal generation costs by converting from third-party provider to in-house.
- Reduce CRM customization, integration and upgrade costs. NorthStar’s CRM-integrated wealth management software enables you to seamlessly pass client information, client service events, entitlements, and security policies already set up in your firm’s CRM to NorthStar, where it can be mapped to portfolios and used in wealth workflow processes.
- Reduce back-office client data administration and reconciliation efforts. Once entered at point of sale, NorthStar electronically captures client profile and hierarchy information so that entitled users in all departments can access accurate information centrally.
- Reduce the costs of cleansing and consolidating data by through NorthStar’s Client Hierarchy and consolidated reporting hub.
- Reduce the costs of aggregating and maintaining a firm-wide product catalog that spans an open architecture of in-house and external products.
- Reduce documentation generation costs through centralized document generation for proposals, client reviews and consolidated reports.
- Reduce market data integration costs through NorthStar’s import tools.
Improve compliance and control
- Reduce risk by building compliance into the wealth management workflow, consistently applying client investment policies to all entitlement-based advisory activities such as proposal creation and product selection.
- Improve compliance controls by ensuring wealth managers access only the products they are entitled to sell.
- Improve advice consistency by setting management ranges, firm-endorsed products, and risk profiles based on wealth tiers.
- Reduce compliance risk by automatically building portfolios based on manager picks and monitoring single stock exposure.
- Improve proposal and report consistency by leveraging compliant, firm-branded templates.
- Improve data consistency through centralized classification and assumption data.
- Increase compliance control through tracking client review process.
- Decrease compliance costs through automated set up and tracking of firm-configured workflows and compliance procedures.
- Reduce audit preparation time by versioning and storing entitlement-based investment policy statements, update letters and client reports.
Prepare for the future
- Accelerate time to value for a firm-tailored wealth management system through NorthStar’s flexible service-oriented architecture platform and toolkits. Use NorthStar Desktop Technology to quickly configure your firm’s workflows based on your own best practices.
- More easily change your workflows and business rules as your firm grows or changes its service model through NorthStar’s configurable platform.
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NorthStar Desktop Capabilities
Acquire more clients with pre-packaged NorthStar Client Acquisition Solution or capabilities purchased individually including:
- Prospecting & Client Profiles
- Complete, centralized data capture of client profile, including demographic, financial planning, portfolio, risk, relationship, and investment policy
- Straight-Through Processing for Wealth Management™ that automatically brings client profile data into asset allocation, proposal and portfolio construction processes
- Tailored risk questionnaires with automatic risk profiling based on wealth tiers
- Targeted prospecting based on profile data, investable assets and number of proposals sent
- Professional, personalized, and compliant proposal generation that can be integrated with a firm’s preferred proposal template
- Centralized wealth management data and document generator
- Firm introduction proposals
- Model asset allocation and model portfolios
- Analytics built into the workflow process for analysis of the client’s current financial situation and wealth scenarios projections
- Consistent, centralized classification and assumption data
- Portfolio and net worth opportunity capture, including external holdings
- Hypothetical cash flow and growth of dollar models
- Investment analysis at any level of a client’s hierarchy, including both internal and external holdings. Client relationships can also be evaluated according to how much money is associated with each, thereby identifying key client decision-makers.
Plan wealth holistically with:
- Financial wealth plans automatically implemented and monitored based on compliant, suitable, and wealth manager-entitled models
- Wealth planning including retirement, pre-retirement, education, and major events and scenarios
- Investment product proposals
- Investment Policy Statement
- Personalized asset allocations automatically created and monitored based on client profiles and investment policy objectives and constraints
- Sophisticated portfolio planning tools such as performance analysis and risk return analysis
Manage complex portfolios with:
- Product Research & Selection
- Centralized, firm-wide NorthStar Product Catalog Solution spanning all types of banking, insurance and alternative products to support an open-architecture sales strategy
- Product lists and comparisons to locate, track, and compare investments, including firm-endorsed products
- Product entitlements to ensure advisors access only those products they are licensed to sell
- Advanced product search and up-to-date talking points, marketing and educational content
- Product data administration and content management tools
- Compliant portfolios automatically built based on manager picks and reduced risk from single stock exposure
- Portfolio implementation that automatically leverages client profile suitability, eligibility, investment policy statement and asset allocation rules and constraints
- Client Wealth Management
- Active Client Hierarchy management tools to automatically maintain household relationships and their associated portfolios as well as third-party relationships and entitlements
- Graphical, 360-degree client views where wealth managers can navigate and take action on all levels of the client’s wealth, including qualitative and quantitative data on client portfolios and overall performance
- Ability to extend access to key clients via a Client Web
- Automatic client portfolio monitoring and re-balancing based on investment policy constraints
- Portfolio servicing and management, including rebalancing, add cash, and raise cash capabilities
- Client proposal generation and management
Report more personalized outputs with:
- Create personalized yet compliant consolidated client reports that analyze and explain performance data
- Centralized framework for generating client reviews, consolidated reports and proposals
- Holistic client data consolidation and delivery
- Client-ready report packages and templates
- Client review process tracking
- Client report document retention, management and retrieval
- Report process queue management and optional batch processing
- Product and performance alerts
- Investment policy statement compliance alerts
- Product reporting mart with product editing tools
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¹ Benefits may vary by client and environment.
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