April 2017 – Account Aggregation Tools

With money spread across so many different apps and platforms, many investors nowadays struggle to keep track of all their financials. To help clients in this regard, and to keep pace with the increasing ubiquity of third-party aggregators like Mint.com, many leading brokerages offer account aggregating services on their platforms. These services allow clients to gain a holistic view of their financial picture in a single location as well as observe changes in their overall portfolios. In this month’s e-Monitor Report, we examine the account aggregation services of our coverage group firms. In our analysis, we examine each platforms’ accessibility and capabilities as well as its integration within the rest of the client portal. This is our first time covering this topic.

Account aggregation services are offered by 10 of the 19 firms in our coverage group. All the platforms are powered by third-party providers, most commonly Yodlee. While this means that many of the platforms maintain similar designs and general functionalities, they vary significantly in the ancillary capabilities offered. Only three firms, for example, offer customizable alerts for the different kinds of accounts that can be synced to the platform, and only two firms offer cash flow analysis tools. Firms also differ considerably in how they integrate external account information into the rest of the client site. Overall, this is an area in which firms can improve greatly.