Balancing Control and Automation: Black Diamond's Journey to Meet Industry Demands

Financial technology is constantly evolving; finding the right balance between providing firms with autonomy and leveraging automation is crucial. Historically, SS&C’s Black Diamond Wealth Platform managed all client automation processes. However, as the platform grew, client feedback highlighted the desire for greater control and flexibility over data management.

So, in response to client feedback, Black Diamond introduced several firm-facing tools that enable our clients to handle previously automated tasks independently. These tools empowered firms to tailor their experience within the platform to fit their unique needs, fostering autonomy and efficiency. For example, the team has introduced such features as:

• Live Recon for data adjustments after reconciliation
• Report Builder for custom report templates
• Update Pricing tool for asset price updates

An additional standout tool, the Transaction Backdating feature, is revolutionizing transaction management within accounts. However, the team took a different approach before launching this innovative feature in 2018, as from the beginning, it was introduced as a firm-facing tool. The convenience and efficiency offered by this tool made it a resounding success for our clients as it enables firms to move transactions back to prior dates, prompting the system to rebuild account positions based on the backdated transaction. Additionally, the widespread adoption and utilization of the Transaction Backdating tool highlighted the need for further independence, reinforcing the importance of prioritizing automation to meet industry demands.

The financial technology industry thrives on balancing software companies' expertise with empowering firms to have control over their data. Black Diamond's journey from offering complete automation to now providing a unique combination of automation and firm-facing tools demonstrates our commitment to meeting the evolving needs of our clients. In addition, the implementation of the automated Transaction Backdating feature showcases how automation can revolutionize processes and enhance the overall user experience.

As Black Diamond continues to prioritize holistic solutions and automation, we aim to remain at the forefront of empowering firms.

To learn how the SS&C Black Diamond Wealth Platform can support your unique advisory firm, request your personal demo, call 1-800-727-0605, or email info@advent.com.