So Advisers Have Access to More Data – Now What?


Investment News FintechData aggregation is currently one of the hottest topics in the financial services industry. As technology evolves and robo-advisers attempt to snatch clients, advisory firms are seeking new ways to stay competitive.

What better way than pulling in information on all of a client's finances in real time?

Although the notion of incorporating held-away assets into an adviser's view is decades-old, in general advisers have been slow to incorporate the digital account-aggregation services that software vendors offer.

Some even feel that the process may be a waste of time.

Data-management experts are assuring advisers that's not the case.

"Most advisers have just a partial view of assets based on an investor's profile," said Stephane Dubois, chief executive of Xignite, a data analytics and aggregator. "Without knowing that, they don't necessarily provide that holistic advice."

There are ways advisers can dive into the data to reap the best results in a time-efficient manner.

Lowell Putnam, chief executive of Quovo, a data aggregator, said advisers need to first ensure that they are pulling data from all of the accounts a client has. Through Quovo's platform, advisers can invite their clients to share their financial information without sharing their login credentials.

"What you get out of it depends partially on what you and your clients put into it," he said, suggesting that advisers ask prospects and clients to share this data in order to enable the creation of customized financial plans.

"If they are willing to share that information with you, it streamlines the process," Mr. Putnam said. "We find advisers do very well when they aggregate client accounts, even before they have become clients."

Clients should be engaged in the process of gathering and applying data insights from the very beginning.

David Benskin, chief executive of Wealth Access, a data-aggregation platform, said that having an easy-to-use portal helps. It also keeps advisers competitive against the likes of robo-advisers.

"Where robos excel is the client-engagement piece," Mr. Benskin said. "The client has to be inspired or initiated and want to provide that information."

The trick to getting clients to jump on board is to provide an immediate result or insight for the client so they see something positive come out of the process.

Mr. Benskin said that using data aggregation through software highlights identifiable objects like a high interest rate for a mortgage or too much credit card debt. They can analyze "the overall balance sheet," he said.

Mr. Putnam suggests providing something tangible to clients as well, such as a report of all of the aggregated accounts, even if it's at first a basic overview.

"It's a big ask to share credentials online, so clients need to see benefits," he said. "You have to be able to show something back to the end client."

Many software platforms have that aspect covered, especially as more and more vendors team up with one another.

AdvisoryWorld, a financial planning, asset allocation and investment analysis software provider, recently announced that it will use data aggregator Intuit through their integration with Orion Advisor Services, a wealth management technology provider, to analyze client data.

"Advisers are getting more and more value out of this type of data," Mr. Wilson said. "It is only going to get better the way aggregators are opening up their pipes."

Indeed, they are. Take for example, financial services technology provider Envestnet, which recently acquired data aggregator Yodlee, or Quovo, which recently finished up a funding round with participants including Ron Carson, Steve Lockshin and Marty Bicknell.

Sue Glover, the founder and president of Susan Glover & Associates, a financial services technology consultancy, said there's a lot that advisers can and should do with the client data they collect — such as map available data with the goals of the client to provide a better story for what they have and where they're going. However, she wonders how much information is too much information.

"Do clients really want planners knowing their credit card balances or mortgages?" she said. "If they don't want to save, then it might become an issue or seem too much like Big Brother is watching."

While that may be a concern, advisers will need to stay focused on why they're incorporating personal financial data: to provide a better personalized plan for their clients.

"This isn't a Big Brother mentality," Mr. Putnam said. "It's really what we call the 'big bro,' a hand on your shoulder and giving advisers better insights to achieve your goals."

Source: Investment News


Each year, Bobsguide asks the market to vote for fintech companies they believe stand out from the competition – those who have gone the extra mile in terms of development and servicing their clients. Xignite is proud to be listed as the "Best API Management" vendor on the Bobsguide 2020 Rankings.

Read article on Bobsguide


Web services data provider Xignite captured the AFTAs judges’ attention on the infrastructure front with its release of Xignite Enterprise Microservices in July 2020, a suite of cloud-based microservices for data management, storage and distribution in the cloud, designed to help financial firms migrate from monolithic legacy data architectures to more agile and less expensive cloud services and data sources.

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Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”


Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit or follow on Twitter @xignite


Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today announced that its Market Data Management-as-a-Service solution has been named “Best New Technology Introduced over the last 12 months – Infrastructure” at the 2020 WatersTechnology American Financial Technology Awards (AFTAs). Selected by the editors of WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.

Xignite’s Market Data Management-as-a-Service (MDMaaS) solution enables buy- and sell-side firms to centralize the management of vendor data feeds into their own cloud environment. The solution is built around the cloud microservice-based architecture and technology stack Xignite has been refining and scaling for more than 10 years. Xignite’s technology platform has been the backbone of the company’s Data-as-a-Service business, daily supporting 12 billion API requests of financial data for their 700 fintech and financial services clients. Now Xignite is leveraging this battle-tested cloud-native data management architecture to offer buy- and sell-side firms a market data vendor agnostic offering, with connectors available for firms to load data they license from Bloomberg, Refinitiv, ICE and numerous other providers.

The MDMaaS solution includes a suite of loosely-coupled modules that enable market data user firms to control their data usage, automate entitlements, optimize their data spend and minimize liabilities by simplifying data governance and ensuring regulatory compliance.

The functionality is delivered via microservices, an architectural approach in which core functionality is handled by loosely coupled, independently deployable modules that can work together or separately. Microservices architecture stands in stark contrast with monolithic platforms that require expensive on-premise technology – that is especially hard to maintain in the context of a pandemic.

The MDMaaS microservice-delivered modules introduced in 2020 include:

Xignite Entitlements and Usage - Manage the entitlement of vendor data to users and applications to ensure compliance and eliminate excess spend.

Xignite Optimization - Streamline data consumption to avoid duplicated vendor requests, leverage cached bulk data and get recommendations to reduce data costs.

Xignite Data Lake - Centralize, catalog and connect data shapes to enable frictionless integration by consumers via unified cloud APIs.

Xignite Reference - Aggregate, normalize, store and index vendor reference data to centralize enterprise-wide access.

Xignite Historical - Provide centralized access to normalized, stitched and adjusted historical data via cloud APIs.

Xignite Real-Time - Distribute real-time vendor data via cloud APIs, eliminating on-premise infrastructure.

Xignite Fundamentals - Make simple and complex time-series data structures available via cloud APIs.

“Xignite has pioneered market data in the cloud for more than 10 years now, so we are very excited to announce – and be recognized for – our Market Data Management-as-a-Service solution,” said Stephane Dubois, CEO, and founder of Xignite. “The pandemic has reinforced the need for financial services firms to migrate to the cloud as a means of navigating disruption and enabling scalability, among other benefits. We are proud to spearhead that effort and help the industry modernize its approach to financial and market data.”

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data via its Data-as-a-Service and Market Data Management-as-a-Service solutions. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices to build efficient and cost-effective enterprise data management solutions. Visit or follow on Twitter @xignite