Datafaction, a leader in financial accounting and secure bill pay solutions designed specifically for firms that service Ultra High Net Worth (UHNW) families and individuals, announces a collaboration with Private Client Resources (PCR), the leading provider of data and wealth information management services to UHNW families, private banks, multi-family offices, and advisors.
The collaboration integrates PCR’s Total Wealth Aggregation™ solutions with Datafaction’s secure bill payment and specialized accounting software for business managers and family offices. The collaboration enables a complete end-to-end solution integrating client’s investments information into Datafaction’s AgilLink accounting platform eliminating manual data entry and scaling the process of producing consolidated balance sheets and investment aware income statements.
“Datafaction’s investment data integration with PCR has made the process of reconciling our clients’ investment accounts less labor-intensive and much more efficient,” said Peter Garelick, a wealth manager with Global Business Management Inc., a business management firm in Sherman Oaks. “With transaction and investment holding data from multiple custodians feeding into our accounting software, it ensures that our clients are getting the most up-to-date, accurate information and it helps scale our operations.”
“Our clients rely on us to help them scale their operations while offering more control and transparency into their business. By being able to aggregate investment data and to transform this data into usable and insightful financial accounting information it solves a significant pain point in the industry,” said Verna Grayce Chao, EVP Head of Treasury Solution for City National Bank and General Manager of Datafaction. “We are excited to be collaborating with a firm such as PCR that like Datafaction has a rich heritage in providing top quality solutions to service the complex reporting needs of UHNW families and individuals.”
“The synergies in this collaboration are core to our value proposition. Our ability to automate the aggregation of even the hardest to aggregate asset classes empowers solutions like Datafaction to focus on delivering more value to customers – not building costly data operations,” said Bob Miller, CEO of Private Client Resources (PCR). “The combined capabilities are unique and we are excited about the prospects for their continued success.”
The announcement comes after multiple clients have already gone live on the solution.
