The wealth management division of a top-three Canadian bank needed to upgrade its advisors’ market data platform, in addition to the data feeds, APIs, and widgets powering its internal applications and client-facing web portals. To drive advisor productivity and efficiency, firm leadership sought to provide their advisors with a modern, intuitive, and comprehensive market data platform.
The firm’s digital client experience team was also in search of differentiated content along with AODA-compliant visualization to enrich its Wealth Management Online and Direct Investing client platforms. It was essential that the content accessed by advisors and clients was powered by the same provider to achieve consistency and connectivity across the enterprise.
In search of a strategic partner, the firm’s leadership proceeded with an RFP process and began its evaluation of several market data providers.
Following a thorough technology review and an extensive advisor pilot, the firm selected FactSet’s web-based market data platform for over 8,000 advisors and client associates across Canada and the U.S. and implemented a workstation-entitled API to feed exchange pricing data into its trading platform.
FactSet’s industry-leading fundamentals, estimates, ownership, quotes, news, and podcast content sets were integrated into the bank’s Wealth Management Online platform, boosting client experience using FactSet’s APIs and widgets. FactSet also deployed a fully hosted and AODA-compliant Investment Dashboard portal, delivering a modern and interactive user experience to 500,000+ self-directed clients for monitoring markets, managing watchlists, and accessing research.
With advisors and client associates working remotely during the COVID-19 pandemic, this large-scale deployment was dependent on a smooth and effective virtual implementation. FactSet devised a detailed and methodical user-onboarding plan while implementing the APIs, widgets, and data feeds. Through a combination of group and one-on-one sessions, held in both English and French, advisors were trained on navigation best practices and received assistance with individualized workflows and configuration preferences.
FactSet’s extensive expertise in change management, along with an unwavering commitment to delivering exceptional client service, was evident throughout the entire implementation. FactSet’s support team pre-imported and converted thousands of advisor watchlists and Microsoft Excel models in advance, saving users valuable time and creating a familiar and positive first impression.
“I’ve been through a lot of changes over my 20+ years with this bank, but this was by far the smoothest.”
A post-implementation survey concluded that FactSet saved advisors time and increased their overall productivity. Additionally, advisors are now more equipped to address client queries, and have better access to their internally managed model portfolios and approved lists. Finally, the structured implementation provided ample support during the transition, which allowed users the opportunity to acclimate to their new and improved capabilities.
Feedback from the field was overwhelmingly positive as FactSet’s unique content and open, flexible technology delivered unparalleled insights, which helped set advisors apart from their competition.
“FactSet immediately takes me to another level. I am so impressed!"
By harnessing FactSet’s digital solutions, the firm accomplished its strategic objective of modernizing its clients’ online experience with a clean and intuitive user interface, in addition to achieving consistency and connectivity with the advisor experience.
Looking ahead, the bank is evaluating FactSet’s Salesforce integration and enrichment capabilities to increase CRM adoption and further accelerate advisor productivity, efficiency, and client engagement. Available directly within Salesforce, FactSet’s Advisor Dashboard application combines each advisor’s book of business with FactSet’s differentiated content and robust analytics to surface personalized and actionable insights including portfolio performance, risk, news, key events, signals, and client exposures.