HeirWealth integrates Envestnet|Yodlee

Monday 18 March 2024 12:42 CET | News

Australia-based HeirWealth has announced its integration with US-based financial technology firm Envestnet | Yodlee, aiming to incorporate Open Banking data sharing technology.

As per the information detailed in the press release, HeirWealth, which intends to support high net-worth families to have better intergenerational conversations about money, provides family investors and their professional advisers with a view of assets and liabilities in 40 classes, including traditional investments and non-traditional assets, via its platform.

Australia-based HeirWealth has announced its integration with US-based financial technology firm Envestnet | Yodlee, aiming to incorporate Open Banking data sharing technology.

HeirWealth - Envestnet|Yodlee integration objectives

By integrating Envestnet|Yodlee, the HeirWealth app receives connectivity to approximately 20,000 financial institutions worldwide, allowing automatic aggregation into the wealth registry platform. According to HeirWealth’s officials, the move enables constant daily asset valuations for banking and investment products, which, when merged with the company’s data feeds, offers customers improved platform experiences. The HeirWealth platform aims to deliver simplified and convenient wealth tracking that equips individuals, families, and professional advisers with enhanced organisational capabilities. Additionally, the company’s solution includes traditional investments such as term deposits, shares, and property, as well as alternative investments like private equity and ‘assets of passion’, including fine wine, antiques, and collectables. The platform also allows customers to upload photos and leave annotations to record everything in one central vault and preserve it for future generations.

Furthermore, the HeirWealth app is available directly to individual families and family offices across Australia and the UK, having the ability to be white-labelled by financial advisers, wealth managers, accountants, lawyers, and other professionals, to serve as a client engagement and retention tool. By being a client of Envestnet|Yodlee, HeirWealth received the capability to access Open Banking data under Australia’s Consumer Data Right (CDR). Representatives from Envestnet|Yodlee underlined that the integration of Open Banking and data aggregation is set to simplify wealth management for Australian families. In addition to improving wealth tracking in a central hub, the digitised wealth view delivers improved personal relationships, fostering opportunities for engagement with the next generation.

The press release also mentions that the HeirWealth app is ISO 27001 certified, being able to operate on both desktop and mobile devices. The platform also delivers daily valuations of over 150,000 global financial instruments across 160 global exchanges. Through its solutions, HeirWealth is committed to harmonising intergenerational wealth transfers by offering investors, family offices, and trusted advisers a view of family wealth, allowing them to reduce administrative inefficiencies. Moreover, as part of this collaboration, Envestnet|Yodlee is set to offer its Open Banking, data aggregation, analytics, and alternative data capabilities, which deliver information from over 17,000 data sources. The company’s products and services aim to allow actionable insights across personal financial management tools, credit and lending workflows, and fraud detection and identity verification, among others.

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Keywords: wealth management, financial data, data sharing, Open Banking, partnership, financial services
Categories: Banking & Fintech
Companies: Envestnet | Yodlee, HeirWealth
Countries: Australia, United Kingdom
This article is part of category

Banking & Fintech

Envestnet | Yodlee



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