State Street Unveils Wealth Connect Upgrades

A news release said investment policy compliance, administrative reviews, trade order management, and integrated account management capabilities have been added to the State Street Wealth Connect platform.  Wealth Connect provides access to State Street through a customizable Web-based platform that is integrated with State Street’s investment servicing solutions including global custody, accounting and corporate actions monitoring.

The new enhancements provide wealth management clients with a solution that automates several previously manual, time-consuming functions such as account set-up and maintenance, cash disbursements, and asset transition, State Street said.

Clients can customize their operational workflow and approval rules to fit their processing requirements. The new pre- and post-trade compliance capabilities include a rules-based engine with alert functionality that automates the monitoring of investment objectives.

“Our wealth management clients, who are typically registered investment advisers, trust companies and family offices, are increasingly looking for one solution that seamlessly ties together all of the functions they need in the front, middle and back office, including analytics, order management, trade settlement and confirmation and pre- and post-trade compliance,” said Steve Nazzaro, senior vice president of State Street’s wealth manager services business, in the news release. 

In support of Regulation 9 requirements, the new enhancements also enable clients to design and complete trust review questions online, prompt for additional users’ actions, and create an audit trail of all completed steps, State Street said. The Wealth Connect platform also enables wealth managers to manage the accounts and holdings of their high net worth clients whether they are held in custody at State Street or with other custodians.