It’s Time for Daily Performance Reporting
Posted December 10th, 2008 by Reed ColleyIn today’s rapidly evolving, volatile and changing markets, financial advisors need to have timely, accurate and meaningful performance reporting information to better manage relationships and communicate more effectively with clients. With the Dow moving 500 or more points on any given day, investors are becoming increasingly anxious about the health of their portfolios. No longer can advisors wait until month end to be able to communicate portfolio performance and benchmark comparisons. Today’s volatile markets require that you have the ability to view and report on a client’s entire portfolio on a daily basis.
For an excellent article on this key issue, check out the latest from Investment News’ Technology reporter, Davis Janowski: “Most software is designed to produce monthly reports, not the sophisticated daily reports that angst-ridden clients have begun to demand. Advisers who fail to provide information more frequently may be putting their practices at risk.”
When we are working with advisors transitioning from Wall Street firms to their newly independent practice, a key requirement is the ability to provide a flexible portfolio accounting and performance reporting platform that can easily scale with the growth of the firm without having to add in expensive hardware and additional staff. We’ve had excellent success working with advisors turning independent and look forward to sharing with you some of the best practices of successful advisors.
To learn more about performance reporting, log on to www.blackdiamondreporting.com.
Tags: Performance Reporting, Reed Colley
Reed Colley founded Black Diamond Performance Reporting in 2003 after recognizing a need for a fully outsourced, Internet-based performance reporting application designed specially for wealth managers and investment advisors. Black Diamond was built on the vision for a best-of-breed reconciliation and performance reporting application that is both intuitive and customizable. Reed currently serves as the Company’s Chief Executive Officer, a role in which he is responsible for all aspects of the Company’s operation and planning, overseeing strategic planning and product development for the Company. Prior to founding Black Diamond, Reed was a Vice President at Investment Scorecard based in Nashville, Tennessee. He holds a Bachelor of Science with degrees in Economics and Engineering Science from Vanderbilt University. While at Vanderbilt, Reed was a starting pitcher for the Vanderbilt baseball team. Reed currently lives in Jacksonville Beach, Florida with his wife and two children.