Case Studies

Consolidating Eight Subsidiary Brokers for a Leading Wealth Management Group

business intelligence Power BI snowflake consulting

subsidiary advisors grouped in segmentation model

reduction in monthly close time

0 %

reduction in marketing cost

0 %

Flattened system architecture, smoothing the process of consolidating firms under a unified brand umbrella.

Unified data into one source with protocols around data quality and governance to enhance collaboration across firms.

Automated inefficient and resource-intensive manual research processes.

Challenge

The customer, one of the nation’s largest providers of wealth management solutions, with $500+ billion in assets under management, had begun integrating its subsidiary firms under a unified brand and service platform in 2023. Their key objective at the beginning of this engagement was to provide best-in-class technology, resources, and services to their clients under one umbrella.

A successful consolidation of the client’s network of eight independent broker-dealers meant the integration of data from its firms into a single source of truth. The client also needed a way to automate the cumbersome manual aggregation of its data to maintain up-to-date analysis of investments and holdings across each firm.

As part of the migration to a single source of truth, the client needed to ensure the standardization and governance of their data within its new model, facilitating insights about each firm’s holdings and customers.

Solution

Hakkoda worked with the client to construct a single Version of Truth in Snowflake to leverage Pershing X data, which standardized data across all firms and allowed for a union of data. This increased data accuracy, user confidence, and visibility into macro trends while driving a reduction in time and efforts for month-end closing processes. This cut the customer’s average close time from ten days to one.

The Hakkoda team automated the ingestion of Pershing X data, which provided an entirely new look at the positions and holdings across all 11,000 subsidiary advisors. This data source was previously untapped, and with the announcement of Pershing X working with Snowflake to provide a data share through the marketplace, the customer is positioned to efficiently swap their sources for ingestion to get the fastest and most accurate data feed while reducing operational costs by eliminating the need for physical files during the ingestion streams.

Finally, Hakkoda engineers and architects facilitated the creation of a standardized and governed data model hosted in Snowflake. Access routes were simplified with RBAC and consumption patterns increased with newfound confidence in data quality and timeliness. As a result, the client team felt empowered to leverage self-service analytics for data-driven decision making.