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Becoming the Autonomous Advisor

One back-office tech provider wants to empower financial advisors with the ability to work like Thomas Crown.

Bill Winterberg, 10/10/2013

Julien Mordecai, founder and CEO of AllBackoffice Consulting LLC wants financial advisors to take a page from the playbook of Thomas Crown.

In the 1968 film, Thomas Crown (portrayed by Steve McQueen) orchestrated the perfect crime by stealing more than $2 million from a bank without actually being physically involved.

Mordecai founded AllBackoffice Consulting in 2009 for the independent-minded advisor who has little desire to be involved in the maintenance and support of portfolio accounting, reconciliation, and reporting activities (without the criminal association of the fictional Crown, of course!).

Online Portfolio Accounting
Web-based portfolio accounting and back-office administration isn't new, as providers like AssetBook, Orion Advisor Services, and Advent Software Inc.'s Black Diamond have been offering similar services to advisors for many years. But AllBackoffice Consulting is one of the few providers using PortfolioCenter from Schwab Performance Technologies as its back-end technology, with Envestnet|Tamarac and Adhesion Wealth Advisor Solutions also structured around the popular portfolio accounting software.

Last year, Schwab Performance Technologies announced a pilot of its own cloud-based solution called PortfolioCenter Hosted, with a formal rollout in May of this year.

But with more advisors seeking custodian-agnostic solutions, AllBackoffice Consulting might just be perfectly positioned as an underdog with the experience and capabilities to rival the industry's bigger players.

PortfolioCenter Legacy
One constant of Mordecai's professional experience over the last 20 years includes some version of PortfolioCenter, including roles with Schwab Performance Technologies, B-Ready Outsourcing Solutions (now part of Envestnet), and Etelligent Consulting (now Schwab PortfolioServices).

PortfolioCenter consistently ranks as one of the top portfolio accounting software solutions in use by financial advisors. According to Brian Shenson, vice president of Advisor Technology Solutions for Schwab Advisor Services, locally installed versions of PortfolioCenter are in use by more than 3,500 advisors.

Bill Winterberg, CFP, is a technology and operations consultant to independent financial advisors. His comments on technology have been featured in a variety of financial industry publications. You can view more information about Bill and see his schedule of upcoming speaking engagements at his Web site, FPPad.com. The author is a freelance contributor to MorningstarAdvisor.com. The views expressed in this article may or may not reflect the views of Morningstar.

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