There is a segment of the financial practices in the US that operate wholly within one custodial platform - enabling them to leverage the custodian's web-based dashboard to perform all levels of operational review of client accounts and activities. That group remains a relatively small percentage of the overall financial practices with active books of business.
For the majority of the remaining financial practices, having clients with assets spread across multiple custodians is very common. While a clearing platform hosting your brokerage (and in many cases managed accounts) will aggregate these for you to easily report on. The primary challenge remains with what is commonly called "direct business" - or accounts opened directly with mutual fund companies or insurance carriers (mutual funds or variable annuities).
Often, if you are affiliated with a broker dealer and/or custodian, they will offer a premium aggregation and portfolio reporting platform to you for some level of a fee. However - DST Vision is sometimes overlooked as a free and versatile tool for your operation team's follow up and customer service work.
DST Vision provides a free (funded by the participating mutual funds and insurance carriers) platform to see your entire book of direct business in several slices:
Additionally, official statements can be generated from within DST, as well as custom reports branded to a financial practice. This can contribute to a paperless office environment - in many cases enabling a practice to turn off paper statements to the branch.
Beyond the high level functions of the site - operations staff who manage follow up on processed new or subsequent business can find the real value in the system's timeliness. Account activity is updated daily, with views into non-financial activity as well. Depending upon your configuration and your broker dealer's parameters for using Vision - there are several tiers to using Vision.
DST Vision includes some unique features, again, depending upon institutional parameters:
To see the companies participating in DST Vision and to learn more - go to DSTVision.com.