If it had no other value, the data aggregation services offered through the H.D. Vest Client Center helps Karl Kebler III offer improved customer services. “When I pop into Client Center all of my client positions are available so I can see an entire client’s portfolio all on one page,” says Kebler, a CPA and sole practitioner based in Pomroy, Ohio, who serves about 250 clients.

A major advantages of having the client’s data all in one place, Kebler says, is that if a client calls or makes an unexpected visit to the office he is able to quickly access their information and “talk from actual facts” instead of trying to track down a client’s file.

The Client Center also enables Kebler to quickly and easily see what aspects of financial planning he has or has not addressed with a client—such as investment planning, cash flow, risk management, retirement planning and education planning—and can see when he last met with the client and what was discussed.

It has been more than a decade since account aggregation swept through the financial landscape being hailed by some as a “killer app” for e-finance.

Account aggregation was initially envisioned as a place where a person’s financial data—such as brokerage accounts, mortgage accounts, credit card debt and bank accounts-would reside in one place so financial advisors could easily get a complete view of a client’s holdings (those managed under the financial advisor and those “held away”). This would also give consumers a snapshot of their financial health.

But it initially failed to catch on, especially when the dot-com bust pushed stock prices down and investors had less desire to see their holdings.

However, complex technology, hefty costs, security concerns and a lack of consumer demand, changed—and continues to change—how account aggregation is developed and utilized. Instead of being a product in and of itself, it has essentially become ingrained in the online banking and wealth management services offered by financial institutions.

Its importance has also changed. Not only are consumers today increasingly taking advantage of online financial services, like banking and bill pay, but the wobbly economy and credit crunch has forced many to reevaluate their spending habits and more closely watch their holdings. This has placed an even greater value on account aggregation and the role that financial advisors play.

“Investor uncertainly increases the value of the advisor,” says Jakob Rohn, executive vice president of corporate development for Albridge Solutions, a provider of wealth management services. Rohn notes that during the stock market turmoil in 2002 to 2003, the company experienced some of its greatest growth.

Albridge Solutions, acquired last fall by the PNC Financial Services Group, consolidates client account data from hundreds of disparate sources—proprietary, banking, brokerage, insurance, retirement, etc. It partners with financial institutions to implement and host an enterprise consolidated data platform.

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