Off to a Great Start with Data Authorization

Katie Terry & Kassidy Kinkel – 10/28/2021

Picture it – your dream house is finally on the market. The online images present a move-in ready home with a perfect floorplan, an ideal kitchen, and a beautiful backyard. However, when you arrive to tour the home in person, you discover the home’s foundation is missing. In the world of wealth management, this is what it would feel like if an advisor logged in their firm’s technology platform and discovered the custodial data was not flowing.

Data is the foundation of the Black Diamond® Wealth Platform, and when new firms begin the implementation process, correctly establishing the flow of data is key. Luckily, our team of experienced implementation professionals are available to help firms navigate the world of custodial data authorization and deadlines to ensure the platform’s foundation is strong.

As the year quickly comes to a close, firms looking to make a move to a new technology provider are encouraged to join the Black Diamond community to ensure data can be leveraged as of January 1, 2022. Throughout implementation, a team of experts guide the process every step of the way, so in the New Year advisors can immediately benefit in a variety of ways such as:

  • Realized Gain/Loss: When data authorization is complete prior to December 31, 2021, firms receive a Year-End Realized Gain/Loss file, enabling reporting on Tax Year 2021.
  • Billing Consideration: For firms billing using Average Daily Balance, during 2022 bills are correct in the first billing week, month, or quarter as all daily balances begin on January 1.
  • Complete 2022 Picture: By finalizing data authorization by December, a new firm can report on a client’s full year, which is a benefit even if the full data conversion process has not been completed.

Regardless of when a firm decides to make a move, it’s important to know Black Diamond’s proven implementation methodology and team are setup to fully support new firms as they traverse through necessary requirements for data authorization. In fact, new advisory firms are provided with a dedicated Implementation Consultant who is supported by an Implementation Specialist focused specifically on data authorization. This provides new clients with:

  • Secure, Streamlined Communication: At the outset of implementation, a Case Management tool is setup to communicate details on the data authorization process and ensure the secure exchange of any client sensitive documentation.
  • Deadline Awareness: The team works directly with a firm’s custodian to understand the deadlines for paperwork submission as well as any year end code freezes that may inhibit the data authorization process.
  • Document Verification Support: The Implementation Specialist is available to review paperwork prior to the submission to custodian(s). This helps to ensure that the request is processed the first time and potential data delays are avoided.
  • Submission of Requirements: For custodians who require paperwork directly from Black Diamond, the Implementation Specialist submits these details once verification of requirements is complete. This ensures the team is prepared to accept data and enables firms to remain focused on serving their end clients.
  • Confirmation of Data Flow: Once data begins flowing to Black Diamond, the Implementation Specialist confirms with both the firm contacts and the Implementation Consultant so that the next phase of implementation can quickly begin.

This proactive, high-touch implementation model ensures all firms new to the Black Diamond platform are ready to go on day one. The team truly helps to establish a foundation that can help drive a firm’s business forward.

To learn more about data authorization, the implementation process, and how we can fully support your conversion to Black Diamond, request a personalized demo today.