Financial Aggregation Tools Help Increase Client Retention


With the rise and ever increasing popularity of self-service investment tools, traditional wealth management firms are finding that it’s imperative to adopt digital solutions to stay competitive.

Consumers today are flocking to apps that enable them to invest their spare change into diversified portfolios, gain a consolidated picture of their investmentsset and fund goalssee their whole net worth, and more. What all these tools have in common is that they rely on aggregated financial data to provide a holistic view of investors’ financial situations. And as a result, they make it easier for wealth and investment professionals to deliver meaningful insights and strategic guidance.

But that’s not all. Clients who use data aggregation services and tools are more loyal to their wealth and investment management firms providing these services—and more likely to transfer balances to them and use their products and services in the future.

How do we know? We conducted an Aggregation and Wellness Survey of U.S. investors*. Check out some of the findings below or download the PDF:

In this survey, we defined financial account aggregation as a tool that collects data from many or all of a client’s financial accounts in one place. We explained to survey participants how a tool like this links or connects their different online financial accounts, regardless of financial institution, on one site.

We defined personal financial management as tools/apps that enable clients to manage their money better by tracking their spending, managing their cash flow, creating budgets, managing debt, creating reports, and looking at their whole net worth. We explained to survey participants that these tools use the data from all their financial accounts through account aggregation.

Working with aggregated financial data for over 20 years, we’ve seen the gains KuberaRaiz Invest, and investment management firms have experienced with data aggregation-powered tools and services. So we expected savvy wealth and investment management clients to love their financial tools. But the results of the survey were very interesting:

93% of survey participants were more likely to transfer balances to firms providing financial apps and tools powered by their aggregated data.

91% of the clients using aggregation tools were more likely to recommend their wealth or investment management firm to their friends and family.

As you can see, offering aggregated data-powered financial experiences and tools is one of the most important things you can do for your business. By providing these tools and services, you’re not only helping to increase client satisfaction. You’re also opening the door to meaningful insights, new opportunities, and long-standing client relationships.

If you haven’t started tapping the power of data aggregation, please contact us for help. We can assist you with building your own aggregation-powered financial apps, leveraging white label apps, and more.

It’s our goal to help you replicate the results of this survey in your own business and experience the benefits of data aggregation for yourself.

* Envestnet | Yodlee® Aggregation and Wellness Survey of U.S. Consumers conducted July-August 2021. This online survey of a random sample of U.S. consumers used a high-quality consumer panel. Consumers surveyed used financial management tools from various providers; survey was not specific to any one software provider.


The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.

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