Leveraging AI to migrate data from acquisitions in the Wealth Management industry

Wealth Management/Registered Investment Advisors (RIAs) are essential to the US Financial Services industry. Their role is to provide tailored financial advice to their clients and manage their investment portfolios - these clients can be individuals, institutions, or pooled investment vehicles. The number of RIAs has been increasing annually - there were almost 13,500 registered investments in the United States in 2020, managing a staggering $110 Trillion in assets!

This industry is heavily acquisitive - in 2021, a total of 307 M&A transactions represented the ninth straight record-setting year for wealth management M&A. 2021's deal count is a massive 49.8% higher than 2020's record of 205 transactions. Some of the drivers are:

• Competition from both Strategic and Financial Acquirers is at record levels
• Professional Acquirers and Established $1 BN+ Sellers have the resources to run efficient dealmaking and integration processes.
• Large RIAs (Registered Investment Advisors) are ideal platforms with desirable financial profiles

At Intelliswift Software, Inc., our practitioners have been engaged in data conversion for several M&A's over the last decade. We have noticed that some common themes run through these data migration situations - they may be driven by M&A, platform change, modernization, move to cloud etc., but some of the underlying steps are:

1. Identify all the relevant stakeholders
2. Identify the data/BI/reporting experts - often in 2 different companies and both on the IT and business/operational side of the house
3. Discover and catalog all the relevant data sources, stores, processes, reports, dashboards
4. Explore data lineage - uncovering the data lifecycle as it flows from start to finish - identifying sources, processes, and transformations that said data underwent
5. Convert and cleanse the data
6. Leverage automation to improve throughput and accuracy, repeatability, governance
7. Test, test, test

AND ALL THIS NEEDS TO GET DONE YESTERDAY!

What is Intelliswift's Conversion Factory?

The "Factory" approach has been used since the dawn of industrialization. A factory approach is defined by scale, standardization, automation, and re-use of processes and tooling with an eye on continuous improvement.

Over the last two decades, we found various use cases with a common denominator – the need to convert data. These use cases or business drivers traditionally included M&A, large upgrades, system rationalization, and lately we are seeing a lot of it being driven by our customers' digital transformation and modernization initiatives – the move to cloud, big data and analytics, machine learning, etc.

Intelliswift's Data Conversion Factory is a mix of frameworks, automation, processes, and best practices, combined with our seasoned data engineering practitioners. It's an enterprise-wide conversion factory – a true managed service that augments the customer's data capabilities on an ongoing basis.

The key features of our Conversion Factory offering include not only data pipeline and data engineering tools but also the management workflow and dashboards for end-to-end management of a large, business-critical conversion process:

• A reference data framework for metadata management
• End-to-end data reconciliation and exception management
• ML-augmented data cataloging, data lineage, and data governance
• Pre-built connectors for major systems and data sources
• Supports a wide range of financial instruments, assets, securities, etc.

Why Intelliswift's Conversion Factory?

• Your institution focuses on your business - while Intelliswift runs the conversion end-to-end.
• Improve ROI by avoiding the need to staff and manage a global Conversion team that utilizes cost-efficient cutting-edge technologies and methodologies.
• Intelliswift administrates this process to avoid disruption of clients existing technology and business staff.
• Enterprise-wide state-of-the-art custom decision dashboards and reporting for transparency across all stakeholders
• Establish a faster, repeatable, and scalable ongoing conversion process across the enterprise that leverages best practices, methodologies, and Advanced error-free reconciliation technologies.
• Optimize conversion performance to eliminate the need for managed updates while mitigating of applications, processes and workflows.
• Data lineage with advanced gives visibility to the transformations With our Automated AI Data Lineage Engine

Data Enhancement Accelerators

The key automation frameworks underlying our Conversion Factory are our Entity Resolution Engine, our AI-based Reconciliation Engine, and powerful software that leverages AI/ML for automated data cataloging, discovery, and lineage. We provide the best-in-class mix of heuristics plus an AI-based approach to achieve not only the highest accuracy but also improved productivity and governance on an ongoing basis.

The automation frameworks and tooling, i.e., the Entity Resolution and Recon Engines, the AI-based data catalog, and lineage software, are not only leveraged by our practitioners as part of the Conversion Factory but they are also made available to the customer's data team and citizen data scientists or business users to improve their productivity while ensuring governance.

The dynamic resolution engine featuring entity resolution is a key pillar of Intelliswift's Conversion Factory - the accuracy and reliability of the downstream reporting are predicated upon having clean data with unambiguous entity definitions.

Our entity resolution approach helps make inferences across vast volumes of information in enterprise systems and applications by bringing together records corresponding to the same entity. It helps standardize data, remove duplicates, and provide a single source of truth for critical reports. Our automated discovery helps develop relationship mapping with user-defined confidence levels.

"As A Service" Delivery Model

Intelliswift delivers this capability in an "As a Service" model – thereby providing outcomes conforming to well-defined SLA's and freeing up the customer's data team to focus on business and strategic needs. The output includes performance dashboards that enable the customer Conversion PMO to stay on top of backlogs, anticipate and promise deliverables to the business with a high level of confidence, and collaborate with key stakeholders.

The underlying security, user management, automation, and other base components are all delivered As a Service by Intelliswift.

We leverage proven open source software and critical enterprise data platforms for delivering Conversion Factory. This includes leveraging cutting-edge AI/ML for automating Data Discovery, Data Lineage, Data Observability, and Data Quality.

If you are planning a data migration, or if you are in the middle of one and want to ensure success, reach out to us, and we'll connect you with our Data Conversion Factory team at Intelliswift. In the meanwhile, you can also visit our website for more information.