Essex Financial Gets Boost from New Portfolio Management Software
Over three years ago, in March 2014, Essex Financial Services chose Advent’s Black Diamond platform to meet its portfolio management, reporting and rebalancing needs. The firm’s focus is as a Registered Investment Advisor although it also offers brokerage services. Essex Financial offers comprehensive wealth management and financial planning to its clients, offering custom-developed strategies for individuals, businesses and corporate retirement plans.
The Black Diamond solution offers the firm scalable technology that allows Essex Financial to more efficiently manage its large and complex operations. For instance, before Black Diamond was incorporated into Essex Financial’s operations, the firm’s advisors needed to ask for client reports several days in advance of their need at client meetings. Black Diamond facilitated access to client information immediately, saving time and bother for the financial managers. Black Diamond has also enhanced the ability of advisors to see revenue flows before bills are distributed.
President and CEO of Essex Financial Services, Charles “Chuck” Cumello explained his satisfaction with Black Diamond: “We can handle a broad range of client situations, from the fairly routine retirement planning and college funding aspects, all the way up to the unique needs for intergenerational wealth transfer and legacy planning of high net worth clients,” Cumello said.
Essex Financial has its main office in Essex, Connecticut, where, over the past 30 years the firm has grown to manage or administer $3.3 billion in assets.