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Skience, a leading financial services solution and consulting provider, has debuted its brand-new Surveillance Solution, a tool that allows firms to define approval and exception workflows that align with their company policies, or to adapt them as regulations change and their business evolves.
Lion Street, a high-net-worth and business insurance market authority with expertise in sophisticated life insurance, wealth management, and financial planning solutions including a full-service broker-dealer and registered investment advisor (RIA), is the flagship early adopter.
Compliance teams of wealth management firms need greater visibility into a client’s account to easily perform supervisory and compliance reviews and collaborate more effectively with advisors and support staff. The platform offers household, client, and account-level information along with 12 months of historical exceptions data. The Skience Surveillance Solution also features a single trade blotter and account blotters that integrate data from multiple sources including clearing, custodial, and direct accounts to provide a comprehensive picture of clients’ trading activity and a more accurate view of their investments.
“We designed our Surveillance Solution to provide an unparalleled experience for principals, advisors, and support staff that can be easily configured on the fly, as regulations and the business environment are constantly changing,” said Marc Butler, President & COO, Skience. “At Skience, we approach our own clients’ needs with a focus on unifying their workflows, unleashing productivity, and helping them gain significant operational efficiencies. In turn, they can now focus on and deliver an exceptional advisor and client experience.”
With full visibility into accounts, principals can easily collaborate with advisors and support staff, which helps deliver workflow efficiencies, improves account decision-making, and identifies trends based on historical account data.
“Compliance is an asset and must be viewed as such at any firm. But ensuring that everything is updated in line with the latest regulatory requirements can be a cumbersome process. Based on how many operational efficiencies we will achieve using the Skience Surveillance Solution and how configurable it is, we are thrilled about the additional time we will be spending on our platform and helping our network meet its client service needs and growth objectives,” said John Burmeister, President & CEO, Lion Street.
With 750 financial professionals who place in excess of $150 million in target life premium annually and $15 billion in assets under advisement (AUA), Lion Street found this solution invaluable given the constantly changing regulatory environment. Last month, the firm was acquired by Integrity Marketing Group, LLC, an omnichannel insuretech leader in life, health and wealth solutions, as it embarks on its bright future with the necessary tools to ensure it is best managing its business and regulatory risks.
The launch of Skience Surveillance comes on the heels of Skience announcing the expansion of its SkienceONE cloud-based, wealth management platform for RIAs.
Financial Services
