DALLAS--(BUSINESS WIRE)--Today, 1st Global, an independent wealth management partner to exceptional CPA firms, unveiled its Enterprise Empowerment Initiative (EEI), a comprehensive undertaking to transform the way in which affiliated CPA wealth management firms operate. The initiative is made up of more than 20 separate projects intended to empower the company’s advisory platform, back office systems, “people” systems and knowledge systems to build and grow thriving wealth management enterprises.
“The Enterprise Empowerment Initiative fundamentally transforms the way we do business,” Dave Bellando, assistant vice president of technology at 1st Global, said. “Our business partners and their teams are witnessing monumental changes in everything from platforms to purpose.
“To continue our industry-leading support of tax-expert fiduciary advisors and purpose-driven businesses, we are implementing significant new systems and processes to help our firm and our partners to scale their businesses in an effort to bring even more of our unique gifts to our clients. It’s one of the largest initiatives we’ve undertaken, and it’s exciting for our people and advisors to embark on this journey.”
The EEI began to take form more than two years ago when 1st Global’s senior executive team identified the most pressing needs and areas to unleash the tremendous capabilities of its affiliated firms and the people in its own organization. Over time, the initiative evolved into the largest investment in internal infrastructure in the company’s 24-year history.
“We believe CPAs are at the center of a future financial services industry where trust is restored,” David Knoch, 1st Global president, said. “We want to empower our partners to effectively and efficiently serve more American families and serve them better.”
When it comes to technology systems and platforms, the EEI represents a shift in how the company approaches its commitment to providing exceptional resources and capabilities to stakeholders. Many homegrown systems are being phased out in lieu of “best of breed” partners who were selected following due diligence of market leaders. 1st Global will partner with more than 20 companies — including key financial technology market leaders like Envestnet, SunGard, Docupace, RegEd and others — to deliver this “next generation” platform.
One key area of focus for the EEI is enhancing the technology that runs 1st Global’s expansive fee-based advisory platform, Investment Management Solutions (IMS), which holds $7.8 billion in assets under management and more than 20,000 accounts.
After an extensive due diligence process, 1st Global chose to partner with Envestnet, the leading provider in integrated portfolio, practice management and reporting solutions to financial advisors and institutions, to implement an end-to-end portfolio creation, model management, accounting and reporting system.
“We are incredibly proud of the work that our team has done in order to help make the Enterprise Empowerment Initiative projects a reality,” Paul Stewart, executive vice president and chief operating officer of 1st Global, said. “These projects have been years in the making, and we’re thrilled to deliver new capabilities and systems that empower our people and our firms to enable intentional living for their clients, their employees and their families every day.”
Development on the new platform is currently underway, and the first phase — an entirely new advisory experience — is scheduled to be released to 1st Global affiliated firms in the first quarter of 2017, with additional partnerships and platforms to be released in phases throughout the next two to three years. A comprehensive information and training plan will be released to 1st Global financial advisors in the coming weeks.
About 1st Global
1st Global was founded in 1992 by CPAs who believe that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. 1st Global is a research and consulting partner that provides CPA, tax and estate planning firms with the education, technology, business-building framework and client solutions that make these firms leaders in their professions through dedicated professional client relationships built around wealth management. Around 400 firms have chosen to affiliate with 1st Global, making it one of the largest financial services partners for the tax, accounting and legal professions.
Securities are offered through 1st Global Capital Corp., which is a Member of FINRA and SIPC and is headquartered at 12750 Merit Dr., Ste. 1200 in Dallas, Texas, 214-294-5000. Investment advisory services are offered through 1st Global Advisors, Inc. Additional information about 1st Global is available at www.1stGlobal.com.