Technology Category
- Cybersecurity & Privacy - Identity & Authentication Management
- Sensors - Level Sensors
Applicable Industries
- Finance & Insurance
- National Security & Defense
Use Cases
- Root Cause Analysis & Diagnosis
- Time Sensitive Networking
Services
- System Integration
About The Customer
Whitnell & Co., based in Oak Brook, Illinois, is a wealth management organization that has been protecting and enhancing the wealth of its clients for over 25 years. The company offers a wide range of services including financial planning, investment management, retirement and estate planning, charitable planning, and tax planning. It serves over 300 clients or families throughout the United States. Each month, the company has to generate 415 packaged reports that detail its clients’ purchases of security shares and investments, a process that was previously time-consuming and prone to manual errors.
The Challenge
Whitnell & Co., a wealth management organization, faced a significant challenge in generating 415 monthly reports detailing its clients’ purchases of security shares and investments. The process involved reconciling individual lots from Whitnell’s accounting system records to their multiple financial custodians. With over 1,200 accounts at one custodian alone and more than 46,000 records in the final table built from 20 separate tab delimited text source files, the data management task was immense. The process was not only time-consuming, taking approximately two hours to import all the source files into Excel and format the columns identically, but it was also prone to manual errors. Additionally, the company struggled with direct comparison of accounts in their portfolio system to identify anomalies. The manual process was so laborious that it took several months to get through just a quarter of the data, rendering the data stale and the efforts futile.
The Solution
Whitnell & Co. adopted Altair Monarch to streamline their reconciliation process. Monarch allowed the company to take all the text files and create one table, eliminating repetitive steps and saving significant time. The import process was simplified, with every column formatted the same way, reducing the time to generate the custodian data table to less than 10 minutes. Updating the information became easier, with simple edits to the file location and identification of the column where the source file title had changed. This allowed the creation of a new table swiftly. Furthermore, Monarch enabled a complete side-by-side account comparison for the first time. It took just eight hours to identify all the holdings that required corrections in their accounting system. The company was able to extract data from both systems and identify necessary changes within 24 hours of the effective date of the data, eliminating stale data reconciliations.
Operational Impact
Quantitative Benefit
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