Revolutionizing Wealth Management: Arcons' billPort Redefines Billing Efficiency

Arcons Technology Innovates Wealth Management Billing

In a significant advancement for the wealth management sector, Arcons Technology, Inc. has onboarded a new client, a firm with an impressive $20 billion in assets under management (AUM). This partnership marks a notable milestone in the retail finance landscape, addressing long-standing challenges in client billing processes with Arcons' sophisticated billing solution known as billPort.

The wealth management firm operates out of multiple locations, including Georgia and Indiana, and oversees over 11,000 accounts. With an aim to enhance operational efficiency during their client billing cycles, they sought a solution to mitigate the extensive hours spent on calculating fees, verifying calculations, and producing management reports for their diverse billing scenarios

Prior to adopting billPort, this firm's operations staff dedicated hundreds of hours just on these tasks each billing period. Manual processes were not only time-consuming but also prone to errors, which could significantly hamper the firm's growth aspirations. The traditional workflow involved complex calculations and management reporting that required repetitive checks and fixes.

With the integration of billPort, the wealth management firm has converted these elaborate tasks into a streamlined, automated process. Hemant More, CEO of Arcons Technology, expressed his excitement about the implementation, stating, “We are thrilled to announce the successful implementation of our billing solution, which has been tailored specifically to their advanced requirements. The automation of their intricate billing scenarios allows for a seamless transition from manual labor to a fully integrated solution.”

The benefits are manifold - with a single click, all rules and exceptions now configured in billPort can be executed, drastically reducing the amount of manual labor involved. This fosters an environment where the operations staff can redirect their efforts towards supporting the firm's rapid growth rather than getting bogged down with billing issues. Moreover, the new system enables improved cash flows, as revenue collection is expedited immediately following the quarterly close.

Arcons Technology has a track record of nearly two decades in refining billPort, catering to firms with AUM ranging from $100 million to $250 billion. The solution is equipped with functionalities such as payments tracking, invoicing, advance/arrears billing, credits, write-offs, and a suite of reporting capabilities. Additionally, billPort boasts compatibility with a variety of custodial data formats and portfolio management systems, making it a versatile choice on the market.

The positive testimonials from the firm's billing operations team highlight the newfound confidence they have in decentralizing the billing workflow. “Initially, we were concerned whether billPort could adapt to our detailed pod-level billing requirements. However, the Arcons team quickly grasped our complexities and devised an elegant solution that meets our needs.” This praise reflects the responsiveness of Arcons in customizing their products and services to meet unique client demands.

BillPort's ease of use and reliability have enabled the firm to shift its focus towards enhancing productivity, rather than allocating resources to manual billing processes. The final product stands testament to Arcons’ commitment to customer satisfaction, ensuring comprehensive solutions for varied and intricate billing environments. This transition marks a pivotal change, positioning the wealth management firm to embrace future growth opportunities with greater agility.

Arcons Technology, founded in 1998, has been dedicated to delivering tailor-made solutions that not only address client needs but do so in an economically viable manner. The company's portfolio, named Portfolio Edge, offers software-as-a-service capabilities across modules related to billing, reporting, trading, rebalancing, and beyond, allowing clients to choose the functionalities that best match their operational requirements.

As Arcons continues to improve its service offerings and embrace innovative technology, the firm is firmly positioned to become an integral part of the wealth management industry's evolving landscape, substantiated by the seamless integration of successful platforms like billPort.