HeirWealth releases first adviser ‘microservice’ for performance reporting

HeirWealth, an up-and-coming wealthtech developer, has released a new multi-platform compatible functionality providing advisers with detailed breakdowns and analysis of portfolio performance metrics.

Taken from its broader WealthSweet microservices product suite, the dedicated ‘Performance’ functionality – the first to be released from the suite – promises detailed calculations, visualisations, and benchmarks of portfolio performance.

These features will enable advisers, HeirWealth says, to “showcase the historical performance of the portfolios they manage”, and highlight “key assets that contributed to overall performance”.

For instance, the visualisation capability can chart portfolio balances across selected periods, overlaid with inflows and outflows, compared against multiple benchmarks. It also includes cumulative performance (both money-weighted and time-weighted internal rate of returns) and identification of best and worst performers within the portfolio.

As well, summaries of money- and time-weighted returns can also be generated over selected periods, with detailed analysis of asset attribution of these returns.

The tool can also generate formatted PDF documents and audit calculation spreadsheets, and comes with an API library to support bulk reporting.

HeirWealth boasts that the new tool, which is sourced from its core, cloud-based WealthSweet microservices product suite, can be “seamlessly” integrated into advisers’ existing wealth management platforms.

Ray Tubman, founder and chief executive of HeirWealth said the inaugural release of the microservices tool is “just the beginning, with many more innovations on the horizon”, including volatility overlays and scenarios.

“Our approach allows wealth management firms to select the components that best meet their needs, much like picking their favourite sweets from a sweet shop,” Tubman said.

HeirWealth said it will extend its WealthSweet offering into “more sophisticated and useful microservices in the coming year”.