 |
NEWS RELEASE
For Immediate Release
April 4, 2006
Contact: Liz Morgan, Liz Morgan PR
904-608-3823 or liz@lizmorganpr.com
BLACK DIAMOND PERFORMANCE REPORTING ANNOUNCES INCREASE
IN ASSETS BEING REPORTING ON TO OVER $2 BILLION
JACKSONVILLE BEACH, FL (April 2006) – Since its 2003 entrée into the wealth management market,
Black Diamond Performance Reporting continues to penetrate the marketplace and solidify its position as
an industry leader in outsourced investment performance reporting. The Jacksonville Beach-based
company recently announced that it now reports on assets under management in excess of $2 billion.
Additionally, the company has been chosen by Draughn Partners (Savannah, GA), Old North Advisors
(Boston, MA) and Telemus Capital Partners (Southfield, MI) to handle reporting needs.
The company was recently the buzz of the Virtual Office News/NAPFA Technology Tools for Today Conference,
resulting in a feature in April’s Financial Advisor magazine by prominent writer and technology consultant
Joel Bruckenstein. Bruckenstein noted that Black Diamond’s "clean, well-designed" performance reporting
application is "the most aesthetically pleasing interface [he has] encountered to date."
Black Diamond’s "clean, well-designed" application is a reflection of President and CEO Reed Colley’s
vision for an Internet-based wealth management solution that provides daily, fully outsourced investment
performance reporting to financial advisors.
"We signed our first client in October 2004, and things have skyrocketed since," said Colley. "There was
a niche to be filled in the market. An increasing number of successful financial advisors with larger
investment houses are blazing their own path by going solo, and our product allows them to provide high-touch,
sophisticated service to their clientele and to focus on tasks that drive revenue."
Colley said another market trend fueling the growth of the company is that an ever increasing number of
affluent individuals are turning to independent financial advisors to help them make their investment
decisions. By outsourcing their back office procedures to Black Diamond Performance Reporting, independent
advisors are able to provide best-of-breed features and functionality to their clients while focusing on
their core competencies.
"We know that effective performance reporting instills confidence in both prospective and existing clients,
and that confidence translates into increased assets under management," said Bob Conchiglia, Executive Vice
President of Sales and Product Development. "To accomplish this in-house, software must be purchased and
employees must be hired or trained to reconcile investment accounting data and produce performance reports."
He continued: "These costs negatively affect the bottom line of nearly every wealth management office, as
well as inhibit their ability to grow. Outsourcing to Black Diamond is a much more cost effective and efficient alternative."
Black Diamond Performance Reporting’s portfolio of services includes daily data reconciliation, fully
customized reports and flexible reporting levels. Additionally, the application can report on outside data
and performs cost basis and tax lot analysis.
For more information, please visit www.blackdiamondreporting.com.
---
About Black Diamond Performance Reporting
Founded in 2003, Black Diamond Performance Reporting™ provides solutions for the wealth management process. The
core product retrieves and reconciles investment accounting data and provides a feature rich, Internet-based
application to analyze performance. Reporting on more than $2 billion in assets under management, Black Diamond
Performance Reporting is headquartered in Jacksonville Beach, Florida.
Printer Friendly Version
|
|
