What the Treasury’s FinTech Report Means for Account Aggregation and Advisors

Aggregated data today is far more robust than a table of transactions or the odd portfolio report. Information funneled between fintech firms, custodians, advisor portals, banks, server storage centers, even mobile phones, with powers systems that turn data into cues for when an advisor should reach out to a client provide financial context to voicebots like Amazon’s Alexa and are fueling speculation about the role of artificial intelligence in financial services.

In the Treasury Department’s recent fintech-focused report, one of the statements likely to have an impact on financial advisors is its interpretation of a few disputed lines in Section 1033 of the Dodd-Frank Act. In essence, the report addresses conflicting viewpoints around who is allowed access to certain financial data: an end-customer, narrowly defined; or companies, like data aggregators that are acting with the explicit permission of an end-customer.

Read more at WealthManagement.com.