Wealth management technology and advisory services provider FolioDynamix’s wealth management technology platform has been selected by New York’s Israel Discount Bank (IDB).
As per the contract, the bank will use FolioDynamix’s single interface and unified processes for generating proposal, research, investment model management and trade order management.
The IDB Bank will be able to grow its wealth management business and managed account programs with the help of the platform that will replace its legacy technology.
Speaking about the transaction, IDB Bank’s senior vice president and chief investment officer Greg Leo said: "We selected FolioDynamix for the flexibility of its technology complemented by the seamless integration of its advisory services.
"Deploying a single, unified technology platform across all of our managed accounts will provide us with greater operational efficiency and give our advisors access to next generation portfolio management tools to better service clients."
FolioDynamix specializes in providing registered investment advisors, banks, broker dealers, custodians and wealth service providers with leading-edge technology that helps them improve efficiency, strengthen compliance, enhance client service and encourage faster growth.
FolioDynamix CEO Joseph Mrak said: "Our ability to provide a truly unified enterprise platform for the full wealth advisory lifecycle is helping firms streamline operations and empower advisors for innovation and growth."
Headquartered in Manhattan, IDB provides a range of commercial and private banking, trade services and deposit products to clients in the US and abroad.