More and more independent financial advisors have started using account aggregation tools. Account aggregation software automatically gathers information from your clients’ accounts at different financial institutions and presents it along with custodied assets on a consolidated platform for easy client review and analysis.

The most comprehensive account aggregation tools collect a wide range of different types of client financial data and update the information as often as daily. This includes the balances in held-away investment accounts such as 401ks, balances in bank savings and checking accounts, balances for liabilities such as credit cards and home equity loans.

The movement to account aggregation can be traced to the startup of in 2006. This web-based personal financial management service, which was acquired by Intuit in 2009, allows users to track their bank, investment, credit card and loan balances and transactions via a single user interface....

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