How Masttro defines data aggregation for family offices

Mentioned in all the lists of the world's top wealth tech companies, Masttro has earned its place in the competitive world of wealth management software. When clients call what they do 'magic' and even propose to cancel an investment to fit their entire portfolio onto their platform, it must mean they're doing something right. Through a series of interviews with co-founder Domingo Viesca and CEO Padman Perumal, Simple uncovers the company's successful strategies for data aggregation for family offices.

What you need to know

  • Masttro uses its proprietary technology to ensure comprehensive and accurate financial data aggregation for its clients.
  • The company’s strategy is focused on scaling globally, enhancing user experience and security for its clients.
  • In its next phase of growth, Masttro remains committed to leveraging technology to solve its clients’ challenges.

WealthTech Published on Simple October 7, 2024
By Masttro

In the wealth management industry, data is king. With a plethora of data aggregation service providers to choose from, the question is, “What separates the mediocre from the truly exceptional?” Today, with over 550 custodian feeds and extensively engineered proprietary technology,  Masttro is the largest direct data aggregator for investment accounts in the world. But their story did not start this way.

Beginning full circle

Masttro’s first chapter began when two colleagues from a family office in Mexico developed their own technology to solve for their own internal aggregation issues. This resulted in the creation of a new SaaS company in 2010 – Masttro.

The company landed its first breakthrough when it landed a major institutional client, Credit Suisse. That’s when the duo was introduced to Padman Perumal, who, during his 11-year tenure at Credit Suisse Private Bank, used their technology to offer consolidated reporting solutions to the bank’s global clients.

Fast-forward to 2020, and Masttro was ready for its next phase of growth—from founder-led startup to institutionalisation. In a full circle swing, Masttro’s co-founders called upon Perumal to lead the company as the global CEO based in New York City. Driven by a unified vision, the trio set about making Masttro one of the leading data aggregation platforms that it is today.

 “In 2020, I was reunited with my friends at Masttro. The co-founders invited me to join the company, focusing on the US business and transitioning to the next phase of its growth cycle, the institutionalisation phase,” Padman Perumal, CEO at Masttro.

 

Defining data aggregation

Unlike conventional methods that depend on superficial data scraping or simple data collection, Masttro’s aggregation process is both deep and comprehensive. At the heart of its approach is a clear objective: to connect directly with the data sources. While this sounds straightforward, the reality is far from simple. Over a painstaking process that took years to build and test, the company developed its own proprietary technology for direct connections, steering clear of any reliance on third-party services or connectors.

The software doesn’t require a standard data format or layout. Regardless of the format in which financial data is provided—even if it’s spread across numerous files and entities—Masttro’s technology is designed to handle it. The goal is always to get to 100% of a client’s data so they can visualise their assets and determine their net worth on a single platform.

“In the wealth management space, data is the most valuable thing you can get. Either you get it right. Or it’s wrong. Doesn’t matter if it’s 90% right, it’s wrong.” Domingo Viesca, Co-Founder and President of Innovation at Masttro.

 

Piecing the puzzle together

According to Viesca, in their realm of wealth management, there are two verticals for data: direct feeds from banks and documents. Now, these documents can be financial statements, alternative investments, or any other type of financial information – such as K1s and insurance policies.

With documents as their largest source of data, Masttro developed its own AI transformers and machine learning algorithms to efficiently ingest a document, anonymise it to safeguard confidentiality, and then extract pertinent information. Seemingly like magic, the platform automatically processes and presents the data in a visual format, providing a full overview of a client’s total assets.

Below are the key elements driving it’s success strategy:

Global scale
One of Masttro’s biggest advantages is its ability to perform data aggregation efficiently in a global and scalable manner. From its inception, the company was relentless in securing its data from the source with no exceptions and no excuses. In the initial stages, this involved extensive collaboration with the back-office and data operations teams of financial institutions not only in Switzerland but globally across the United States, Canada and Latin America. The goal was to assist them in generating data feeds for the first time, serving as Masttro’s proof of concept for data aggregation in diverse global financial markets.

Today, their persistence to go the extra mile is paying off organically. By growing alongside their clients and winning over new clients, Masttro has a network of over 550 custodian partners worldwide, ensuring that their diverse needs are met with precision and care as they evolve.

“When the custodians are capable and willing, we’ll make anything happen with the help of our clients.” –  Domingo Viesca, Co-Founder and President of Innovation at Masttro.

Intuitive user-experience
Another key element that sets Masttro apart is its ability to simplify complex data and present it in a user-friendly and intuitive manner. That allows everyone, from principals to the fourth generation of wealth owners, including CFOs and portfolio managers, to use and gain valuable insights from their data. Regardless of the viewer’s perspective or specific needs, Masttro provides a seamless experience. The platform is expertly designed to meet the diverse requirements of its users, from wealth owners to their advisors, ensuring an exceptional, world-class user experience that sets a standard in the industry.

Security first
The third key to Masttro’s success is its unwavering dedication to security. Its unique strategy of directly linking to data sources means there’s no risk associated with third parties – reducing the exposure of sensitive data and maintaining maximum control over data in transit, especially compared to other data aggregators on the market. Additionally, the platform’s data management infrastructure is automated to eliminate human error, highlighting its commitment to safeguarding data security and respecting client privacy. This method ensures that clients have total control over their data.

“Each client’s data is owned by them. It is encrypted in use, transit and storage, and only they have access to their total net worth. No one else does, even on the Masttro team.”  Padman Perumal, CEO at Masttro.

Customer centricity
Last but not least, Masttro prioritises customer centricity. From onboarding, each client is paired with a dedicated account manager who guides them throughout their entire journey. The process begins with a tailored “Client Success Plan,” which focuses on what the client defines as success at the end of a specified time period. As clients’ needs evolve, Masttro continues to support them, innovating and upgrading the platform to accommodate new investments and changes. Masttro emphasises personalised support, ensuring that clients continuously realise the value of their technology.

The next chapter

In this next phase of growth, Masttro remains committed to innovating its tech stack, strongly focusing on solving its clients’ needs. The team is sticking to its mission, which is to double down on its success strategies. The use of advanced technology, specifically AI,  will likely result in expanding its global presence, improving user experience, enhancing security, and further prioritising client satisfaction.

About Masttro

Masttro is a SaaS solution for single- and multi-family offices, wealth professionals serving wealth owners, and larger institutions. We believe modern technology and direct data feeds are critical to unlocking solutions to managing wealth data across structure, asset classes, and a move to unstructured data.

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