Developing a mobile-based wealth management application for Circle Black: one of America’s fast-growing wealth management companies

The Daffodil team began by doing the pre-requisite research into the capital markets to understand what an investor looks for in a wealth management platform. They then went into the development of the app’s functionalities with the backend developed on .NET and the APIs extended to the frontend that was built on React Native for platform agnosticism.

The CircleBlack mobile app was developed with the following functionalities that set the mobile experience a class apart for both advisors and their respective clients:

Comprehensive Advisor Experience

An advisor logging into the app is able to view and analyze several client accounts. Navigating to client-specific data is seamless with easy-to-understand dashboards which can be configured to include a variety of information as and when required. Advisors can quickly view and assess allocations, balances, performance, exposure, and more such factors about the client’s portfolio.

The Investor Experience

A comprehensive set of dashboards are available for investors to view how their stocks are performing and assess various risk factors. The UI is concise enough for even novice investors to navigate through the CircleBlack wealth management app. Investors can pick RIAs of their choice and switch between views of different RIA firms with ease.

Drill Down Data Representation

The data is represented across graphs with the drill-down analytics capability, wherein users can instantly shift between an overview of stocks and portfolios to more detailed and granular views. They can do so within the same dataset by clicking on a particular metric in a dashboard or report. The graphical representations are meticulously detailed and at the same time aesthetically pleasing.

Secure Doc Sharing

The AWS cloud’s Simple Storage Service (S3) buckets were utilized for sharing documentation between the RIAs, clients, and custodians. By implementing the principle of “least privilege”, the access to these documents was heavily restricted, and using AWS CloudTrail logs, it was continuously monitored. Server-side encryption during transmission further helped increase security during documentation exchanges.

Notifications And Alerts

Advisors have the convenience of not having to go through each client’s account, instead of setting notifications to alert themselves automatically in case there are any changes in the investors’ stocks. CircleBlack’s Wealth Alerts give them investment suggestions which they can implement proactively and save time for their clients by communicating the next best step for them immediately.

Transparency, Authentication and Reporting

The portfolio information is available in a transparent manner and this information is open for both the advisors as well as investors to see. With secure documentation sharing, communication between RIAs and clients is constant and detailed. For smooth compliance of the app and respective banks of the client’s choice, dynamic authentication is enabled. Performance, holdings, balance and exposure reports are generated constantly for easy viewing by both advisors and clients. Additionally, PDF reports can be created and shared by the advisors to their respective clients.