**Data Immobility Crisis Threatens Wealth Management Technology, Industry Executive Warns**
Jeff Harvey, Executive Director of Operations at Deep Blue Investment Advisors, has highlighted critical infrastructure challenges facing wealth management platforms during the Communify Intelligence Experience conference. Harvey identified data immobility as the primary obstacle preventing portfolio systems from meeting modern investor demands for consolidated asset views spanning fixed income, investments, and deposits.
The executive criticized legacy systems for applying superficial fixes rather than addressing fundamental architectural problems, describing current solutions as “band-aids on top” of outdated infrastructure. While custodians partnering with data aggregators show promise, Harvey emphasized that existing technology struggles to deliver the holistic portfolio visibility clients increasingly expect.
The comments underscore growing pressure on wealth management firms to modernize their technology stack as client expectations outpace system capabilities. Harvey suggested artificial intelligence may provide solutions for data bottlenecks that manual processes cannot efficiently resolve.
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FXnCO Insight
** Wealth managers still relying on legacy portfolio systems face mounting operational risk as data integration failures could drive client attrition to competitors offering unified asset visibility.
Source: Finextra