SAN FRANCISCO – March 5, 2008 – Advent Software, Inc. (NASDAQ: ADVS), the award-winning provider of software and solutions for the investment management industry, today announced that Parsec Financial Management has implemented Advent Revenue Center®, Advent’s comprehensive billing and revenue management solution. Based in North Carolina, Parsec is a wealth management firm with over $900 million in assets under management.
Parsec had recently experienced a rapid growth in assets, which placed significant strain on its manual, spreadsheet-based billing system, and the firm was looking for a solution that would significantly reduce manual processing, minimize billing errors and cut the amount of time and labor spent on billing. A long-time user of Advent’s Axys® portfolio accounting solution, Parsec turned to Advent Revenue Center®, which is designed to integrate seamlessly with Advent’s portfolio management platforms, Advent Portfolio Exchange® and Axys®.
“By using the best technology to automate processes like billing, we can keep our support staff level and expenses down, so that as we add more clients we actually profit more. Plus, we are also providing much better service to our clients,” said Cristy Freeman, Senior Operations Associate at Parsec Financial Management.
“It is a very affordable solution, especially when you look at the cost compared to your employees’ time -- you can’t pay an employee enough to sit there and do what Advent Revenue Center® does. We went from having six employees doing the billing to three; the savings in time and labor goes straight to the bottom line,” concluded Freeman.
“We are pleased to provide our clients with a solution that controls and streamlines the billing process, and value the role that we play in our customers' plans for growth and success,” said Michele Holton, Director, Product Marketing at Advent. “We are very excited to add Parsec to our growing list of clients using Advent Revenue Center®.
Advent Revenue Center® automates complex billing processes, from fee structures to collections. It boasts robust reporting features, including full audit-trail capabilities. The product delivers increased efficiency and productivity throughout the entire billing process and builds business intelligence that enables investment managers to manage their revenue effectively. Advent Revenue Center® utilizes a rules-based structure and is built on industry-standard SQL and .NET technology.
About Parsec Financial
Founded in 1980, Parsec Financial Management, Inc. is a fee-only wealth management firm with offices in Asheville and Charlotte, North Carolina. Parsec provides personal financial planning and asset management services to over 900 clients who live throughout the United States.
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world’s leading financial professionals since 1983. Firms in 60 countries use Advent technology and manage investments totaling nearly US $18 trillion. Advent’s quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization.
Advent, Advent Portfolio Exchange, Advent Revenue Center and Axys are registered trademark of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
The parsec financial case study is available on the Advent website.
Advent Software, Inc.