Use of wealth management software is changing the industry

Wealth Management has turned into a client-driven industry and advisors are considered to be more of value additions rather than the indispensible gatekeepers. In the current scenario, use of stout wealth management software is necessary to meet increasing client demands. 

Clients in modern age are shifting their focus towards an online investment journey. They keep searching for firms online and they keep doing comparisons too online. Moreover, these informed customers are present on various social media channels and are a part of various groups that keep getting a lot of recommendations which come handy for an investor. This modern generation of investors is no more dependent only on the advice of a wealth manager due to various such factors. Digital outreach often prompts clients to take action.

Use of robo-advisor software has increased for wealth management but it never means that the personal contact has no value. Some sort of personal touch is required in deed and hence they look forward to a condition that looks favorable to them.  

Intrusion of information technology

Mobile is rapidly gaining interaction share as users have become more and more dependent on their mobiles. Mobiles are the fastest growing channel for financial services. Wealth management firms must keep this point in mind too while planning smooth services to their customers.

The comfort factor with remote engagement has increased these days. There are many clients who trust a wealth manager who is remotely placed. Millennial don’t see physical distance as a distance till the time they can interact online. More than 30 % clients across the globe are comfortable with remote engagement.

Rising expectations

Other sectors are raising expectations. Clients expect high from financial services and wealth management services. Expectations of clients are extremely high more specifically in the digital channel. 

Wealth managers can get a lot of help through various sorts of software and solutions in managing their tasks in a more efficient way. The time has come when every little thing that can get you closer to your client, will matter the most. Personalization too is a buzz word these days and leveraging technology to act as per the needs and insights of your clients will certainly give you an edge. Simplicity is one more thing that needs to be kept in mind while thinking of providing wealth management services to your client.

Rely upon good wealth management software to keep your clients happy and feel the difference!

Knowing Digital Wealth Management System

The recent years have witnessed rapid evolution of digital wealth management system. Wealth managers who cannot keep pace with this rapid changing environment, carry the risk of lagging behind. Use of right technology has become indispensable for wealth managing firms. Let’s discuss about the 4 important business areas where digital solutions can make a difference. Rise in Fintech companies is compelling players to use new approaches for staying profitable.  

The time has come to take advantage of digital wealth management system to give wings to your business. It’s apparent that the industry is required to tackle the challenges by using digital channels, IT systems and innovative solutions. 

The job of wealth managers has become more challenging now as they need to meet continuously changing client demands and remain profitable. Robo investment advisor solutions help make more intelligent decisions in more disciplined and consistent manner. 

Let’s have a look at the wealth management workflow to identify potential inadequacies:

1. Client onboarding

As per a report, less than 50 % wealth managers are happy with their firms current digital capability in terms of record keeping, audit trails and automation of KYC processes. Time is a significant competitive factor and technology can help in speeding up the KYC process while ensuring adherence to the strict regulations.

2. Portfolio management 

Wealth management firms have to provide their clients with consistent insights so as to provide the best services to all the stakeholders. These digital systems will help in collecting client portfolio, goal based advisory by recommending customized portfolio for each financial goal that are a result of robo capabilities and human intelligence. With complete automation of advice to a fine blend to create a Robo investment advisor, the wealth management becomes truly digital.

3. Investment monitoring

It's indeed a challenging task to keep a close watch on markets and the information generated there. Filters can be of great assistance in focusing analytical resources on the news that can affect your client's investments. Technological advancements make the process more efficient and effective. 

4. Ideas distribution

Digital platforms can be handy and more effective in distributing new investment ideas to relationship managers. Better connectivity ensures that relationship managers get the most up-to-date investment recommendations.

Application of technology infers that wealth managers will spend lesser time hunting for data and research and hence they will be able to speak to their clients about their investment strategy. To conclude with, it will not be an exaggeration to say that technology will ease the work of wealth managers and their firms must consider how they can scale up their processes with the use of technology.

A digital wealth management system that can help you bridge the wealth management work flow will increase the profitability of your wealth management business.