Leveraging Technology to Level Up Wealth Management

It’s time. You’re ready to meet the challenges head-on—from COVID to compliance and APIs to data aggregation. When it comes to your wealth management firm’s journey, you’re in the perfect position to take those next steps. 

We’ll be your guide to leveling up your wealth management practice through technology, helping you find the gems of information and inspiration to take you forward.

You know that great wealth management comes from combining your expert advice with deep data to surface and share important insights. One part of that puzzle—the data—relies on best-in-class technology that provides the power you need.

Come with us, as we share some of the most important tech for getting to that next level.

Uncover the Hidden Details in Your Investment Performance Data

One of the best ways to reach that next step is to get an excellent handle on all the data flowing through your wealth management firm. You can turn that torrent of information into finely-tuned performance reporting:

  • Investment performance data that you can slice and dice any way you want, from streamlined performance processing to client-facing, easy-to-understand reports.
  • Real-time, up-to-the-minute analysis so you always know what’s happening in the markets and can quickly react to opportunities or challenges.
  • Risk and reward profiles across industry segments, with a direct link back to client personas and product development.
  • Best practice benchmarks that let you measure portfolios and individual holdings against the market as a whole, segments, client-requested measures, or any other standards you set.

Leveling up your reporting means you can quickly and easily pull together information, tailor it to specific client needs, get up-to-the-moment financial statuses, and understand everything in a glance.

Be Confident You Understand Risk and Follow the Rules

Regulations and compliance are never far from the mind of a wealth management advisor, and sometimes those rules can be a little arcane. Building compliance management into your wealth management solutions gives you the confidence you’re meeting those frameworks while allowing for proactive risk management:

  • Understand compliance needs from an internal and external perspective and ensure your wealth management performance reporting is built on a regulatory foundation.
  • Develop internal risk management protocols and use them alongside externally-mandated rules to understand and resolve potential wealth management issues before they become problems.
  • Discover potential outliers, access your client base, investments, risks, returns, and portfolios and take action on allocations, fees, diversification, and more.
  • Compare performance across large sets of accounts, individual advisors, business lines, or other factors to ensure an appropriate balance of risk.
  • Create exceptions reporting that lets you focus on issues that might otherwise get lost in the noise.

Staying on top of risk and compliance management means you can tailor specific approaches according to risk appetite, ensure you’re meeting regulatory frameworks, and getting the information you need to stay ahead of potential issues.

Make the Most of Integrations with Existing Wealth Management Systems

As your wealth management firm grows, your front- and back-office systems need to grow with it. Your wealth managers and brokers don’t want to be looking at half a dozen different systems to understand what’s happening, so centralized integration is vital:

  • Rely on “one-source-of-the-truth” that brings together information from disparate systems so you have an objective view of the entire landscape to make better investment decisions.
  • Use out-of-the-box and customized APIs to interact with other applications and systems, and take advantage of wealth management information in a logical and consistent way.
  • Combine data from different sources to create contextualized insights that take into account your existing data, environmental factors, and larger trends.
  • Build integrated reporting into your firm’s CRM and applications so your advisors immediate access and can make investment decisions.

Centralizing and integrating your wealth management data gives you ultimate visibility and control. You’ll save time, frustration, and effort knowing you can review and act on everything you need to, no matter where information is stored or managed.

Automate and Reconcile Wealth Management Information to Clarify Data

Digital automation is revolutionizing how we do business. That type of technology can transform your processing and performance calculations, verify the integrity of  your data, and let you audit information to ensure everything meets yours, and your client’s needs:

  • Get daily performance calculations that let you validate and audit large amounts of data. 
  • Automate your overnight batching and other data management processes together with sophisticated, systematic audits to reconcile all of your accounts with your reporting and holdings.
  • Verify the integrity of your data by scrubbing it of inconsistencies and abnormalities. 

Automating and reconciling your information keeps everything in order and means you can account for every cent that’s invested. Regular audits help you demonstrate further compliance, and ensures that nothing is missed.

All of these areas will help you to level up your wealth management practice. You can start small, taking advantage of individual technologies. As you prove the value and ROI, you can expand outwards, adding further services that provide insight to you as a wealth manager, and confidence to your investors.

Recommended Posts

Start typing and press Enter to search