How rich is your wealth management technology?

Contributor: Mark Gialo

The success of any firm’s wealth management business depends in large part on the capabilities of the technology that is employed.

When evaluating your wealth management technology or evaluating a vendor offering, consider these critical needs:

1. Is the platform client driven? To remain competitive, consolidating accounts and relationships is imperative to managing and retaining clients.
2. Does the platform have a solid financial planning component? To compete in the wealth management business, firms must understand the entire client picture – their needs, goals and retirement plans. Without a sound financial planning tool, it is difficult to keep the pace.
3. How solid is the platform’s customer relationship management? While CRM can mean different things to different applications, having the tools to properly manage and stay connected with clients is crucial.
4. How flexible is the platform’s integration? Does your firm’s investment advisor framework provide a simple experience, and is it open enough to integrate additional products into a single interface? Is it web-based, or are there portions that must reside on the advisor desktop?
5. Do you have a reliable on-boarding tool for new clients? How easy is it to maintain your client and account data?
6. How robust is the trade interface, and how expansive is the range of asset classes you are able to offer your clients?
7. Does the platform have the ability to reevaluate and rebalance portfolios based on the client’s changing financial needs?
8. Is the platform ready for the new regulations around cost basis processing?
9. How integrated is its data management capabilities? Can it bring together all of your wealth management information, and provide informative dashboard reporting to your financial advisors and wealth management executives?

These nine wealth management technology requirements are critical to wealth managers’ ability to attract and retain clients and grow their businesses.  The right platform can help them increase their efficiency, productivity and value to clients as a trusted advisor.

How well is your technology platform addressing your wealth management needs?

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