Game-changing technologies are fueling disruption in the wealth management industry, and effectively changing the ways clients view financial advisors, or make investment decisions. In fact, experts predict that the wealth management industry, as a whole, will experience more transformation in the next five years than it had in the past half century.
Companies’ expectations from wealth management firms are becoming increasingly diverse with rising emphasis on wealth transfers, retirement planning, and social impact investing. More so, with evolving digitization in the industry, companies and asset managers are leveraging the power of massive amounts of financial information for real-time asset and portfolio management. As a result, the rapid digital innovation has enabled third-party services to gain access to clients’ financial information, turning client’s data privacy and security at stake. This implies that regulations around cyber security are also likely to get stronger in the years to come.
The legacy wealth management technologies are no longer competent to reconcile today’s vast amount of structured and unstructured data. Thus, wealth managers are constantly looking to invest in technologies that help them aggregate the data, provide real-time analytics, and create customized financial reports on actionable investment insights and risk management according to their requirements.
With rapid technological evolution, it is imperative that organizations invest in the right provider that suits their specific necessities and also corresponds with the current dynamics of the market. Keeping that in mind, Banking CIO Outlook has selected a list of 10 companies offering robust and comprehensive wealth management solutions. The companies featured here exhibit powerful solutions coupled with innovative strategies.
We present to you “Top 10 Wealth Management Technology Solution Providers - 2017.”