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What Can A Digital Wealth Management Platform Do For Your Firm?

2020 is set to be the year of the digital wealth management platform. 

It’s a trend that’s been gathering pace for a while and seems to be approaching a tipping point. In this article we’ll look at why you need one, how to get one and what to do with it to deliver most value into your organisation.


Why Should Firms Have A Digital Wealth Management Platform?

As the volume of available data and the pressure to stay relevant to younger generations increases, financial services firms are increasingly turning to digital wealth management solutions to either support their in-person service offering or to be able to offer a stand-alone digital investment service.

· As early as 2014, we see 82.5% of HNWIs under 40 expecting that their future wealth management relationship will be mostly or fully digital.

· In a 2016 report from EY, they highlight that improving the digital customer experience was both the highest priority for wealth management firms at 69% and the area of fastest growing spend, making up 24% of the total IT spend.

· Fast forward to 2019 and we get more clarity on what form that takes for customers, with mobile apps being the channel that 41% of clients currently prefer to use for engaging with wealth management firms, followed by websites, face-to-face interactions and phone calls.


How Do I Get A Digital Wealth Management Platform?

The easiest way to get started in this space is to look for a white label investment platform provider. Automated wealth management platforms are very complex and require a high degree of technical expertise and ongoing support to deliver the simple, elegant customer experience that your HNWIs expect at the front end.

For this reason, many wealth management practices prefer to use a third party to provide them with a proven solution that can be tailored to their particular requirements, from making the platform look like it belongs to your brand to tweaking the features and functionality to give you and your customers exactly what they need.


How Do I Get Most Value From Wealth Management Software Solutions?

Digital wealth management solutions are the key to sustaining growth and profitability into the future, but the real trick will be effective management of the solution to ensure it continues to deliver the maximum value into your organisation. Here are a few of our top tips:

· Build training into your employee induction process: When you first implement your platform, organisational enthusiasm for the project will be at its peak. But after successful implementation and roll out its value will start to seem commonplace, making it easy to overlook the need to make sure your newer recruits are as well versed in all its benefits as the original cohort.

· Work with your provider to match your workflow: Organisations are by their very nature change resistant to some degree. Reducing the need for change by aligning your new platform’s capabilities with your current processes will make it an easier sell and make your staff more likely to enthuse on its benefits to your clients.

· Continuous improvement: Your platform isn’t a static thing, it should be continuously improved to better fit customer requirements over time. Your chosen digital wealth management provider should have the capacity to scale and continuously improve their offering, hand in hand with you as your partnership develops and adoption increases.


If you’d like to see a digital wealth management platform in action or talk to experts who’ve successfully implemented them, please get in touch.


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