Our latest whitepaper, “The quest to become the best – becoming the trusted wealth coach and adviser”, is a part of our WealthTech Insight Series (WTIS) and was developed in partnership with Ortec Finance. The paper focused on identifying the role of technology in supercharging the adviser’s capabilities and becoming the client’s trusted wealth coach.
This article provides a summary of the first section of the research, which contextualises wealth management firms’ goals for growth and the areas they should focus their efforts on when allocating technology resources.
Key points:
- Growth is the most significant focus at this time.
- Pivoting to a hybrid model and putting digital tools into place supports growth.
- Within digital tooling, the aim is to get a better customer journey, streamline internal processes, and reduce friction overall.
- Those serving the higher echelons of the wealth management community want tooling to support the adviser-client relationship.
- Those looking at the mass-affluent market want tooling to reduce the cost to serve by providing automation and self service.
Interested in reading the research? You can read and download the whitepaper here.
One thing everyone agreed on as a means to achieve growth was focusing on understanding and delivering on clients’ needs to establish a deep and engaging rapport and thus retain business and increase share of wallet. Part of that relationship-building process lies in establishing open and clear lines of communication: technology is essential to underpin and support these aims. “In terms of investing to facilitate growth, we see technology as critical. We cannot expand our investment offering or enhance client experience without it,” said one of the participants.
Hybrid service delivery, it was thought, is the way forward in deepening engagement and becoming the trusted adviser. Thus, focusing on digital tooling to deliver just that via better customer journeys and communications, as well as streamlined and frictionless internal processes, is more vital than ever. Indeed, a better face-to-face and high-touch digital service is high on the priority list for many wealth managers.
However, mergers and acquisitions (M&A) were also mentioned as a means to attain growth, although the challenges of merging architectures and implementing new strategies for overall operational effectiveness are key considerations for the future success of any newly-combined entity.
Interested in reading the research? You can read and download the whitepaper here.
About the WealthTech Insight Series
This research is part of our WealthTech Insight Series (WTIS), an ongoing and developing research process mixing online surveys and interviews. It focuses exclusively on technology in the wealth management sector across the world. Rather than a one-off research process, the WTIS will seek to build an ongoing programme of research among wealth managers of different types across the world on a broad range of technology and related topics. The aim is to build up an aggregated knowledge base of both qualitative views and perspectives as well as quantitative data points.
Research partner
Ortec Finance is a leading global provider of technology and solutions for risk and return management, enabling wealth managers and banks to manage their clients’ investment decisions. It models and maps the relevant uncertainties to help them monitor clients’ goals and decisions.
Founded by leading experts in the fields of econometrics and technology, we have, in over 40 years, achieved an outstanding reputation built on reliability. With over 500 clients in over 20 countries, it plays a vital role in helping our clients improve investment decision-making and manage uncertainty. Headquartered in Rotterdam, The Netherlands, the firm also have offices in Amsterdam, London, Melbourne, New York, Toronto, and Zurich.
More information is available here.
