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Key things to look for in a wealth management platform

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by Altoo
| 04/06/2024 18:00:00

Whether you are looking for a net-new wealth management platform or looking to make a change, customer satisfaction should always be a top priority. It is important to make sure your wealth management platform provider can deliver both the technology and the service that you need.

Altoo recently conducted its annual client satisfaction survey. The survey, which was offered to a cross-section of Altoo Wealth Management Platform users, focused on features, functionality and overall customer satisfaction scores.

Survey participants were individual wealth owners or their involved family members, family officers or advisors directly employed by those individuals, and asset managers responsible for managing the wealth of multiple clients. Some reported previously using Excel for wealth management, others were consolidating data from multiple advisors or bank statements, while still others had switched to Altoo from another wealth management platform.

Survey says: the top five benefits of a winning wealth platform
We asked clients to tell us the primary reasons they selected Altoo, and also the top benefits they feel the platform provides. Based on the responses, we have compiled a Top Five list that we feel is representative of what wealth managers want from any wealth management platform.

  1. Everything, everywhere, all in one place
    One of the most significant advantages of wealth management platforms is centralised access to financial information. Users get a dashboard where they can get a comprehensive overview in a single place.

    In the survey, 93% of respondents listed “viewing all assets in one place” among the reasons they were drawn to Altoo, and also one of the top benefits they receive. Altoo provides a secure, comprehensive digital management platform with an intuitive interface that lets clients keep track of their total wealth.

    Data is aggregated daily for both bankable and non-bankable assets such as private equity, real estate, and other investments — plus; the platform offers additional features, including secure document storage, monitoring and reports. If clients want to track investments such as collectibles, you can attach photos and purchase receipts for easy access. This also comes in handy in the event you need to provide information for insurance: with Altoo you can easily find all that information in one place. Take advantage of dynamic visualisations, making it easier to understand your investments and make informed decisions. And you can easily generate dynamic, simple-to-understand reports based on data from all areas of your total wealth.

    One client described Altoo as “The tool you have always been looking for. All bankable and non-bankable assets and related documentation in a secure, up-to-date and accurate place, easy to access.”

  2. Efficiency gains
    There is no question that a wealth management platform is more efficient than a spreadsheet or multiple spreadsheets. Bank and market data is automatically imported, removing manual work and reducing risk at the same time.

    More than half of Altoo survey respondents cited “saving time and effort” as one of the standouts of the Altoo platform. By centralising access and automating data aggregation processes through direct bank connections, Altoo enables clients to save time and effort that would otherwise be spent on manual financial management. Clients reap the benefits of real-time information, with no need for manual data entry or concerns around accuracy, so they can focus on safeguarding and growing their wealth.

    “A clear, user-friendly and responsive platform. It provides an overview of all assets within a few seconds,” one survey respondent stated.

  3. Platform and data security
    Given the sensitive nature of financial transactions, security is paramount. Your wealth platform provider should be investing in robust security measures, such as multi-factor authentication, encryption protocols, and transparent privacy policies — and communicating them with you.

    Altoo’s security features were also among the top benefits reported by survey respondents. Data is encrypted using the highest standards to ensure secure communications and document storage. Clients can control access rights, customising exactly what to share with specific individuals and under what circumstances. Two-factor authentication is the default, and three-factor authentication can also be set up for an added level of security. Backend systems are also highly secure: Altoo keeps all data secure in its own private Cloud within a Swiss data centre, with several backup clusters and hardware set up for failover in the event of an outage.

    A number of survey participants spoke highly of Altoo’s security features, among others. One such quote mentions: “It has really helped me to have everything in one place. Altoo has amazing security features too. I feel at ease now I have Altoo.”

  4. An Intuitive User Interface (UI) and User Experience (UX)
    Easy navigation, clear design, and efficient processes all contribute to a positive user experience. Your provider should prioritise UX design to ensure you can effortlessly manage your finances.

    User experience ranked just under security in the top five key elements offered by the Altoo platform. Altoo’s intuitive UI provides clients with a user-friendly experience, making it easy to navigate complex financial data and perform essential tasks with ease. Through advanced analytics and reporting capabilities, Altoo provides clients with valuable insights into their financial performance, investment trends, and opportunities for optimisation.

    Here are a couple of comments from the survey about Altoo’s UI and UX:

    “A clear, user-friendly and responsive platform. It provides an overview of all assets within a few seconds.”

    “…the insights are amazing, they really help me see everything in one place and visualise everything from different filters!”

  5. Customer service is paramount
    While all the benefits that a wealth management platform has to offer are highly important, we believe that customer service is what can truly make or break a client’s experience.

    In this regard, Altoo’s survey results were overwhelmingly positive, with a 98% customer satisfaction score. In addition, 64% percent of respondents indicated that Altoo’s servicing team exceeded or greatly exceeded expectations.

If you would like to learn more about how Altoo can help you with comprehensive wealth management, contact us to schedule a demo!

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