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Managing complex wealth: Spreadsheets were yesterday, wealth platforms are the future

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Altoo For Private Wealth Owners

The Altoo Wealth Platform has been created from the ground up to alleviate problems and provide you with an intuitive interface to your total wealth. Designed to give you peace of mind that you trust and understand your data so that you can confidently make clear decisions from it. The platform...

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by Altoo
| 19/01/2022 12:31:00

Wealth creates complexity, and Altoo’s Wealth Platform provides solutions: Holistic asset transparency, performance insights, sound information for strategic decision-making – all in one place, safe and secure. A modern approach to wealth management.

Do you remember the days in private banking, when everyone had just one bank account and one adviser? Even for most average banking customers, those days are long gone. And for the more wealthy individuals, wealth management has become much more complex.

Today, access to information via the internet, better education and more transparency in products enable consumers to choose best-in-class solutions with several providers, instead of going with a one-stop-shop, like in previous days. It has also become common for High Net Worth Individuals to invest in various asset classes, including non-bankable assets such as Real Estate, Private Equity or Art, and to work with multiple specialised advisers. With increasing complexity, keeping track of and managing financial affairs has become a real challenge.

Traditional wealth management tools are outdated
How to keep track of wealth data? For many years, Excel spreadsheets were the preferred solution – and for many, that is still the case today. But Excel-based wealth management is inefficient, cumbersome and prone to errors.

It also exposes HNWIs to substantial risks. If all data is stored in one single file – and managed by only one person – it might get lost in case this file, or the responsible person suddenly becomes unavailable. Instead, data needs to be stored in a secure place that the next generation of family members and advisers can access if necessary. It also becomes increasingly crucial to be able to access data from everywhere – especially nowadays, as the Covid-19 pandemic forces advisers and their clients to work from home.

Having all data in one place and instantly available also enables fast decision-making in turbulent market situations. If the stock market crashes, the last thing anyone will want to waste their time on is gathering bits and pieces to get an overview.

Altoo provides one single financial cockpit
The Altoo Wealth Platform provides a more modern approach to wealth management. It gathers all client’s wealth data across multiple platforms and displays them in an intuitive way. Its interactive design allows users to view their wealth in an easy-to-digest format. Altoo also enables users to add all kinds of assets outside of the banking world, and to upload, store, and manage related documents such as contracts or insurance policies.

Even better, Altoo is not only a data aggregator but also a tool to actively collaborate within your network. Users can grant advisers access to selected assets on the platform and use a secure messaging feature to communicate with different stakeholders in an encrypted way. For example, an Altoo user could upload mortgage documents for a specific property and grant his real estate and tax advisers limited access only to the assets they are servicing. He can then use the platform to assign tasks to his advisers, without ever having to leave the secure platform environment.

In short: Altoo provides one holistic solution for consolidating and managing wealth, making the life of wealthy individuals much simpler. All data is stored in a Swiss-based data centre, adhering to the highest data protection and cybersecurity standards.

Outlook: the benefits of open banking
Wealth platforms are a new technology. Due to the lack of standardisation for accessing financial data or private banks, the cost of providing and using these technologies are still significant. Therefore wealth management platforms are today mostly a tool for wealthy private individuals and Family Offices. However, as technology advances and costs decrease, such platforms will become available to a broader user base.

Especially the trend of open banking will eventually enable affluent customers to use wealth platforms as well. It will further increase the collaboration with banks and other financial service providers, providing access to financial data, allowing FinTechs to provide new kinds of services to their clients, and allowing them to get a better handle on their finances. Technology will reshape the relationship with our wealth.

Read the original article here.