This research is based upon a series of face-to-face interviews conducted with a variety of Wealth Management firms to investigate the main themes that will be setting their digital agenda, and how their IT spending will be gaining momentum from digital change achieved during the pandemic.
Digital Transformation
The traditional Wealth Management model has, up until now, succeeded with less digital capabilities compared to wider financial services. However, following changes in recent years, and in response to the COVID-19 pandemic, the industry is fast-tracking digital development to improve internal performance and maximise the client experience.
COVID-19 has proved a real wake up call to the quality of digital in Wealth Management. Without the ability to meet clients in person, or work from the office, firms have been forced to rely on their digital tools - leaving many regretting a lack of digital investment.
Improving the Client Experience
The portal is currently the heart of the digital experience for clients. A well-developed portal can provide clients with unlimited access to their portfolio and a direct channel to communicate with the relationship manager. Although all of the firms in our research currently offer a client portal, capabilities of the portal varies greatly between firms.
In response to the pandemic, technology has revolutionised the way firms interact with their clients by digitising the client engagement model. As a substitute to face-to-face meetings, video calls have taken centre stage – to a very positive response from staff and clients alike.
ESG & Sustainable Finance
ESG is not just a trend, it is reshaping the way we look at investment philosophies, culture, and conduct.
Given the highly competitive nature of Wealth Management, ESG is an opportunity for firms to differentiate their services, capture alpha and make a positive impact on the world.
Personalised reporting and portfolio updates are also seen as key differentiators for clients when it comes to ESG.
Before wealth managers can finalise their long term strategies, they must wait to see the regulatory roadmap unfold. All eyes are on the FCA to see whether they will follow in the footsteps of the EU or carve a different path.
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About Objectway
Founded in 1990, Objectway Group is a leading provider of investment management and digital software solutions to the worldwide financial services industry. Our omni-channel, omni-device software platform supports the rapidly advancing digital revolution within the wealth and investment management segment.
Under the direction of CEO and founder Luigi Marciano, Objectway has seen steady growth since its inception, both organically and through strategic acquisitions, with revenues topping 60 million euros in fiscal year 2015. Our awarding-winning platform is the trusted choice of leading wealth and investment firms across the globe from EMEA to Canada to Central America.
From offices in Italy, Belgium, the UK, Ireland and South Africa, Objectway's roughly 500 employees support more than 100,000 investment professionals in 15 countries, who manage more than one trillion euros in wealth. For more than 25 years, we've kept our focus on a single vision: combining advanced technology with a deep understanding of business needs to help our clients reshape their wealth management services.
