As a marketplace, we have 2 sides to support: the buy-side, meaning wealth managers in our case, and the sell-side, meaning the many solution providers to the wealth management sector. We have built The Wealth Mosaic because, like any directory / marketplace resource, we believe we can bring benefits to both sides by having one dedicated platform that supports many of their needs.

At the heart of our reason for being, on the buy-side, it is about how a wealth manager easily and quickly discover, understand and engage with a full marketplace of relevant solutions, solution providers and knowledge resources to support their business needs? And on the sell-side, it is about supporting solution providers in being discovered, understood and engaged by relevant wealth managers.

Challenges for solution providers
When we think about solution providers, specifically, they face a broad set of challenges in getting their message clearly and consistently by their target audience. We have identified 8, f of which we will cover in this blog, the remaining 4 in the next blog.

So, what are the challenges that solution providers face in targeting wealth managers?

1. Consistent exposure
How does a solution provider ensure they have consistent exposure to their target audience? Yes, it can be done but it does not come without significant cost ongoing and/or one-off costs. To always have a presence in the existing channels requires deep pockets and is therefore not available to everyone and those with the deepest pockets tend to dominate. Good for them, not so good if you’re not in that club.

One element of our proposition is to support solution providers with consistent exposure at reasonable cost.

2. Cost and return on investment
Whatever channel selected to spend marketing budget on, there is often a significant cost and many times the numbers rise very quickly. The question then becomes, what is the return on that investment? Is it business cards, is it new content, is it increased name recognition or is it just being seen in the ‘right’ places? The messages we hear are often confused but the financial outlays can be large.

A second aspect of our role is to not only support at reasonable cost but also provide a clearer and broader return on investment.

3. Noise and market trends
We got a teeny bit irritated recently about the term ‘wealthtech’. Apparently, it only relates to digital wealth management when, for us at The Wealth Mosaic, the term should have a much broader meaning. That just highlights that if a term is hot, even though you might have the best and most useful technology in the world for a wealth manager, if what you do does not fit that term, then you are not cool and you will struggle to get the attention you deserve. That is why so many traditional financial software firms now refer to themselves as fintechs.

We see it constantly now with terms like robo advice, wealthtech, regtech, blockchain, machine learning, and so on. There is nothing inherently wrong with any of those terms but they do gather up much of the market’s attention, leaving little space for much else.

A third part of our offer is to support everyone that is relevant, old and new, big and small, not just the ones that fit the current fashion.

4. Increasing competition
As the needs of the wealth management sector have become greater, due to trends like regulation, customer expectation and the role of technology, so the number of solution providers serving and / or targeting the sector have grown in unison. For all of those firms to get exposure and be heard through the noise has therefore become harder for everyone.

A fourth side to our role, in an increasingly complex market, is therefore to make sure everyone that is relevant has some exposure. If it is relevant, we want to know about it and have it in our platform.

The Wealth Mosaic for solution providers
We have built The Wealth Mosaic as a dedicated resource to support solution providers to the wealth management sector in the effective and cost-efficient positioning, marketing and exposure of their business, solutions and knowledge before this audience. We are not a silver bullet to solve all your challenges, but we believe we can support you in better achieving the goals of your business.

Register your interest as a solution provider here: http://www.thewealthmosaic.com/become/

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