Based on feedback from a wide range of wealth platform clients, from individual wealth owners and their involved family members through family officers and advisors directly employed by those individuals to asset managers responsible for managing the wealth of multiple clients, we’ve compiled a Top Five list that we feel is representative of what wealth managers want from any wealth management platform:
Everything, Everywhere, All in One Place
One of the most significant advantages of wealth management platforms is centralized access to financial information. Users get a dashboard where they can get a comprehensive overview in a single place.
Many clients listed “viewing all assets in one place” among the reasons they were drawn to their platforms, and also one of the top benefits received. A comprehensive digital management platform with an intuitive interface can let clients keep track of their total wealth.
Data can be aggregated daily for both bankable and non-bankable assets such as private equity, real estate, and other investments — plus, a platform can offer 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 a platform you can easily find all that information in one place. You can also take advantage of dynamic visualizations, making it easier to understand your investments and make informed decisions – and easily generate dynamic, simple-to-understand reports based on data from all areas of your total wealth.
Efficiency Gains
There’s 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.
Many clients also cited “saving time and effort” as one of the standouts of their platform. By centralizing access and automating data aggregation processes through direct bank connections, he platform 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.
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.
Advanced security features were also highlighted by clients. Data can be encrypted using the highest standards to ensure secure communications and document storage. Often, clients can control access rights, customizing 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 should also highly secure: it is possible to keep all data secure in a private cloud within a trusted data center, with several backup clusters and a hardware set up for failover in the event of an outage.
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 prioritize UX design to ensure you can effortlessly manage your finances.
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, a wealth platform can provide clients with valuable insights into their financial performance, investment trends, and opportunities for optimization.
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.
A provider should have staff dedicated to ensuring that you take full advantage of your platform.
