It is 2023, and wealth management is not just something you can do manually because of the vast diversification and expansion of the investment. You need a partner to assist you with it, and that partner can be found in a wealth management platform.
What to look for in a wealth management platform?
A wealth management platform should be such that it helps you make your job easier. Here are some things to look for in a wealth management platform:
- Accessibility: Your wealth management platform should be extremely accessible. Your statistical and recorded data should be such that you could access it anytime from any corner of the world. For this purpose, your data should also be up to date so that you get the correct, up-to-date information when you look up your finances on the wealth management platform when you make a decision.
- Comprehensibility: Not everyone is familiar with the jargon of the financial world. Even if you are one of the best in the industry, you might have difficulty reading the different symbols and understanding the language of a financial report. This is why it is essential that the report from a wealth management platform be in a language and a format that is very digestible for the client and can answer their questions.
- Streamlining of process: Many processes are common to all your clients and are often very tedious. A wealth management app should act like your assistant so that you focus on the strategic part of managing your clients’ wealth, whereas the platform does all the processes of record keeping, chart preparation, analysis, and calculations.
- Communication and transparency: The wealth management platform should be able to establish clear communication between you and your client and there should be a certain degree of transparency so that there is an understanding between you and your client. This helps create trust and saves you from having to explain every little detail to the client.
- Integration: A wealth management platform should be such that it helps you view and access all your client’s accounts in one place, but it also helps you to integrate the different financial platforms into one for easier tracking, transactions, and record keeping. Different platforms integrated into one saves you from having to shift from one platform to another for references and transactions.
The challenges that wealth management platforms will solve in 2023
- Scattered financial data: Plenty of financial data is scattered all over the different platforms. Whether you are choosing the wealth management platforms for yourself or you want it for your company, you will be able to access all your different investments and assets with just a click on the same platform. This helps you keep a better record of all your financial assets and helps you make better decisions.
- Bottlenecks in processes: A dashboard in a wealth management platform shows you the live performance and position of different assets. This helps you make more efficient, better, and faster decisions and greatly mitigates your chances of losing out on a favorable opportunity.
- Managing digital assets: Gone are the times when physical assets dominated the market. With digitalization taking shape rapidly, the investments of most people also have become predominantly digital. It is difficult to track all the different investments on different platforms in different modes – this is where the wealth management platforms help to be a window through which one can manage all the digital assets in one place.
The top 10 wealth management platforms
Third Financial is a digital wealth management platform that was launched in 2007. Three main things come under the company’s expertise – outsourcing operations to wealth managers, financial advisory services, and portfolio management tools for fintech. Third Financial ensures that your customers’ onboarding is smooth and that you get the best experience at the best price.
Objectway is a digital wealth management platform that was founded in 1990. Objectway helps you to enhance your customers’ engagement and greatly helps you boost your front-office productivity by optimizing the back-office operations. Objectway provides a wide range of services – they are private, depository, and retail banking experts and offer wealth and asset management and investment. This gives Objectway its reach, and its technologies help other banking software businesses grow.
Addepar is one of the best wealth management platforms, and it was created in 2009. Since then, it has provided uninterrupted data management, unlimited scale, and a client-centered approach. With a few of the most attractive features in the market, Addepar has gained a lot of attention in terms of integrations, investment advisors, family offices, private banks, and brokers. Addepar wealth management platform helps make digital asset management easier and assists in analyzing the financial status by preparing customized reports. Addepar is also a platform that can analyze the clients’ wealth and give relevant recommendations.
T-REX is also one of the top wealth platforms that aim to broaden the finance services boundaries to do justice to the complex markets. In 2012, T-REX became a sensation among investors because it focused on non-traditional, riskier markets rather than the mainstream ones. T-REX relies on data digitization, process automation, and workflow automation. Apart from all this, T-REX has positioned itself as an expert in the entire lifecycle of an investment. But the platform is also known for its risk mitigation, the efficiency of transactions, and analytical tools.
4Degrees is a wealth management platform that helps you identify the right connections to focus on and assists you in working towards building and strengthening those relationships. It automatically tracks your deals and analyzes them with actionable intelligence to help you make quick decisions. The platform helps you manage accounts more efficiently by offering a smooth client portal. The Data Import/export process becomes very easy, reducing the risk of errors.
Earthworks is a wealth management platform that helps solicitors, trust companies, financial advisors, accountants, and private clients to integrate their assets in one place. These integrations take place in a unique system that can greatly help save time on the market by offering rapid processing of transactions and analysis of investments.
Clearfunds offers accurate data analytics and helps automate processes at the lowest possible cost. To make investing reach the mass users, the company has an AI-based investment advisory service – ‘Smart Portfolio.’
Launched in 2012, Corfinancial helps global companies and individuals solve wealth integration problems. The company has been advancing its R&D to preclude the forthcoming market trends. Its services can be classified into 3 categories – product solutions, market, and remote financial management.
Personal Capital is a free online wealth management platform that allows you to view all your accounts in one place. It has a powerful dashboard that provides insights into your entire financial picture.
Valuefy is the best wealth management platform owing to its “premier investment management technology with cutting-edge solutions serving the leading financial institutions in India and across the world.”
More than anything else, a wealth management platform should assist you in managing your or your client’s wealth in a very easy manner. For this, you can choose your ideal wealth management platform that appeals to you the most in terms of the interface and the features it provides.