Using Technology To Gain An Edge In Wealth Management

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Choosing a Wealth Management Company

In wealth management, it's important to be unique. When companies offer the same services, it can be hard for clients to choose. This can make companies focus just on basic services and fighting for customer loyalty.

Identifying the Problems

In this industry, several problems have come up:

  • In a busy market, wealth managers might struggle to stand out.
  • The move towards digital is impacting the wealth management industry. Companies that don't adapt might become outdated.
  • Today, personalisation is key as clients want custom investment solutions. The time of a one-size-fits-all approach is over. Clients want portfolio management made for their own needs.
  • Because of the strict rules that govern the industry, staying compliant for investment managers is a must, not a choice.

Finding a New Way

To tackle these problems, wealth management firms need to try a new strategy:

  • Choosing client relationships over selling financial services can significantly impact overall success and satisfaction. By understanding and meeting specific client needs, financial advisors can build loyalty. This approach helps earn client trust and helps wealth management firms stand out in a busy market. Focusing on individual goals and situations makes clients want to stay, increasing client retention.
"By using technology, firms can improve their services. Data analytics can give valuable insights into client behaviour, and digital experience platforms can improve client engagement.
  • Firms can greatly improve their services by using modern technology. Data analytics can give valuable insights into client behaviour, and digital experience platforms can improve client engagement. Data can tell us about clients, such as how they manage money, risk tolerance, and investment preferences. With this data, firms can offer services designed for each client's needs and goals, improving satisfaction and loyalty.

Digital platforms with interactive features like real-time portfolio updates and educational resources can help clients stay engaged. They can use services anytime, anywhere, for better financial management and more involvement in wealth management.

Plus, technology can help firms stay up-to-date with regulatory changes. Automated compliance systems ensure they follow the latest regulations, lowering the risk of expensive fines or reputation damage.

Wealth management companies can leverage technology to offer customised, interactive, and regulatory-compliant services, enabling them to distinguish themselves in the sector.

Choosing a Wealth Management Company

A recent survey by PWC showed that 69% of HNWIs use online or mobile banking. However, only 25% of wealth managers provide digital services beyond email.

Our wealth management software offers a platform for personalised client engagement. It includes tools to understand client behavior and tailor services accordingly. Plus, it helps firms stay current with regulatory changes, ensuring compliance.

Invessed's technology-driven wealth management platform makes it different, providing a smooth, easy-to-use experience. This helps firms stand out in a busy market.

By choosing Invessed, wealth management firms can effectively set themselves apart and offer personalised services.

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