Various players want to take a share of the private wealth market that increases year over year. It is time to differentiate to succeed, and consider integrated wealth solution, writes Joachim Rosli.
It is full of Nordic and international players with various offerings, all wanting to take a share of the private wealth market that increases year over year.
But what do clients want? Understanding the needs for integrated wealth solution and model portfolios helps wealth management companies to differentiate from their competitors.
Clients’ demands for improved tools for investors, advisors, discretionary asset managers and client managers are increasing. New hybrid-advisory and discretionary models blending the expertise of human advisors with efficient digital tools to provide customised investment solutions has become more common.
Combining services creates a comprehensive wealth management experience for clients. By integrating both self-services, advisory, and discretionary services in the same platform, private clients can achieve a well-rounded, dynamic approach to asset management. This maximizes their investment potential while aligning with personal preferences and financial goals.
Asset managers and investors can operate efficiently with model portfolios - the tool to manage investments. Model portfolios offer a balanced, professional, and cost-effective way for investors to grow their wealth. Also, they enable scaling and support for larger volumes of clients.
In addition to the use of model portfolios, integrated order and trade processing has become more important to handle investments efficiently and streamline operations. By having an enterprise solution that combines this with the portfolio management, customers can minimize errors and reduce costs.
As the leading solution vendor in the Nordics providing AbaSec and ProSolutions, we have seen the opportunity to extend our offerings into the wealth management space to become a more complete supplier with more services towards existing and new clients. This helps companies improve their efficiency and reduce the number of suppliers, costs and ICT risks. Our new integrated wealth offering combines an integrated portfolio management solution and modern web technologies for optimizing the workflows for wealth management companies, with our real-time post trade capabilities and extensive eco-system, like execution, cash management and custody.
With the upcoming DORA regulation, applicable from January 2025, companies must do a full review of internal and third-party systems and service providers. We recommend reducing complexity and remove old legacy systems where possible. Our latest client cases show that reducing number of solutions and providers helps to reduce the risks. Adding more from one vendor is the way to simplify the setup and create a more scalable future.
With more than 300 experts in Wealth, we at Tietoevry Banking are working on simplifying the operations for our clients and provide support with existing and upcoming regulations.
Want to hear more about our offerings? Get in touch with Joachim Rosli!