Tag: Wealth Management Platform

Financial Well-Being – The 2023 New Year Checklist

Posted on by Valuefy

Yes, it’s that time of the year again, the time to make those resolutions for the year that we inevitably end up breaking by February if not earlier. Well, this isn’t cynicism speaking its facts, research suggests that 45% of people fail their resolutions by February and less than 20% make it through the entire year. And, what are these ever-elusive goals that we set for ourselves? Invariably the most common resolutions have to do with Physical Health (losing weight, eating healthy, exercising) followed by Financial Health (saving regularly, meeting goals).

Well, the most cited reason for failing at resolutions is lack of willpower, however, this year we’ll try to circumvent failure by having a game plan in place and by automating our investments.

Here’s your Financial Fitness plan for 2023, follow it rigorously and you’ll be in a much better place (financially) next year.

Step 1: Budget Better

It’s as simple as creating a monthly shopping list. You know the amount you can afford to spend, you know the essentials and you can even make room for luxuries as long as you can make a saving elsewhere. Writing down your budget with a clear allocation for monthly expenses, rent, savings, and goal-based investments can help you be more fiscally responsible. You can use an expense manager such as Walnut or financial planning software for advisors to tally up your bank statements to find out where you’re bleeding money. Whether it’s your morning dose of Starbucks coffee or your cigarette habit, once you see how they add up, you’ll be sure to re-evaluate your decisions. If you’re looking to get started with a basic budget, don’t overthink it, you can use the popular 50-30-20 rule to get started.

Step 2: Become Debt-Free

Debt can be a dark cloud looming over your conscience and can affect your financial behavior greatly. Whether you’re in crippling student loan debt or paying off a mortgage, having a plan in place helps you from getting overwhelmed. If you have multiple sources of debt such as a car loan, bike loan, personal loan, and the like, the best way of going about it is striking off these debts one at a time. You can start by paying off smaller debts such as your car loan so that you get some momentum and your confidence starts building up. Slowly move on towards your larger debts so that you can pay them off one at a time.

Step 3: Plan for the Unplanned

Create an emergency fund and get your Health and Life insurance in place. Yes, we know that it feels like a waste of money especially when you’re just starting off in your career but tragedy can strike at any time and it helps to be prepared. Especially when there is an indication of a possible worldwide recession in 2023, according to the World Bank report. Start by creating a rainy day fund that’s at least 6 months of your monthly salary to prepare for emergencies such as layoffs. Also, start your Health insurance as early as possible, the earlier you start the lower the premiums you pay for the rest of your life. You should also invest in a Term life insurance plan as they are cheap to acquire and ensure a financial cushion for your loved ones.

Step 4: Create a Retirement Fund

We know that retirement can seem like a lifetime away, but well so did 2023 at the beginning of the year. Having a clear picture of how much money you need to have saved up for retirement will help modulate your fiscal behavior. Setting your current income as the standard, a retirement calculator will tell you how much of a corpus will maintain your standard of living post-retirement.

Step 5: Diversify, Diversify and Diversify

Never put your eggs in one basket, the stock market can be a calamitous place and to weather the ups and downs of the marketplace you need to have a diversified investment portfolio. Whether it’s mutual funds, stocks, bonds, real estate, or bitcoin, you need to have a sufficient “debt v/s equity” ratio to ensure that your boat is steady when the waters get choppy. It helps to have a wealth management firm in place that can manage your investments for you and tell you how exactly your assets must be drawn up with respect to your financial goals.

Step 6: Automate Everything

Wealth Management platforms or investment management platforms such as Wealth In A Box can help make the journey toward financial health a lot easier. Trusted by the Top Wealth Managers in India such as Aditya Birla and Kotak Asset Management, it’s been voted the top wealth management platform in India. With dedicated apps for Wealth Managers and Clients, it promises a high level of transparency and brings cutting-edge Artificial Intelligence and Robo-advisory to your 2023 financial strategy.

For more details ask your Wealth Management firm about Wealth In A Box

Step 7: Plan Your Tax

Planning the tax in advance will avoid the hassle we make at the last moment. It will help us file the tax returns before the deadline, without letting us pay higher tax liabilities due to lack of time. Prepare all your documents, and consult a tax professional (if need be) to know all the tax benefits you are eligible for.

About Valuefy:

Valuefy is a premier investment technology lab with cutting-edge solutions serving the leading financial institutions across the globe. It has been enabling Wealth Managers globally by providing production-grade investment technology for an uberized customer experience. Reach out to us!

7 Key Drivers: Uberized Client Experience in Wealth Management

Posted on by Valuefy

Ask any investor what the predominant factor is in choosing a wealth management firm, they will be quick to respond with ‘investment performance’. It is undeniable that investment performance is key in the decision whether to continue with a wealth management firm, however, what is often overlooked is that Client Experience comes a close second.

Though, when we use a term as broad as Client Experience, it is very easy to get misled. We borrow on Deloitte’s pioneering framework on Client Experience in Wealth Management to power our insights on what the future holds for customers.

7 Key Drivers of Client Experience: How can Wealth Management Firms Power Advantage?

Reporting and Transparency:

The client must always have a clear picture of their finances. There must be no delay or turnaround in providing accurate information to the customer. Timeliness, accuracy, and accessibility of data are important to all customers. The way firms can drive better reporting and transparency is to onboard customers onto a digital wealth management platform with a customer-facing app or portal. This allows customers to get access to their portfolio data 24X7 at a moment’s notice. Any kind of errors in reporting or even delays in delivering reports can seriously erode the credibility of the firm. It is frustrating if the customer has to go to extraordinary lengths to retrieve their own data. It should be available at the click of a button and completely accurate.

Timeliness and Clarity in Communication:

The client is looking for wealth managers to provide data-driven insights quickly and briskly. There is no space for guesses. Portfolio data and investment strategy must be clear. Private wealth management software gives wealth managers the ability to identify opportunities in a timely fashion and convey it to their clients clearly. They follow the 5 keys to successful investment portfolio management. If the wealth manager is more forthcoming in communicating the exact expectations from the investment, it is less likely that the client feels duped or cheated.

Reducing Friction:

Whether it’s getting a customer on board or the speed and accuracy of data, the client expects customer experience to be top-notch. There is no time for any kind of sluggishness in the processes. Automation of the entire process from KYC to onboarding can prevent the risk of clerical errors/human errors that can hold up the entire process. When it comes to operations, clients don’t want any surprises; they just want it to work. The more predictable and automated it is, the better it is viewed to be.

Attentiveness:

It’s all about being quick and right in today’s world. Wealth managers must be available on demand and proactively share strategies with clients. Any data or information that is requested by the client must be quickly turned around. With the obsession towards exceptional customer service, only the most digitally savvy wealth manager can manage to meet client expectations. The automation of mundane tasks such as portfolio attribution, data integration, reporting, rebalancing, and more gives wealth managers the free time to focus on providing a stellar customer experience.

Long-Term Approach:

Rather than trying a short-term approach to client relationships, customers preferred a relationship where the wealth manager builds trust over time. An indiscriminate attempt to upsell to customers and strain relationships will not be appreciated by the customer and will breed mistrust. Wealth Management Firms that can identify the right offerings for the investor’s portfolio and back it up with strong data are the ones that retain clients in the long run.

Strong Understanding:

Only the wealth managers that demonstrated a keen understanding of the client’s needs, business, estate, and requirements were retained by HNI clients. Managers must be in tune with the client’s goals for their life, whether it is buying a car, a house, a second farmhouse, saving up for children’s education, or funding a vacation in the Bahamas. Nowadays, clients look at goal-based investing and unless this resonates with the investment manager, it’s difficult for the relationship to click. Private Wealth Management Software that allows wealth managers to input client goals and understand the right funds or strategies will help engender trust as there’s a lower risk of mis-spelling the wrong fund.

Partnership Approach:

Clients seek wealth managers that can manage their money but also those that take their inputs seriously. A wealth manager must be able to transfer their own knowledge to the client in the right way and also consider the concerns and ideas of the client. Clients are looking for someone who can work with them as a partner rather than dismiss all their ideas. They are looking for human beings with whom they can build an actual partnership based on shared goals. Wealth managers have technology as their best partner. For Example – AI has helped wealth managers save up to 20% of their time. The wealth manager is expected to use technology to build a custom investment management solution for the client if a suitable one does not exist in the market. Dealing with a manager who does not engage with the customer and offers cookie-cutter solutions can grow tiring very quickly.

About Valuefy:

Valuefy is a premier investment technology lab with cutting-edge solutions serving the leading financial institutions across the globe. Its Private Wealth Management Software has been enabling Wealth Managers globally by providing production–grade investment technology for an uberized customer experience. Reach out to us!

Wealth Management in the Times of COVID 19: How Firms are Adapting to the New Normal

Posted on by Valuefy

COVID 19 has hit the worldwide economy like a storm and it has had far-reaching implications on every industry. The Wealth Management industry has taken a major hit in the face of massive uncertainty, panic and negative market sentiment.

Wealth management firms face three major challenges in the COVID 19 landscape.

  • High Market Volatility
  • Increased Operational Risk
  • Increased Reliance on Digital Channels

Let’s look at how firms can better help their clients in these times of crisis and build trust when it is at an all-time low.

Adopt Digital Tools to Retain Trust and Transparency in the Face of Volatility :

The market sentiment right now is overwhelmingly bearish. Asian markets have seen a 15 -25% dip. India was not spared the carnage as the Sensex and Nifty hit three-year lows closing at 28,896 and 8,468 points respectively. The biggest challenge right now is to keep the trust of investors in the market and prevent panic selling. Digitally enabled firms are in better shape to keep the trust of their investors especially those with customer-facing apps and portals that help increase transparency. Wealth Management firms will need to adopt technology like Wealth Management platforms to adapt to the speed of the market and act quickly. Quick adoption of digital tools is of the essence as physical meeting and paperwork have come to a grinding halt.

Adopt Platforms that Help reduce Operational Risk:

Firms are expected to have business continuity plans in place to be able to shift employees to working remotely and have centralized access to data when requested by clients. They are also expected to provide for the eventuality if key personnel fall ill or need to be quarantined. Relationship managers should be able to address client needs wherever they are working from and digital wealth management platforms help them do just that. If clients are successfully digitally onboarded and all portfolio data is available at one click then RMs who step in as replacements can quickly get a picture of finances and offer the right advice. In the absence of portfolio data being available digitally, collating all the necessary data becomes a nightmare, especially without a detailed handover by the existing Relationship managers.

Switch Entire Customer Service onto Digital Channels:

Countries across the globe have entered into a lockdown. Government bodies have enforced social distancing to flatten the curve of the pandemic. In such a scenario where physical meetings have been banned, Wealth Management firms will find it increasingly difficult to acquire new customers or event retain existing ones. There is a need for regular engagement with clients to ensure that they do not panic. RMs need to switch to digital channels such as video calling or messaging to keep their clients in the loop. In such a scenario a shared platform or dashboard that can help offer an eagle eye view to both clients and RMs is extremely important. WM firms that have adopted Digital Platforms are able to continue services as RMs are equipped to serve clients efficiently even without the face time.

Upskill RMs to Deal with the Changes:

Relationship managers can no longer afford to be unsavvy about digital mediums. They need to be able to operate and act on Digital platforms on behalf of their investors. They must have a 360-degree view of portfolios to act quickly and mitigate risk. Wealth management firms must fastrack their training programs and teach their RMs to use the portfolio management tools available at their disposal.

Ensure Client data is not Compromised:

In a scenario when everyone is being asked to work from home, client security, especially in sensitive industries such as Wealth Management, becomes an issue. Employees need to be trained in best practices to ensure that client data is protected. The IT departments of Wealth Management firms need to ensure that people are sensitized to cybersecurity risks and provide the necessary tools and infrastructure necessary to ensure that data is not breached and is purely on a need to know basis. Collating information on a centralized server and restricting downloads of sensitive data onto personal systems is necessary to prevent untoward incidents in the long run.

Promote Digital Wealth Management or Roboadvisory:

In the increasingly uncertain scenario, Wealth Management firms are advised to transition in branch operations and sales to Digital platforms. The offerings that require minimal to little human or face to face interaction must be promoted at this time. Robo-advisory or AI-enabled wealth management is all set to boom as Wealth Management firms will suffer a crisis of talent and productivity at this difficult time. The more clients that can be offloaded to entirely digital offerings, the better they can be serviced even with limited staff and resources.

Impact of Technology on Wealth Management over the Last Decade

Posted on by Valuefy

Over the past decade, we’ve seen technology permeate and define each and every industry and wealth management is no different. As we close in on the decade, let’s recap how technology has affected the Wealth Management industry over the past 10 years, the milestones achieved and the challenges that are yet to be addressed.

Customers are Younger

One of the major shifts that have necessitated technology adoption is the fact that the new breed of HNWIs are tech-savvy and favor a ‘high-touch’ experience. This means that firms are exploring the use of Artificial Intelligence to deliver better client experiences that can satisfy demanding HNIs.

Data is the New Gold

Organizations are increasingly implementing technologies for storing and managing data. There has been the evolution of wealth management platforms and investment management technologies that can track every data point once a customer has been digitally onboarded.

AI is Automating New Processes

Other than conventional processes such as KYC and onboarding, AI is increasingly being used to enhance the client experience. Robo-advisory services that automate the entire wealth management process are on the rise. The customer now has the option to opt for a completely digital solution where AI recommends the entire investment strategy for the customer based on their risk appetite and investment horizon.

AI is Driving Investment Insights

Real-time analytics is being used to drive the investment strategy. Nowadays Wealth Management platforms are now able to crunch through terabytes of data to arrive at investment decisions in no time. AI is able to run projections based on several variables in seconds rather than hours.

Front Office & Back Office are Melding

Earlier most of the technological innovation happening in the Fintech sector was limited to the back office. Front office wealth managers stayed at odds saying that AI-generated ideas were not meeting the needs of the clients. However, nowadays, the front office is increasingly being involved in the process of innovation. They are being incentivized to collect more and more data so that algorithms become more efficient and drive higher returns for their clients.

Regulation Remains a Challenge

In an increasingly digitized environment, the regulation of these newly evolved paradigms is becoming a challenge. Cybersecurity remains one of the biggest concerns with so much sensitive data being collected. Regulators and Wealth management firms need to constantly engage with each other to develop robust security best practices and data privacy policies to protect the customer.

Manipulation is a New Threat

Like every other evolving technology, AI is a double-edged sword. In the wrong hands, AI could be used to wreak havoc on the markets. Using bots to manipulate trading trends, malicious elements can influence the market. They may be able to mislead investors into buying or selling a certain stock or asset. However, the silver bullet for AI is AI itself. Advanced pattern recognition using AI can be used to monitor such trends in the market and raise a red flag to regulators.

Humans Remain Indispensable

Despite the evolution of Robo advisory platforms, Investment Management Solutions, Investment Platforms, and Portfolio Management Platforms, the role of the human advisor is still crucial. While AI takes care of many of the monotonous tasks in wealth management, humans still must devise the algorithms and the logic that better these technologies. Also, despite Robo advisors evolving over time, there’s nothing like the presence of a human advisor to understand a client and put them at ease. While technology is making strides in automation, human advisors remain at the core of the wealth management industry.

For more detailed information please talk to our Experts Contact

Why Your Friend Shouldn’t be Your Financial Adviser ?

Posted on by Valuefy

In our times of need, we always turn to our friends for advice, whether it’s life, relationships, careers or anything that’s on our mind. Well, why should finances be any different, right? Well, when it comes to finances it gets slightly more complicated. In this blog, we cover why taking financial advice from your friend might be a recipe for disaster.

You Lose Objectivity

When you’re with your financial adviser, you need to ask some hard questions. There may be disagreements over how you want your money to be invested. In fact, your advisor might even give you an earful over your frivolous spending habits. They will not take into account any personal problems that may have led you to act that way, the best advisors are quantitative and analytical. However, if your friend is your advisor, you may pull back on the punches, not ask the hard questions and not hold them accountable for their bad advice as you value the relationship. This is bad news as you aren’t able to take an objective view of your finances, neither is your friend able to maintain their objectivity as they know your problems and have a stake in them.

Your Friend isn’t the Expert

Qualifications and experience mean everything when it comes to being a financial adviser. While your friend may have made a lucky investment and made a great fortune for themselves, it doesn’t mean they will be able to replicate the success for you. While looking for a financial adviser always look at their past track record, years of experience and their college education. If they’ve concentrated on acquiring a degree related to financial services, it’s clear that they were focussed and dedicated to Financial Management as a career and didn’t drift into it. This level of intent and commitment means they are passionate about being a financial expert and are likely to be up to date and current with their strategies. While choosing a financial adviser always look at the number of clients managed, assets under management, a record of performance, and data with regulatory bodies (To check for fraud). This will ensure that all your bases are covered and you’re taking financial advice from the best in the business.

Depth & Breadth of Knowledge

Your friend might be an expert player in the stock market or in mutual funds. Or he may help you with the right tips when it comes to saving taxes. However, does he understand the exact needs of you and your family? Does he know the kind of insurance cover you need to maintain your standard of living? Can he do succession planning in such a way that your family is well taken care of after your death? Unless your friend is a financial planner, most likely they may be good at one or two of these financial aspects but rarely all of them. Hence it’s necessary to invest a little time and money, in the beginning, to avoid disappointment and missteps due to bad financial advice.

Tools They have Access To

Would you trust a chef that has access to the finest sharpest steak knives on the market to carve up your premium ribeye steak, or would you do it yourself with a 3-year-old blunted knife? Well, the answer seems commonsensical, similarly, financial advice is no different. Expert financial advisers have at their disposal a number of tools that make wealth management easier and more efficient. Wealth Management platforms such as Wealthfy are used by top advisors around the world to make financial decisions. These platforms have Artificial Intelligence-powered Robo Advisers to drive their decisionmaking for them and also crunch terabytes of data in seconds. These investment management platforms can make it easy to perform complex financial tasks such as portfolio monitoring, performance attribution, rebalancing and give you 100% transparency into each and every financial decision. No matter how good your friend is at financial decision making, it’s hard to beat a professional financial adviser with all these cutting edge tools at their disposal. Hence, it’s essential to consult a financial adviser when it comes to improving your financial health in the long run.

Ask your financial adviser about Wealthfy to get access to 24X7 access to your portfolio health contact us .

What to Expect from Wealth Management Platform in 2020?

Posted on by Valuefy

2020 promises to be a year of fundamental shifts for the Wealth and Asset management industry. The evolving technology landscape and digital transformation of the industry will lead to a number of significant changes in the way that wealth managers operate. Here are some of our predictions for the coming year.

Costs to stay in Business will remain high, Platforms will find new Efficiency

The costs of complying with regulations in the wealth management space will remain high. The growing cost of doing business will put continued pressure on firms to drive up profits. However, competition pressures will lead to lowered fees and cannibalization of the market. In this scenario, wealth management firms will have to invest in technology such as wealth management platform and data to maximize alpha for customers and justify higher management fees.

Passives will become core Investment Channel, Platforms will help Wealth Managers compete

It is predicted that by 2020 close to 35% of assets under management will be pooled into passive investment products such as index funds. ETFs and Mutual Funds will also see steady growth. As investors increasingly invest in passive products, actively managed funds will be under pressure to show a higher alpha. This higher alpha can only be generated if investment decisions are made on hard data that helps wealth managers make quick and reliable judgment calls that can beat the market. The power of terabytes of historical data can be leveraged by wealth managers that use Robo-advisors. These Robo-advisors can give recommendations in real-time and can raise red flags when portfolios are not performing. This will help de-risk investment strategy and help increase the chances of creating value for clients.

Platforms will help Wealth Management Firms improve transparency and gain Client Trust

Clients of today expect transparency in investment decisions. They are no longer happy to rely on Wealth Manager’s decisions alone and need hard data backing up any investment strategy. Wealth Management platform gives wealth managers all the data they need at their fingertips. This means that the chances of making decisions purely on instinct are greatly reduced, this fosters greater trust in the clients. Clients can also use Wealth Management platform to check their portfolio performance at any time 24X7 and ask the Wealth Manager questions proactively instead of waiting for a monthly call or meeting.

Platforms will help meet higher expectations of On-demand Customer Service

Clients who have grown familiar with an ‘app economy’ expect service to be available to them 24X7. In such a scenario, wealth management platform that helps customers get visibility into their portfolio data will give an edge to ‘digitally enabled’ wealth management firms. These platforms also help in automating mundane front office and back-office tasks helping free up manager time to focus on strategy and servicing their customers. This is especially crucial in a climate where over 87% of HNI clients confirm that they switch wealth management firms for lack of satisfactory customer service experience.

Mobile Apps and Customer Portals will become par for the Course

Clients of today are increasingly tech-savvy and need access to their portfolio data on their fingertips. Wealth management platform can no longer be solely facing the wealth manager, they need to have a customer-facing presence both as a portal and as an app. These mobile apps must have key functionalities such as rebalancing, portfolio monitoring, withdrawals, etc so that customers are empowered to make their own decisions. Investing in online platforms and mobile apps should be a top priority for Wealth Management firms as less than 50% of HNWI reported being satisfied with their current online and mobile financial platforms

5 Things To Look For In An Effective Wealth Management Software

Posted on by Valuefy

Over the past decade, wealth management as we know it has undergone a digital transformation. Wealth Management firms, family offices are increasingly recognizing that in the digital now, the legacy systems of the past just cannot keep pace with customer demands and expectations. Clients are now looking for complete transparency on how their money is being invested, they also want to access this data at all times. They also expect their wealth managers to give their hard proof and data backing every single financial decision. It is no longer a ‘seller’s market’ and investors are asking for maximum bang for their buck, especially when they are going for professional wealth management services.

In this challenging environment, wealth management software has come to the aide of wealth managers. The firms that are embracing innovation are increasingly looking to the tech industry to build solutions that help them scale and meet customer expectations. Undergoing a digital transformation is one of the most critical business decisions that a wealth management firm will ever make in its course of business, hence it’s essential to evaluate the platforms comprehensively to every minute feature before adopting it.

We’ve developed this guide as a quick primer of what to look for when on the market for a Wealth Management platform. This checklist will help guide your search and help you zero in on exactly the kind of features and tech capabilities that your firm needs.

  1. Is it Mobile friendly with anywhere, anytime access?

This is one of the most crucial considerations for both your wealth management clients and your time-pressed advisors. The platform should have a client-facing and advisor facing app or mobile presence that allows both advisors and clients to access and control their portfolio from a mobile phone. This unfettered access can be a key variable in whether tech-savvy millennial investors choose to invest with your firm.

  1. Does it help the synergy between the front office and back office?

The system you adopt must be able to integrate with all the disparate tools your wealth management team uses in front and back-office operations. The advisor must be able to quickly source the data that he wants from the system in seconds and show the client their real-time account data. It should also allow for a full API system that allows third-party applications to function seamlessly on the platform.

  1. Does it save your advisor’s time?

The number one reason why wealth management firms are going for digital transformation is that advisors are increasingly under pressure. As a single advisor caters to 10s, the 20s or even 100 clients, every second of the advisor becomes valuable. If the advisor has to spend hours reconciling portfolio data, the investor will lose patience and the advisor will be unable to leverage their bandwidth for customer servicing. Wealth management software or platform helps advisors automate mundane tasks and carry out others efficiently such as Client Onboarding, portfolio attribution,  rebalancing, compliance, reporting, document management and more.

  1. Is the system cloud-based?

Legacy systems are cumbersome to maintain and update, it can take months of time to upgrade to the latest technology and can also incur significant costs. A cloud-based SaaS platform, on the other hand, receives regular updates and can be updated in a matter of minutes. Also, as all of the upgrades are done at the Service company end, there are no additional costs involved in hiring talent to make sure the systems are up to date, secure, and running optimally. Cloud-based systems also allow users to access the data from anywhere and with any kind of device, removing the dependence on company owner hardware.

  1. Is the user experience easy to navigate?

Often, the senior talent at Wealth Management firms may not be very tech-savvy and may prefer to work on their excels and workbooks if they find the technology difficult to adopt. Just rolling out the platform is not sufficient, the advisors must be convinced of the benefit and they must be comfortable with the interface. Otherwise, the platform becomes a liability and leads to parallel processes running within the organization. The UX of the platform must be intuitive and consumer-grade, the advisors must also receive comprehensive training and support in the adoption phase to ensure a smooth transition and avoid costly mistakes.

5 Reasons Wealth Managers need a Technology Partner

Posted on by Valuefy

Maybe you are a veteran Wealth Manager, a rookie or somewhere in between. Being in the industry, you must have heard about the disruptive technologies that are changing the sector of Wealth Management.

Well, the news is true as Wealth managers around the world are partnering with Fintech companies to adopt innovative technology solutions. It’s improving the efficiency and productivity of their firms and driving their performance.

Let’s take a look at the 5 major reasons why a Wealth Manager needs a technology partner.

Automation

One of the biggest advantages of technology is automation. Technologies like Big Data, Analytics, and AI are offering real-time data, easy access to information, and faster report generation which cuts down the time taken for decision making.

Automation in Wealth Management allows you to finish time-consuming tasks, like generating portfolio insights and reports, in minutes. It enables smoother operations making your job a lot easier. A ROBO assist platform aids Wealth Management in generating portfolio insights and collecting data in an organized way that also leads to a reduction in costs.

Customer Relationship Management

Customer relationship management is at the heart of a successful Wealth Management firm and it can be enhanced using user-friendly technological solutions that provide both ease and accessibility to the portfolio and analytics.

A technology platform, like Wealthfy, adds convenience to processes like Client Onboarding, Portfolio Construction, Portfolio Monitoring, Reporting, Analytics, and Rebalancing. Providing customers with on-demand analytics is another feature that can prove to be very inviting for a wealth manager.

Data Analytics

Wealth Management is built on data. Analyzing and studying historical and real-time data is a crucial part of making decisions that drive returns. Technology platforms perform these functions quickly while increasing the productivity of Wealth Managers.

Solutions that provides analysis of different classes of Assets in a portfolio helps you decide on the expected returns and risk factors of various assets under one platform. Moreover, these platforms support different styles of portfolios, widening their functionalities.

Multichannel Delivery

Smartphones have helped in garnering a deeper penetration across the market. The company-customer relationship has become more personal, making it easier for customers to reach out to the companies more easily.

This has increased the expectations of the consumers who now want to have multiple delivery channels to stay updated on the go. Effective mobility solutions can make this possible by integrating mobile-based solutions into the legacy systems at the Wealth Management firms allowing your customers to keep track of their portfolio and receive prompt alerts.

Customization

 When you customize your platform for your workflows, you make its adoption easier for your customers. It helps you customize advisory and recommendations based on the goals set by the client. This individualistic approach provides a personalized service without taking much time.

Why is the Technical Evolution Welcomed?

The world is changing faster than ever before and this evolution does not intend to cease. Catching up with intelligent technological solutions will only enable you to serve your clients faster and with more precision.

Today’s Wealth Managers are seeking intelligent technological solutions that understand their requirements and aid in bringing down costs, time and an increase in their productivity. Overall help them predict better that in turn help them service their client needs better.

Valuefy is a FinTech company that enables Wealth Managers with technological solutions to ensure the digitalization of their processes and empower them with comprehensive analytics, Portfolio Management solutions, reporting, and relationship management.

The Wealth Management Industry: Outlook 2020

Posted on by Valuefy

As we complete two decades of this century, GenZ has entered their early adulthood and GenY, popularly known as Millennials, are close to being middle-aged. These are the people who grew up with the internet, they have their entire lives around it. And their love for the digital space seems to grow every year.

And these will be the people wealth managers will be serving in the coming years if they aren’t already.

The current industry veterans are from the pre-internet era and their methods are, traditional which has worked fine so far because they have been serving the clients who belonged to the same generation.

But the times are changing and this generation gap needs to be filled if they want to attract, and retain, customers from this generation and the one after. To do that, wealth managers need to adapt to the latest technologies and methods in the wealth management space too.

So, here’s a non-exhaustive list of industry trends that will be seen come 2020.

The Number of FinTech Companies will Rise

FinTech companies with their innovative and technology-oriented approach have been disrupting the industry with solutions like data analytics, predictive analysis through Artificial Intelligence and Machine Learning. There will be a rise in the number of these companies as better, more sophisticated solutions emerge.

Interactions with Clients will Increase, Less in Person

As the industry moves towards a digitalized ecosystem, the number of interactions between the wealth managers and their clients will increase significantly. Only, these would be more in the form of textual or visual interactions rather than in-person meetings. There will still be meetings but far less. The new generation of affluent likes to stay updated with everything all the time which means they would want to have daily updates and reports.

The Need for Customizations will Increase

Technology has enabled customizable solutions for wealth management. FinTech is playing a huge role in making this option available to the wealth managers. With these customizations, every client could be presented with a portfolio or wealth plan tailored to their needs. This would need in-depth profiling of the clients and prospects to propose the most relevant customization to them.

These emerging technological trends would mean that wealth managers would need to find relevant technological partnerships with FinTech companies to prepare themselves for these challenges.

Valuefy is a FinTech company that enables wealth managers with technological solutions to ensure the digitalization of their processes and empower them with comprehensive analytics, Portfolio Management solutions, reporting, and relationship management.

7 Wealth Management Mistakes You Shouldn’t Make

Posted on by Valuefy

Running a wealth management firm is not easy. When it comes to your clients, you are obliged to listen and comply with their wishes but having the required expertise, you understand the market much better than they do. Which is why, sometimes, you have to comply with a preposterous request.

This could possibly be the biggest mistake you could make until you take the right steps to avoid it in the first place. Of course, everybody makes mistakes and your expertise doesn’t make you an exception to that rule.

But if you know what the possible mistakes are, you will be equipped to avoid them.  Please note that this list is, in no way, exhaustive.

Not Pushing Clients for their Reasoning

When clients make requests to buy or sell assets voraciously, it’s important that you ask the reasoning behind those thoughts. It is entirely possible that their decision is based on impulse or misunderstood financial standing rather than a sound rationale. They may want to take a risk that they can neither afford nor need, considering their financial goals. As a wealth manager, it is your duty to advise them when they are wrong and heading towards a possible loss.

Working with All Kinds of Clients

One thing that your wealth management firm doesn’t need is a client that doesn’t share your financial philosophy. Niche down to the kind of investors you want to work with based on your experience and your financial philosophies. Taking in clients that are not a good fit for your firm will not only waste your time but also put you through unnecessary conflicts. You would do much better without them.

Overemphasizing on ROI

When you emphasize more on ROI than you should, the expectations of your clients rise unrealistically high. If the client is migrating to your firm from a different one, there’s very little increment on the returns that you can provide. Rather, you must emphasize the security and long term benefits that you can provide them with.

Proceeding without Paperwork

This is a given, you should not proceed without paperwork. When you don’t have all the paperwork in place, you might reach a disagreement with the client at a further stage. If the client decides to walk away from you then, you would waste all the time and effort that you spent working on their portfolio and investment plans.

Neglecting your Own Business

When you are managing wealth for businesses, you sometimes forget that you are running a business too. And just like any other business, you need to grow too. You need to look for opportunities and ways that can help you be more efficient and bring in more clients and eventually, more revenue.

Spending More Time on Mechanical Processes

There are a lot of mechanical processes involved in wealth management and these processes, although important, need not be as time-consuming as they are. For example, spending days on portfolio analytics when tools like ValueAT can do it for you in seconds isn’t wise. You want to automate all the processes that you can so that you can concentrate on decision making and strategizing.

Staying Relevant

As the world moves ahead faster than ever before, businesses need to match the pace if they want to stay relevant to not just today’s clients but tomorrow’s as well. You need to bring in the technology solutions that can provide you with the ease and convenience and reduces your manual effort

Valuefy is a fintech company, empowering wealth management firms with innovative and highly-effective technology solutions that are transforming the way financial institutions approach wealth management.

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