Changing investor demographics, evolving client expectations, and persistent volatility in global markets have always been drivers of innovation in the wealth management industry. This year, a seismic shift in wealth management has occurred, catalyzed by consolidation and unprecedented market shocks. At the same time, traditional notions of wealth management are fading away as wealth managers and their clients evolve from wood-paneled offices with suited managers sitting behind desks into agile, on-the-go wealth managers who want to be able to onboard and advise their rapidly evolving client base from anywhere.

The broad availability of real-time, tech-enabled wealth management services should be a wake-up call for the industry. Firms competing for wealthy clients can no longer afford to cling to traditional, often manual-intensive workflows. They need sophisticated technology to thrive within the new paradigm.

Made in Switzerland

We developed WealthSmart, an all-in-one system designed for private banks and wealth managers, to provide a multi-asset class, out-of-the-box digital banking solution comprising the same trading, risk, and data features as those used by the most advanced hedge funds and asset managers. WealthSmart was initially developed in Switzerland, where we observed several consistent client pain points easily solved by technology: the need to streamline operations, the various connections necessary with high-security financial institutions in far flung markets, high client standards that are always evolving, a lack of reliable data, and the need for a truly multi-asset class solution as crypto emerged as a widely accepted asset class.

More recently, a new dynamic has emerged that is driving users to WealthSmart. Many private banks and wealth managers are migrating from on-premise solutions, which are extremely expensive and provide limited scalability, to the cloud, acknowledging the power of SaaS solutions to be at the forefront of the tech race. In this vein, WealthSmart uses cloud architecture to deliver a unique and simple-to-use wealth management platform, allowing users access to decades of innovation and seamless updates at every turn of the market.

Only the best

It’s only natural that wealth management clients have high expectations, seeking returns on par with those of the world’s most sophisticated investors. As technology-driven firms continue to outperform, wealthy individuals are demanding that their bankers deploy the same set of tools to quickly make data-backed investment decisions across asset classes and geographies. As well as access to markets and analytics, wealth managers, like all financial institutions, are increasingly cognizant of risk. Historically, for many small to mid-sized private banks, sophisticated SaaS-based, multi-asset class risk management tools have been out of reach due to complexity and cost. Technology has changed this: wealth managers can now use software to tap sophisticated, constantly evolving risk management tools to guide them in tough markets.

Are you ready to seize the opportunity?  

For wealth management firms still clinging to legacy systems, it’s time to look in the mirror and ask yourself: am I ready for Wealth Management 2.0?

We see firms racing to win market share amid industry disruption. With the next generation of wealth management technology slashing time to market, WealthSmart users are quickly onboarding and advising new clients.

2023 has been an exciting inflection point for wealth managers and private banks. Those willing to adopt next-generation technology will thrive in this new landscape.

If you’re attending BankersCom Central Europe on September 19-20, I look forward to discussing how WealthSmart can help you enter WealthManagement 2.0. Until then, stay agile and stay ahead.