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Wealth Management 2020 Research Outlook

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9 January 2020
William Trout

Abstract

Technology Priorities for Wealth Managers

As we enter 2020, wealth managers of all stripes are grappling with a common challenge: how to improve and scale delivery while reducing cost. The idea is to shift the focus of the advisor from administrative duties and investments selection to client service and prospecting.

Realization of this shift is dependent on three technology levers. These are the Cloud, offering benefits of elasticity, pricing and scale; API’s offering interoperability across systems; and the improved data systems that support analytics and the digitization of the workflow.

Of these levers, data‐driven digitization is the most disruptive, in that it offers a step up from automation and other traditional drivers of efficiency. Automation aims to standardize through machine‐to‐machine interaction. Digitization, on the other hand, enables the customization of already automated processes via analytics and other forms of predictive intelligence. It can be used to deploy Next Best Action recommendations based on machine learning, or to streamline KYC and onboarding. In so doing, it helps reduces handoffs and errors, while supporting the shift of work from the financial advisor to less expensive parts of the value chain.

Over the past decade, firms have invested heavily in tools designed to shift the focus of the advisor from investments‐focused transactional activity to relationship management. Unlike in the past, when back office processes got noticed only when something went wrong, firms today understand the extent to which workflow enhancements and digital processes power the front=end experience. Our research seeks to highlight this interconnectness, with a particular focus on the ways enterprise platforms capture data from across the organization and share it with reporting, execution, compliance and other systems downstream.

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