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Automated Wealth Management Compliance Solutions

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24 April 2007
Isabella Fonseca

Abstract

New York, NY, USA April 24, 2007

Celent estimates the market for wealth management compliance systems will grow 15% from US$178 million in 2007 to US$318 million by 2011.

Increased oversight of wealth management firms has led to a new generation of automated compliance products that allow chief compliance officers to monitor and track their firms and individual employees as they seek to comply with increasingly complex and numerous regulations. Hedge funds, broker-dealers, institutional asset managers, trust companies, and retail financial advisors need automated tools to alleviate increasing regulatory and investor pressure and keep their firms on the straight and narrow path.

In a new report, , Celent examines the evolving capabilities and functionalities of compliance systems used by wealth management firms. Key findings include:

  • The compliance market is growing rapidly. Celent estimates the market will grow from US$178 million in 2007 to $318 million in 2011, a 15% annual growth rate.
  • Registered investment advisors (due to the large and growing number of firms) will spend the most money on compliance in the wealth management space.
  • Hedge funds will spend much more on compliance IT as a result of increased investor and regulatory pressure.
  • Compliance systems and broader risk systems for larger firms will converge over the next two to three years.
  • Compliance will become a component of primary back office systems, email surveillance and retention systems, workflow tools and document retention systems.

    • "There is growing interest in compliance solutions," says Robert Ellis, senior analyst and co-author of the report. "While each segment of the industry has its own drivers, there is a common need for wealth management-specific compliance solutions."

    "Compliance continues to be an ever-growing responsibility for senior managers in a variety of financial services firms, especially those with a significant retail business component," adds Isabella Fonseca, senior analyst and co-author of the report.

    The report makes detailed comparisons of several compliance systems and explores the compliance needs of different segments of the wealth management industry.Celent utilizes its ABCD Vendor View (Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Client Services analysis to evaluate the seven firms.

    The report is 52 pages long and contains 13 tables and 12 figures. A table of contents is available online.

    Members of Celent's Retail Securities & Investments research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.
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