Is using wealth management software necessary? Yes – they not only help you optimise your processes but also propose better-tailored investments to your clients and generally streamline communication with them. In this article, we shall take a closer look at the role such platforms play in wealth management. We invite you to read on.
How Does Wealth Management Software Help Your Organisation?
Wealth management software is more than just a hub where you can overview the whole client portfolio or potential investment options. A good system will enable you to make significantly better decisions, streamline communication with your clients and even reduce investment fees.
What are the particular functions that such software comes with? How can it help your organisation? Take a look below.
Single-Point Overview
The first natural benefit of wealth management software is that you can extract all the information you need about your client from a single source. This gives wealth managers a much better overview for planning future strategies.
Moreover, keeping all the data in one place opens the door for AI-powered analytics, which can translate structured data and unstructured text and prepare tailored recommendations that a wealth manager may use.
Modelling and Rebalancing
Wealth management software also enables you to model and rebalance client portfolios to find the perfect strategy for each client.
Multi-Device Access
With wealth management software, wealth managers can access client information from any device. This allows them to, for instance, check the most vital information right before their face-to-face meeting with the client or plan their strategies while travelling.
Naturally, this function comes with extra protective measures. Depending on the software, you might need to complete two-factor authentication or authorise each device used.
Investment Fee Reduction
Some of the wealth management software available, such as that from WealthArc, enables you to analyse investment fees and look for potential opportunities to reduce them. Thanks to this, it is possible to achieve measurable savings in just three months. How does this work?
The system analyses data from hidden and visible fee streams to determine potential areas for optimisation across the wealth management value chain. Then, it provides a set of recommendations. When implemented, your clients will see a gradual drop in their expenses.
Client Lifecycle Management
Wealth management is mostly all about the client, not only their assets. This is why good software comes with client lifecycle management functions. This, on the other hand, gives you a full overview of all the interactions between you and your clients and lets you extract the most important information with ease, at any time.
This is extremely important in terms of your employee productivity. By enabling client lifecycle management in one place, they need less time to find relevant information, hence they can spend more time on what really matters – catering to the needs of their clients.
The Takeaway
Seeing how wealth management software empowers your organisation, you should understand why we believe it must be in any wealth management firm or bank. Nevertheless, don’t look just for such systems – try to find the best ones since they usually have much more to offer regarding helpful features. After all, the better the software, the better your service and with quality comes customer satisfaction and loyalty.