NorthStar Helps Firms Pump Out Proposals to Wealthy Clients

Good but busy times lie ahead for the wealth management industry – it should grow 30% annually over the next few years according to a PriceWaterhouseCoopers report – and the increasing workload is driving wealth and asset managers to streamline their tasks. One time-consuming and difficult chore is preparing investment proposals, says Bob Skea, chief operating officer of Northstar. "The primary reason it's hard is that the work is manual – they're using PowerPoint, they have to find all the client's fundamental information, they have to collect risk profile data, they need to combine all that with an asset allocation modeling tool, which is often in a different system," he says. "Information about different products — fixed income, SMAs, mutual funds and so forth — all come from different sources." And once all the right information is gathered and a proposal is drafted, it may be noncompliant, because there's no record of how the proposal was generated and where the information came from.

Posted by Penny Crosman at 05:01 PM

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