North American sales of wealth management platforms (WMPs) are expected to remain strong, reports Celent (Boston) in its recent ranking of WMP vendors. As a result of client pressure to add new functionality to WMPs on a shortened time frame, vendors have taken a modular approach to development, the report says, adding that vendors have focused on modular functionality surrounding financial planning, portfolio construction, reporting, trading and compliance. Additionally, vendors are offering their platforms as Web-based hosted solutions in order to provide a lower-cost option, Celent notes.
For wealth managers evaluating WMPs, Celent recommends wealth managers consider the ease with which a WMP integrates with internal and external systems. Additionally, flexible workflow support, multiple delivery options and a quick to-market option need to be evaluated, Celent adds, as well as client support and security. <<<