Aite Group (Boston) recently released its evaluation of wealth management platforms and noted the importance of improving adviser productivity in an industry experiencing consolidation. According to the report, improving efficiency will be imperative in order for wealth managers to capture the business of baby boomers as they roll over retirement assets and cash out illiquid assets.
The report suggests that the firms lacking an integrated wealth management platform will experience lower productivity from their advisers. Furthermore, those firms that fail to improve adviser productivity to remain competitive will be prime targets in future rounds of market consolidation, Aite contends.
According to the firm, points of inefficiency include retaining multiple systems of functionality modules, functioning off of more than one data set and excessive manual input of information. Aite recommends that integrated front-office technology for wealth managers include customer relationship management, financial planning, investment planning, monitoring and ad hoc reporting functionality. <<<