2022 TECHNOLOGY AND OPERATIONS TRENDS IN WEALTH MANAGEMENT REPORT
In today’s world, data excellence is crucial for success – covering everything from data quality, to ESG and data utility, and client custodial data.
Data is the lifeblood of wealth managers, especially in the cloud era. Powerful opportunities exist for making gains in deep, efficient personalisation. Significant investment is already in motion with data-driven and insight-led institutions pulling away from the pack. But there are still significant weaknesses.
Average rating for reliability, timeliness and accessibility of data in organisations
Even the best-rated firms – wealth managers and private banks – scored themselves just 68/100 and 67/100 respectively.
ESG and data utility
Firms often draw on a range of ESG ratings houses and other specialist data providers for insights and understanding. This can create significant data management challenges; no wonder many firms view their ESG approaches as works in progress.
Fortunately, technology comes to the rescue, with the trend towards ESG data utilities.
“This gives firms the ability to flex their approach in line with key use cases and accelerate the sophistication of their approach by building in AI analytics and counterparty data, for instance.”
Leveraging client custodial data
Fully leveraging custodial data can massively enhance the client experience because firms aren’t having to ask their clients for mountains of information.
“It can also be instrumental in improving client acquisition by plugging that investor’s entire financial picture into your CRM.”
Average self-score for leveraging client custodial data
Yet firms are often still receiving and managing data files in a range of non-standard formats, inevitably leading to manual patch work.
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Investment choice and performance
Client experience and advisor productivity
Operational investment drivers
About SS&C Advent
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By continually investing in our platforms and functions we ensure we always deliver positive results for firms’ clients, people, businesses and futures.
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