2022 TECHNOLOGY AND OPERATIONS TRENDS IN WEALTH MANAGEMENT REPORT
Operational investment drivers
Technology budgets are set to soar even higher until 2025, as firms find ways to deflect competition, reduce risk and costs, and maximise productivity.
Increased competition
The factors spurring further technology investments are numerous and compelling. Arguably the biggest is the number of new entrants in market.
65%
Believe their technology budgets will increase in the next three years.
↑ from 61% of firms in 2021
72% of wealth managers
68% of private banks
Ramping up their technology spend
15%
Overall foresee technology budget cuts
Risk and cost reduction
Improved operational efficiencies are a defence against ongoing margin pressures and a tool for coping with ever-growing regulatory burdens.
69%
See tech as either an extremely or very important means of reducing costs and risks
14%
The average productivity gain from technology investments (Deloitte)
Managed services/span>
SS&C Advent has seen a huge growth in demand for managed services in the UK and elsewhere, including managed portfolio service (MPS) type offerings.
Overall there are still huge efficiencies to be gained through automation.
Bearing in mind that adopting an outsourcing model is a major transformation project; its scale and complexity make hiring of senior digital talent even more crucial.
Read the full Tech & Ops Trends in Wealth Management report 2022 now
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About SS&C Advent
With solutions that enable any or all elements of a fully digital operation, SS&C Advent can help you catch up and stay competitive. Our offering includes innovative decision support and construction tools, as well as expert-delivered operational services to ease the burden on middle and back offices. Many of our core solutions are now available as a managed service from Advent Outsourcing Services (AOS).
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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