Optimize your wealth management with new technological tools

Optimize your wealth management with new technological tools

Asset management digitalization

What are the trends or technological advances in wealth management sector? More than ever, digitalization is a step to optimize asset management.

All asset management experts agree to highlight the increasing digitalization of working methods, cumberstone and restrictive legislation.

Digitalization, one step further

In the wealth management sector, the digitalization trend is growing and is profoundly changing client expectations and needs. They are really turned to digital solutions (thanks to smartphones, tablets, etc.) and these phenomena has a direct impact on their relationship with their asset manager. Today, HNWIs are immersed in a need for immediacy that redefines the role of the asset manager. “Everything, right now” is the credo of the present version of wealth management, in 2018.

More advanced analytical models appear as a direct consequence of the “consumption patterns” client digitalization. The new technological and connected tools available on the market allow real-time access to asset portfolios.

This direct and immediate access enhances the need for a “minute advice” activity, now more important than ever. All time, the customer must have the best information available in order to make a very quick decision. As a result, asset management companies heavily invest in analytical models that generate as much information as possible at any given time.

Costly and cumberstone administrative tasks

Clients are increasingly demanding greater flexibility; asset management companies are now subject to a stifling regulatory environment. Consequently, these companies have to force them to review their organization. Indeed, reporting and compliance tasks are very heavy and represent a considerable budget.

This is the current paradox of wealth management: on one hand, some clients are in immediate demand and on the other hand, companies are subject to rigid and cumbersome standards slowing them down in their actions.

A concentration of assets under management

New regulations are approved or in the process of being approved, coupled with new asset management methods under digital pressure. These regulations present a direct consequence on many players’ dispersal on the market. It is a real struggle for their survival that the smallest asset management companies are engaged in. Mergers and acquisitions, strategic repositioning, sale of commercial units, are multiplying dangerously…

One solution, outsourcing

An interesting alternative to reduce costs and to improve the quality of proposed services lies in outsourcing non-strategic activities such as front and back office tasks. This practice makes it possible to reduce low added value tasks in order to concentrate on one’s main activity as a manager. Many managers have already taken the step of outsourcing the management of certain activities to external service providers.

The cloud, a new strategic tool

In a constantly changing environment and a competitive sector, cost control is becoming a major challenge for asset management companies. Still in this logic of cost optimization, it is very likely that the Cloud will eventually replace many obsolete IT solutions, constraining and very costly in maintenance. Another positive consequence of the Cloud: it would allow asset managers to refocus on their core business.

A digital asset management, Dam software, represents another proposal. Dam software offers a total control of all your digital files.

Advantages of this software are the following ones:

  • A single document base for your media and end with scattered resources.
  • Organize, secure and find your files, photos, images, video in all circumstances
  • Batch processing and modifications to save valuable time
  • Share your content easily and in a controlled way with the company’s partners

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