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The Evolution of Wealth Technology

While many wealth technology providers claim they offer a total solution, recent data from the WealthBriefing 2018 Technology and Operations Trends in Wealth Management Survey and our own consulting experience shows that the “one size fits all model” may not fit all of the time.

Optima Group’s clients are increasingly turning to advanced technology for support of portfolio management and accounting, tax management, investment research and reporting. They are adopting new platforms for compliance and cyber security. And, CRM technology is becoming a “must have” as robust client retention and marketing communications gain importance in today’s competitive environment.

Leading wealth managers use technology to translate what they believe into what they do. So, technology needs to augment their ability to deliver and demonstrate their competitive edge.

So why aren’t the fully integrated technology providers winning all of the business? While they try to offer “everything” these core system providers may be a step behind – trailing specialty firms that offer advancements and enhancements that allow wealth managers to creatively customize and automate their practices.

In an era of open application programming interfaces (APIs), our clients are often selecting core platforms that allow easy bolt-on of additional technology, creating customized platforms that are designed around their needs. We think that these core-satellite solutions are the new wave of the technology future. Core platform providers will succeed if they allow bleeding edge and customizable technologies to work within rather than fight with their systems. And, satellite providers must allow open access through APIs in order to stay relevant.