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Technology and Wealth Management Best Practices for Capturing Profitability

This white paper discusses some of the best practices that can help wealth management service providers pursue the lucrative market opportunity in wealth management and achieve sustainable profitability targets.

Global wealth has been growing at an astonishing rate, both in the numbers of wealthy individuals, and their investable assets under management (AUM). Global wealth is expected to top US$44 trillion (6% compound annual growth rate - CARG) for High Net Worth (HNW) and Ultra High Net Worth individuals (UHNW) by 2010, and by some estimates will exceed US$75 trillion by 2012. From 1996 to 2005, the wealth of HNWs grew at a CARG of 8%. With this size of assets underpinning the activities of wealth managers, it is no wonder that market players are ramping up their business platforms to launch into more aggressive rounds of attracting and retaining the business of the wealthy.

To compete successfully, financial firms need to develop technology-friendly solutions to drive their business models. Wealth management service providers need an integrated wealth management platform that is seamlessly interconnected - using a “componentized architecture” as a lever for sustaining profitability and competitive advantage. An integrated advisor/client desktop and open wealth management platform is the key to address many of the crucial challenges confronting wealth management firms and drive better levels of business expansion and profitability.

The paper elaborates on forward looking trends on how wealth management is changing with the market and emerging technologies in this area. Some of these areas include:

  • Defining the Landscape of wealth management
  • Wealth Management in the digital age
  • Key functionalities of a wealth management platform
  • Integrated wealth management platforms
  • Common mistakes that can impact profitability
  • Trends to watch and the profitability challenge

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