Sophisticated digital tools can help translate agile, client-centric thinking into real-world success. But it can take wealth management firms considerable time to build such tools in-house, let alone decide which ones to build in the first place.
Not so long ago, the “wait and see” approach served wealth managers fairly well when it came to adopting new technologies. Many forms of digital innovation, for example mobile apps, could be kept at a safe distance until their teething troubles had been solved by others.
Times have changed. New digital financial ecosystems are forming, and the risk of being edged out by faster-moving, more innovatively-minded competitors is too big to ignore. Only firms that can understand the new landscape and turn it to their advantage will find their places in the financial systems of the next century.
How can wealth managers rapidly add the digital capabilities they need to execute on the client-centric strategic paradigm? Through partnerships with specialised third-party technology providers like Altoo, whose digital wealth platform was named among the best family office software in 2023. The same year, BCG identified a trend of wealth management firms increasingly exploring third-party tech and operational solutions for freeing up time to focus on value-adding capabilities, lowering upfront capital expenditures, and gaining greater flexibility to execute operating-model changes.
The Altoo Wealth Platform is designed to support particular processes and operations that help wealth managers efficiently leverage hybrid advisory models that blend the use of digital tools with human advice. For example, Altoo automatically consolidates clients’ wealth data from sources across their entire portfolios with immediate analysis and visualisation of this data for quick, easily understandable insights around asset allocation, performance, and more. Secure, one-stop messaging is available to facilitate communications with clients and other stakeholders. Wealth managers can be taking full advantage of these advanced digital capabilities in just a few days with the help of dedicated onboarding specialists.