As firms adapt to investors’ expectations, market volatility and other challenges in the industry, many are looking to technology innovations to keep them competitive. With the right technologies, wealth managers can gain crucial insights into their clients’ needs, tailor their services to better meet those needs and enhance the client experience.
Wealth management requires core technologies for customizing and streamlining the advisor-client journey: open data ecosystems to converge industries; scalable operations for speed and agility; integrating new solutions with existing technologies; and advanced cybersecurity and data privacy architecture. Platform digitization that incorporates these core requirements allows firms to maintain ownership of client relationships, delivers consistent messaging across channels, and automates and streamlines operations.
Clients expect seamless, personalized digital experiences. Firms need to transform their tech stacks to keep a competitive edge, but many are hesitant to invest in technology spending in a volatile macro environment. Some choose to outsource as a way to access the technology they need, while others choose a solution provider who offers a robust end-to-end solution that supports their scale, flexibility, security and data needs.
To help navigate the many tech routes to take, research firm FinTech Global publishes The WealthTech100 list. The list serves as a guide for senior decision-makers to gain insights into the cutting-edge technology providers in the market reshaping the wealth management industry and enabling its digital transformations. In an era defined by burgeoning digital services and the ascendancy of AI, wealth firms and advisors seek streamlined experiences that prioritize customer-centricity and service.
SS&C Aloha's inclusion in the WealthTech100 list for 2024 underscores its forward-thinking approach, revolutionizing wealth management operations and empowering wealth managers to cultivate personalized relationships with clients. Aloha enhances the Advisor-Investor relationship, allowing firms to deliver personalized services to their clients by leveraging new technology that supports end-to-end streamlined functionality across the full scope of wealth management operations. From trade execution to performance measurement and accounting, firms can achieve broad capabilities from a single solution without any requirement for fragile interfaces, time-consuming data movement processes, and multiple applications.
Built from the ground up, Aloha taps into the power of smart technology such as AI, machine learning (ML) and natural language processing (NLP), which increase operational velocity through intelligent event-driven workflows and process automation. These efficiency gains boost staff productivity to manage, account and report on client portfolios, and thus gain more time for other activities that add greater value to the firm and their clients.
Utilizing a unified data model eliminates data movement by enabling all functionality to leverage the same data. This reduces the risk, cost and complexity that comes with data movement and integration of multiple databases and ends the problems caused by duplicate data. Information is stored only once and as soon as it is updated, it is immediately reflected everywhere in the system and available to all users. This single source of truth empowers quick and accurate decision-making based on the latest information.
Aloha enables users across the firm to leverage a single, intuitive interface fueled by world-class functionality serviced by a single unified data model. As a single solution that supports all asset classes throughout the full investment lifecycle, Aloha enables firms to communicate their story more effectively and focus on what they do best—managing their clients’ investments.
Advisors are also empowered to communicate insights effectively with intuitive tools to customize dashboards, portals and reporting for their clients (and internal users as well). Cloud-native Aloha’s modular architecture ensures a less-complicated tech stack—easy to maintain and easily extendible—to support firms’ enhanced client relationships, new offerings and sustainable growth indefinitely.
In today's rapidly evolving financial landscape, interoperability is crucial. Aloha's unified data model facilitates interoperability via robust APIs, enabling seamless integration with third-party solutions and ensuring compatibility with integral upstream and downstream systems. Advisors can introduce preferred financial planning or risk management tools into their ecosystem, customizing their technology stack to meet evolving industry trends and client needs, ultimately enhancing customer service.
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