A global trend has arrived in Asia, in which brokers are pivoting toward wealth management services, or advisors from those wirehouses are launching their own wealth management firms. The “breakaway broker” phenomenon isn’t exclusive to Asia and has been happening for a while in spots around the globe, but the trend is popping up more now in the region.
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The first half of 2021 saw several significant mergers and acquisitions in asset and wealth management, and the activity shows no signs of slowing. According to a recent PwC 2021 Midyear Outlook report, there were 145 transactions in the space in the first six months of the year. PwC anticipates the trend will continue amid ongoing diversification, innovation and transformation trends. SS&C recently sat down with several of our clients to discuss what M&A means for operations—and how technology providers can help their clients succeed.
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In the decades ahead, the world will experience a significant change in demographics and finances as older individuals transfer large amounts of accumulated wealth to younger generations. In the U.S. alone, some $68 trillion in assets is estimated to be at stake. The Great Wealth Transfer, as it is nicknamed, presents a make-or-break opportunity for wealth management firms. Firms need to be proactive to make their offerings attractive to younger generations and create tailored solutions to meet their unique needs.
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This is an exciting time to be part of SS&C, both for employees and our clients—especially for the wealth management and asset management sides of the financial services industry. Our traditional business of record keeping and transfer agency-related services is quickly evolving as we recognize our clients’ work every day to grow and retain assets. We want to partner with them (you) to do just that, as we future-proof our offerings and honor our commitment to the industry. We will do so while keeping modern and secure digital capabilities at the forefront.
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Every calendar year when November rolls around, it means one thing for North American wealth managers: it’s tax-loss harvesting (TLH) season. Throughout the course of the year, when sell orders are placed in clients’ accounts, a realized loss or gain is triggered based on whether a client made or lost money on the trade for a given position.
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The wealth and investment management industry faces multiple significant challenges at the same time—from market volatility and fee pressure to remote operational effectiveness and business continuity preparedness. As a result, many industry firms are looking at software and infrastructure-hosting services as a way to reduce their IT footprint and overhead, improve agility, make operational improvements, and gain time to focus on core business and strategic pursuits. But what exactly do software and infrastructure hosting services involve, and which option is best?
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COVID-19 highlights the importance of the internet, cloud computing, and remote or mobile technologies that keep us connected, informed and productive. For wealth managers, these modern tools allow them to serve clients and run their businesses. Still, the extent of their firm’s effectiveness relies heavily on its technology partner’s range of capabilities beyond remote and digital access.
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