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.
Assets under management—and subsequent fees—are under pressure during turbulent times. Wealth managers can realize cost savings and other efficiencies from a single comprehensive wealth management platform. Also, by having a holistic view of clients and their portfolios and a complete operational toolkit, wealth managers are better positioned to act quickly and take advantage of market volatility.
Any comprehensive, cloud-based solution, such as SS&C’s Global Wealth Platform (GWP), should cover the following areas for wealth managers:
- Client onboarding should be seamless and provide an excellent experience for wealth managers and clients. Steps to open an account, develop (and deploy) models to realize strategies and start trading in the account should be quick and easy.
- Digital workflow support within the application keeps processes running, even when the staff is out of the office. Elements like work assignments and user notifications, support smooth account management and operations.
- Automated checks can be used to authorize and ensure that trades comply with any account restrictions, and avoid the need for people in the office passing the paper to verify trade compliance.
- Data and system integration with other technology should be enabled. GWP integrates with trade execution management systems and offers integration with Evare, which means custodial data is automatically gathered and normalized so that positions are accurate and ready for trading at the start of the day.
- Additional post-trade services, like Recon, streamline reconciliations and directly interface with other critical settlement applications.
- Platform availability in the cloud needs to be secure. GWP uses dual-authentication and IP whitelisting protocols, so only appropriate users can access the application using a VPN, despite the solution being accessed via the web. Once a user is within the GWP environment, our clearance-based system locks down restricted areas. Clients decide who may access specific screens or modules, and self-administer access as needed, which also creates workflow efficiencies and mitigates undue risk.
Wealth managers should seek a technology partner who consistently deploys innovative platform enhancements that benefit users and end investors. For example, GWP developed functionality to automate the management of SMA and UMA portfolios at scale. A rules-based capability makes macro changes in investment positions that automatically trickle down to individual client portfolios in strict compliance with their investment strategies.
Now is a convenient time for wealth managers to explore ways to enhance the comprehensiveness of their platforms. And if remote work arrangements become more of the norm, a system that offers the capabilities and safety of GWP will become even more valuable to help firms provide high-quality service, realize efficiencies and never miss a beat.
Asset Management, Wealth Management