The right software ensures success

By: Eric Rocks

So, you’ve decided to start your own wealth management firm. If you are transitioning set customer accounts, you have to be ready for business on day one. Fortunately, pre-sold assets are transitioning with you, and you understand what works best for your investment style and client management.

Now, selecting the right software solutions must be your top priority.

Here are some top tips for choosing the right software for your new business:

Showcase your credentials first

To start a brand new venture, your marketing materials and website must look professional; they form the cornerstone of your business growth. Next, you need an onboarding system that captures contact and demographic information, account assets, positions, investment strategy, etc., and that receives and records funds to invest.

Quality communications build client confidence and retention

One of your top priorities is to meet your clients’ portfolio expectations. Establish your investment strategies, then find software that models a portfolio that helps you achieve your clients’ goals. You will need a way to execute your trades in the marketplace and a trade-order management capability that lets you make trades, purchase investment instruments, and interact with custodians.

All these tools are important, but solid client relationships are the key to building business. The systems that enhance those relationships (e.g. customer relationship management [CRM], online client portals, etc.) are crucial. Today’s investors (and their legal advisors and accountants) demand 24/7 access to investment information in real time, so a robust, secure, online client portal is absolutely necessary.

Start thinking about tomorrow, today

Once you know which systems you need, how should you select the vendors that will provide the software solutions and support?

Many software vendors offer excellent point solutions that manage one or two pieces of the wealth management process. However, this “best of breed” approach can be costly and time consuming if you don’t have the staff or budget required to support system integration. Other vendors provide all or most of the functionality you need when you first start out, but what about when your business starts to grow?

Read “Choose the Right Software for Your New Wealth Management Firm: Part 2” coming in the next issue to find out.

To learn how SS&C Technologies can help you get started on the right foot, contact us at