The right software ensures success

By: Eric Rocks

Starting your own wealth management firm can be challenging, but with the right software, you can make it happen. In the first of our two-part eBriefing series on how to choose the right wealth management software solutions for your new business, we looked at the importance of showcasing your credentials, how to build client confidence, and selecting the right vendor for you. Here, we explore further and talk about SaaS solutions, how to future proof your business, and cost.

Top Tips for Choosing Software

Selecting the right software solutions is a top priority for new wealth management businesses. In this second of our 2-part eBriefing series, we share three more top tips to help you choose wisely.

Build business, not infrastructure

For most wealth management firms, the “go to” deployment model is now software as a service (SaaS). In this model, the software applications and data are hosted by the vendor or at secure data centers that meet regulatory standards for cybersecurity and disaster recovery.

The SaaS subscription model takes support, upgrades, maintenance, and data security off the shoulders of the wealth management firm, so it can concentrate on building its clients’ wealth. There are also fully-outsourced models in which the vendor runs all the applications and provides you and your clients with the all reporting, analysis, performance measurement, and investment accounting.

Future proof your business

As your business grows, you want software systems and vendor expertise that can handle any new market, asset class, or government regulations that you may encounter. That means aligning with a vendor that has a broad customer base and a wide range of integrated technology and expertise. While many startups believe that the large, established vendors are out of their price range, this is not always true. In the SaaS delivery model, the vendor can offer a system with deep functionality, but turn on only the features that you need, so you pay for only what you use.  Larger vendors can also spread the cost of development, maintenance, and security over a larger customer base, decreasing subscription and support fees.


A wealth management firm should expect to pay the vendor two basis points or less per year on assets under management (AUM) for all software and services for a top-tier platform. That percentage drops as assets grow, often dropping below one basis point as AUM becomes more substantial. At smaller startups, implementation fees are minimal. Larger operations can expect to pay a one-time fee of one basis point on AUM.

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