The wealth management business is surrounded by the new realities of post financial crisis. Faced with the challenges of stricter regulations, corroded confidence in advisory process, soaring expectations of sophisticated investors, increasing availability of information on mobile devices and pressure on margins; Wealth Management firms are seeking innovation to bring about operational business agility and superior customer experience. Standardizing the back office for efficiency gains and differentiating the front office for capturing larger mind share and wallet share has become the mantra among private banking CIOs.
WEALTH MANAGEMENT IS THAT MUCH MORE DIFFICULT IN UNCERTAIN TIMES
- Great Expectations from Customers
- Restore trust in the ability to deliver superior investment advice
- Adapting the value proposition and delivery model to serve new generation of clients
- Leveraging the digital opportunity to reduce the cost-to-serve
- Multiplication of local Tax and Regulatory requirements
- Shrinking Margins
7 PRESSING REALITIES PRIVATE BANKING AND WEALTH MANAGEMENT FIRMS MUST FACE UP TO
- Integration of services across stages in the Wealth Management lifecycle
- Increasing pressure of regulatory compliance –
- Mandatory risk profiling and proof of right selling
- Strict due diligence of KYC norms at client on-boarding stage
- Keeping record of advice and transactions for audit and compliance
- Shift from commission based to fee based advisory
- Integrated portfolio view and rich analytics across the multiple assets, with near real time data
- Easy client access to data, analytics and more control on investment decisions
- Increase advisor productivity and effectiveness
- Offer higher value added services to a larger customer base.