By Shri Krishnansen Posted on 27.02.2025
In this Age of Information, it is no surprise that wealth management clients demand the same seamless digital experience they receive in other areas of their lives. They expect an Uber-esque sleek mobile app, Netflix’s ‘Because you watched…’ style tailored advice, and instant access to their financial information, akin to Amazon’s 1-Click ® —and all at a more accessible price point than traditionally available.
Meanwhile, an ageing population and chronic cost-of-living challenges are driving the need for innovative solutions, such as personalised financial planning tools and flexible investment options.
If the wealth management industry is finally ready to meet these customer expectations, it must address these three operational pain points.
- Manual information processing: Completing applications—especially for retirement income—often involves Sisyphean levels of form filling, consuming valuable time and increasing the risk of errors. Thanks to systems requiring IFAs to input updates to client information manually, this risk can continue throughout the lifecycle of a financial product.
- The online-offline disconnect: Switching between online portals and offline systems creates a disjointed workflow, hindering efficiency and potentially leading to inconsistencies in client data. Due to reliance on uninteroperable systems, this on-again and off-again user journey can lead to frustrated clients who are more likely to jump ship for a better experience.
- Low transparency: Using multiple platforms makes it difficult to provide clients with the clear, concise information essential for decision-making and life planning.
With lessons learned from the impactful technology shift in the banking sector, next-generation wealth management platforms aim to eradicate these inefficiencies.
Digital painkillers: how modern wealth technology provides relief
Automation is the watchword.
Comes in-built with automated processes such as customer onboarding, KYC/AML checks, account funding, portfolio management and client communications, freeing advisors to focus on customer relationships and providing advice.
Providing a uniform experience.
Gives IFAs the ability to configure multiple wealth products – including SIPPs and ISAs – into a single, modularised dashboard. This enables a holistic, transparent view of a client’s entire wealth profile across all their investments and savings products, simplifying financial planning and eliminating the need to juggle multiple systems.
Tax doesn’t have to be taxing.
Integrates with HMRC to enable automated relief at source (RAS) claims, tax code searches, and even tax-deducted pension payroll for drawdowns. This removes a raft of time-consuming manual processes.
So, where next?
A technology shift is essential for IFAs to meet client expectations quickly and cost-effectively.
This is where modern wealth tech such as WealthOS comes in. For businesses of sufficient scale, WealthOS provides access to the software needed to bring new levels of efficiency and effectiveness to back and middle-office processes or even to build your own dream wealth management platform. It’s also possible to use WealthOS’ individual modules to enhance existing systems and implement digital transformation one step at a time.
IFA businesses of varying scales can also enjoy the benefits of WealthOS’ modern tech solutions too. Our software is open to and used by third-party platforms, meaning size is no barrier for you to access tech-enabled wealth products and services.
To learn more about how WealthOS and our platform partnerships could help your business overcome the pain points afflicting the sector, talk to a member of our team today.
Sources:
WealthOS launches first cloud-native solution for SIPP providers to complete digital transformation