Technology upgrades can boost productivity, AUM, and revenue

Wealth management firms that transform their technology reap businesswide benefits. Research indicates that these benefits include, on average, a nearly:

• 14% increase in productivity
• 8.1% increase in assets under management
• 7.7% increase in revenue¹  

But updating old technology can be daunting. Where do you start? How do you align your business and technology strategies? How do you upgrade your technology in a way that can help increase current productivity and supports future growth?

Start with a clear goal

Every firm is different. Your focus might be:

• Enhancing your digital customer experience
• Expanding a service
• Supporting growth by improving operations

No matter what your focus is, it’s important to start with a clear outcome aligned to your business goals. 

Keep it flexible 

When you plan your technology overhaul, keep flexibility in mind. As you think through your options:

• Don’t sacrifice long-term strategic value for short-term advantages.
• Build your core infrastructure thoughtfully. Be sure it can support current business needs and future demands.
• Consider outsourcing some of your operations. You may find benefits to rethinking your business model and restructuring your operational costs.

Harness the power of cloud technology

A cloud-based repository can improve a firm’s ability to use data to:

• Gain valuable insights that inform future decisions
• Provide more personalized advice
• Build stronger client relationships

Improving data-driven decision-making is a top strategic priority for 67% of wealth management firms, according to Arizent.²  Firms can use data that’s accessible and integrated to get a clearer picture of their clients’ finances. Clients—and their advisors—can use these insights to make more confident decisions about the future.

Don’t forget the power of people

A digital transformation—especially one that transforms your end-to-end business and outsources processes—is a combination of people, process, and technology. Actively managing the people side of change can build commitment and buy-in across the business. 

Managing change is easier when you:

• Adopt a culture that encourages innovation and transformation
• Include stakeholders early in the process
• Communicate goals and objectives clearly and often

Ready to begin building a roadmap to transform your business? Consider the value that a strategic technology partner with in-depth experience and expertise can add.

Build a roadmap to drive your success

Ready to power the future wealth of your clients and meet current market challenges? Start by embracing change and identifying a clear path forward. 

A clear and thoughtful roadmap with realistic timelines and diligence is key. Every successful technology implementation begins with planning and establishing requirements. Next: Designing, building, and testing. And finally, implementation.

A strategic partner with a demonstrated track record of on-time and on-budget delivery can help:

• Guide the process
• Keep business requirements top of mind
• Provide peace of mind enabling confident decisions throughout the transformation

Building a robust infrastructure, providing a full picture of your clients’ wealth, and having protocols in place can help empower your customers, drive growth, and protect your firm—today and in the future.

¹Michael Hunwick, James Alexander, “Wealth Management: The digital shift, Deloitte. January 13, 2022.
²2023 Tech Priorities research report, Arizent, February 2023.

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