Today’s private banking landscape is increasingly complexed. With surging wealth levels, rapid digitalisation, and a viral pandemic, the great challenges of wealth transfer are not an exaggeration. Wealth-X expect that those with a net worth of more than $5m will look to bequeath their assets to the next generation between now and 2030, which will involve the transfer of an astounding level of wealth. The shift of wealth from the “boomer” generation towards Gen X and Gen Y, whose expectations and preferences have been shaped by convenient and hyper-personalised technologies have brought new expectations to the industry in terms of how advice and investment products are delivered.
Are wealth managers prepared to scale their wealth management capacity to reach a younger segment of customers? Are wealth management services meeting the digital expectations of customers? Are they fully maximising the productivity and capabilities of their advisors? Many will agree that most wealth management institutions have yet to achieve this.
Challenges in the Private Wealth Management Sector
High servicing costs per customer due to a lack of automation means not being able to service more customers at a single go. Poor digital engagement with increasingly digitally native customers alienates a wealthy segment, and fragmented systems and manual processes lead to inefficiencies and risks. These are just some of the pain points a typical wealth management institution might face.
We at Quantifeed recognise this shift. We have identified five key wealth management trends to look out for in 2022, and one of our focuses this year aims to enable wealth advisors to achieve digital innovation in order to provide hybrid guidance to their customers. We have developed a solution for advisors to tackle the challenges they face in modern investing. We know that advisors are ready to adopt and leverage tools to harness the power of data and analytics to provide an elevated service standard to customers. Advisors must be empowered and freed up by technology, or scale and targets cannot be met.
Quantifeed’s Contribution to the Answer
With technology-forward features that will enhance day-to-day customer management, advisors can be empowered to provide a holistic service on a digital platform that will surprise and delight their customers. No more shuffling papers or waiting 3-5 business days to respond to an investor inquiry. Portfolio management, customisation, rebalancing can all be done with ease. Furthermore, customers can also be involved in their own investment journey through an app they can access anytime at their leisure.
Depending on your business requirements, our Advisor-Led solution can address the needs of advisors and portfolio managers. Our suite of wealth management and advisor capabilities can also be configured to complement existing services and systems. It can lower servicing costs to reach a broader range of customers, enable advisors with rich digital solutions to engage customers, and increase productivity and service more customers through a comprehensive digital platform.
Individual functions specific to business needs are powered by Quantifeed’s API technology for a fully automated and integrated wealth management experience. Our expertise in bringing together business, IT architecture, and developing a product that is user centric is proven across the region since 2013. Our solutions and applications enable advisors to service more customers and create greater customer engagement, consequently scaling your business, improving efficiencies, and create loyalty.
We welcome you to follow us as we share more about the features of Quantifeed’s Advisor-Led solution for Private Banks. We are confident that the five exciting and comprehensive features that will be highlighted are going to change the way advisors work and service customers.
Curious about how Quantifeed’s Advisor-Led solution for Private Banks will work for your organization? Call us for a demo and visit [insert link to PB microsite here] to find out how we can help transform your wealth management business in 2022.