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Wealth management firms know they need to update their digital capabilities. But the number of tech platforms and tools on the market makes it difficult to figure out what direction to take.
Take digital interaction as an example – an increasingly important focus in wealth management. To put it simply, your clients want to communicate with their advisors in the way they prefer and they expect to be able to do so.
But if you don’t currently have these capabilities, where do you begin? The best place to start is with the platforms you already use.
For those of you who are unfamiliar with the top platforms or are in the market for new ones, here’s a quick overview of the top platforms on the market for wealth management.
Objectway
Objectway is a leading provider of holistic SaaS platforms, specifically tailored to banks, wealth, asset managers, and investors. The company’s aim is to enhance their client organizations’ “entire value chain and support their growth.”
With over 30 years of experience, Objectway strives to ensure the success of wealth and asset management firms in their digital transformation initiatives.
BNY Pershing
BNY Pershing offers a variety of portfolio management platforms and similar that are tailored to different profiles in the wealth management industry, whether advisory, investment, or more.
The end-to-end platforms help users to streamline processes, replicate success, and dedicate more time to serving clients.
Avaloq
Based in Switzerland, Avaloq is a holistic platform specially designed for the WM industry, allowing financial advisors to carry out a wide range of tasks, including client management, trading, lending and credit, payments, and more.
Broadridge
Broadridge is another one of the top platforms and estate planning tools for the wealth sector. It offers solutions in asset servicing, global trading, market intelligence, and proxy services across the financial industry.
Its wealth management platform leverages automation, marketing tools, and analytics to help financial advisors improve growth while managing risk and maintaining best practices.
Wealth Dynamix
Finally, we have Wealth Dynamix which classifies itself as a Global Client Lifestyle Management technology provider for the wealth management industry.
This solution helps financial advisors to engage, onboard, and manage clients from the moment they join your firm, including estate planning software. It also has significant prospecting capabilities to help with lead generation.
Salesforce
Salesforce likely needs no introduction as it is one of the certified tech giant CRM softwares in today’s world. They also have a platform that is specifically designed for wealth management users.
The CRM software for wealth management allows you to personalize client engagement through AI-driven data. It is a proven solution that helps firms to drive satisfaction and increase AUM growth.
MS Dynamics
MS Dynamics is Microsoft’s solution for wealth management, offering an easy-view dashboard of client and investment data. This allows users to build personalized, long-term relationships for a client-centric approach to relationship management.
The importance of an integrated platform
But what happens when you want access to more specialized capabilities like digital client interaction tools? Even the portfolio management platform giants like Salesforce can’t offer every tool or feature that wealth advisors need.
No matter which of the above platforms you use (even if you use multiple), there will always be added functionalities that you need access to.
This is why integration is so important. For this reason, every tool or feature from Unblu that we mention below is able to be integrated with the above platforms.
Advisor NativeUX
The Advisor NativeUX is the connection point to unlock Unblu in one of our partner financial technology providers as listed above, allowing you to embed all functions into one single view.
This means that all chat threads, documents, call histories, performance tracking, client profiles, investment portfolios, and more are available on the dashboard that you already use. What’s more, each message is connected to the client’s record. As a result, you can get access to full advisory context across interactions to ensure service continuity including data warehousing for security and compliance.
Let’s look more closely at the Unblu tools and capabilities that advisors really need.
AI-enhanced tools
The Unblu platform comes with a number of AI-powered tools that can aid financial advisors in their daily tasks. All of the most common interaction channels are enhanced by AI in one way or another, whether Video & Voice calls (for ad-hoc or scheduled meetings accessible from the integrated platform), messaging (see below), or more.
Other key functionalities include AI summaries of previous interactions, an analysis meter to help you gauge client satisfaction, and a Bot Sidekick for more efficient access to information.
The Bot Sidekick is particularly powerful because it can be connected to the organization’s own LLM, meaning that you can access accurate advice more quickly. Other key AI features include automated task delegation, real-time text or voice translation, and automatically generated transcripts or recordings of meetings.
Secure Messenger
Secure messaging is one of the standout tools for modern financial advisors that want to provide a next-level experience, with secure cloud storage to reduce risk of data breaches or regulatory non-compliance.
There are various reasons why this tool is becoming so popular. Firstly, there is the issue of demand. Around $60 trillion in wealth will move from the Boomer generation to younger ones by 2060 – with younger generations expecting a different way of communicating with their advisors. In fact, 34% of millennial and 35% of Gen X investors have stated that having access to hybrid advice is an important factor when choosing an advisor.
On top of this, there is the issue of regulatory compliance, with inadequate communication channels being a focus of scrutiny among regulators, leading to significant fines.
Secure Messenger solves these issues by offering a messaging experience that is similar to popular messaging apps but with the added benefit of being connected to the broader interaction platform and adhering to regulatory requirements.
Collaboration tools
Co-Browsing, its in-app or wealth portal alternative Co-Apping, and Document Collaboration represent the next generation of remote advisory. With this technology, advisors can communicate with clients as if they are in the same room.
It may be carrying out internet research together, guiding the client through the client portal, or looking through long documents together.
Whatever the situation, these collaboration tools enhance the advisor’s ability to provide side-by-side help in a way that promotes trust and increases the likelihood of conversions.
As with all the other tools, they are fully integrated into the overall platform, meaning that advisors can store any interactions for future reference.
Bonus tool: Digital Signature
As an add on from the various collaboration tools, there is one seemingly small capability that all wealth advisors need to have in their arsenal.
Digital Signature capabilities ensure that advisors don’t miss out on promising opportunities, allowing them to obtain the customer’s signature during the collaboration conversation, whether Co-Browsing, Co-Apping, or Document Collaboration.
Unblu has its own built-in signature tool, but other well-known alternatives are DocuSign and Adobe Sign – which can also be integrated into Unblu.
Unblu tech tools for enhanced client experiences
Your technology stack should help simplify your life, rather than make it more complicated. The digital tools you incorporate, whether video conferencing, portfolio management, prospecting tools, or everything in between, should work as one.
The last thing you want when researching investing strategies or portfolio design is to have to grapple with various digital tools in isolation.
And yet these tools are necessary. That’s why it’s important that when adding to your advisor technology, you work with partners that integrate with your current CRM software or similar.
Unblu enhances the Client Relationship Management software or investment platforms you already use, providing a valuable addition to your digital strategy to help you achieve industry innovation through client conversations.
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