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01 February 2017 | By: Marketing Team

It is without a doubt that the Wealth Management domain has progressed in every sense over the past years to engulf new technologies in order to accelerate their sales objectives and comply with the regulation.

Back in 2012, when Profile Software introduced the first natively developed app for the wealth management industry there were some reservations in the market as to the security of information to be shared. Those concerns have since been overcome, with the application’s security standards, i.e., lock on shake, etc., even in demanding environments such as the Swiss market. The industry has embraced the flexibility available through the utilisation of mobile tools. These provide easy access to clients’ portfolios while also providing the facility for clients to view their portfolios via any device.

The next big thing for the financial services industry is the use of cloud technology and how this can add value to the business processes.  It is the sheer flexibility and value for money that makes this equally important for large and small size firms, depending on the components and expectations.

To better understand the market needs, Profile worked in partnership with ComPeer to research how Wealth Management firms view and apply new technologies in their everyday business operations and communications with clients.

In terms of hosting and outsourcing services, less than half of the firms interviewed (37%) are currently outsourcing back office functions, including custody, investments and the hosting of technology. The majority of the respondents are planning on using outsourcing in the future when considering acquisitions or organic growth.  There is a preference for outsourcing focusing on core competencies and of course for cost savings.

Firms were also asked whether they see the future as cloud technology or web-based platforms and more than 75% argued that the future lies in both. Another question pertinent to communication with clients showed that 63% organise annual face to face meetings, but 87% of firms responded that their existing CRM system does not provide them with data on client revenue generation and profitability that could be beneficial when preparing for such meetings. 75% of respondents stated that they provide client access online as there is a “definite appetite for greater levels of mobile interactions between the wealth manager and the client” with 87% stating that technological advancement will lead to a change in the way relationship managers communicate with clients.

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