Shaping the wealth management landscape with managed IT

How can technology and Managed IT help wealth management firms deliver for its clients?

When it comes to the financial wealth management sector, there is still a demand for face-to-face consulting even though remote services and disruptive technology is rapidly changing this industry.

Some of the financial industry challenges that have been experienced include recovering from the financial crisis and restoring public confidence in the industry. At the same time, it is up against new and assertive non-traditional innovators, and keeping up with digital transformation.

An industry expert says that with the rise of Fintech in a digitised world, financial institutions are racing to embrace new technologies and delight customers with enhanced mobile and digital experiences. However, keeping up with the technology innovations presents a challenge in itself. Cyber security, cost reduction, regulatory mandates, as well as next-gen platform and process changes resulting from new technology, are just a few. Several of these challenges have fallen upon IT to resolve.

“Wealth management is undergoing a drastic industry-wide transformation. The firms that fail to take a client-centric approach and adopt the right digital tools will struggle in the new era of client demands and competitive pressures. This challenging landscape offers a number of opportunities for agile firms who are committed to evolving alongside the shifting market. Client onboarding is a strategic place to begin digital transformation.“

For wealth management companies and those working in the financial services industry – of all sizes – across areas of financial planning, investments, protection, insurance, mortgage brokering, retirement and pension planning amongst others; the rise of the online world in which the marketplace operates in also brings about key considerations when it comes to embracing the right technology to meet current demand, and forward-facing innovation.

Technology matters more than ever. Increase the depth and breadth of your digital offerings.

According to an industry expert, “As clients under 35 inherit wealth and become the largest investor demographic, wealth firms will need to re-engineer their entire strategy around them. This means increasing the strength and breadth of your digital offerings. What aspects of your advisor/client process are still paper-based, manual, slow, and frustrating? These will be the areas that cause technologically-savvy investors to look elsewhere.”

Whether you are a smaller SME business, or one of the larger wealth management organisations, the same principles apply when it comes to embracing technology to meet your client’s expectations.

Technology brings new challenges

New technologies have also created new security risks, specifically security breaches and ransomware are becoming more organised than ever. However, with the right IT managed services provider who can work with your business to build a quality technology infrastructure – both hardware and software – that is a good fit for your organisation and customer requirements, and puts all safeguards in place.

Core outcomes you would like from your IT:

  • Reduce security breaches and cyber theft, while increasing the business value of relationships with your customers
  • Achieve compliance to regulatory mandates, such as GDPR
  • Transform your business to open doors for mobile and digital financial experiences
  • Leverage technology to ensure a competitive advantage
  • Use technology to improve overall network performance and customer experience
  • Have a safe and secure back up and disaster recovery plan in place to ensure the continuity of your business function

The hallmarks of more than twenty years’ experience at providing IT solutions for the financial wealth sector

The advantages of an established technology company, ITSOL, is that with our outsourced IT services you can focus on your business, and let us manage your IT infrastructure. When your IT works seamlessly, it gives you more time to focus on what’s important. That’s why we’ve centred our products and services to support and deliver enhanced solutions, to integrate all your technology needs, and to free up your business to grow.

We use leading technologies that minimise risk and reduce costs to give you increased productivity, accessing the latest technology advancements through our work with tech industry leaders.

You’ll find that you can future-proof your business by understanding –

  • how emerging technologies can be successfully integrated into your business set-up
  • how you can evolve your customer needs through technology
  • how to keep your IT compliance and security in tip-top shape
  • and how you can continue to respond to ever-changing advisory trends

We recommend two good starting points: Conduct an IT audit to get a defined picture of where your current IT status is up to. This will help you to understand where you can streamline, consolidate, remove any obsolete or ineffective systems and practices, and implement smarter IT infrastructure.

This leads to the second point, and that is to have strategic consultations to clearly map out your business IT needs and future-proofing for new disruption and trends in the industry.

Would you like to take the next step? Email financial business IT specialists ITSOL at [email protected]

“A provided service that would be hard to replicate” – PFP Financial Planning

“ITSOL allow us to focus on our core business” – Winn Accountancy & Tax Planning