Tracking of investment portfolios and finding new routes of pooling investments form a crucial arsenal for people and firms that need wealth management advice. Wealth management platforms have gathered immense steam among investors of all hues on the back of digital automated systems. Wealth management platforms comprise a host of services, software tools, and technologies that eventually aim at making investment decisions easier for clients. Growing numbers of individual investors have benefitted from array of tools and functions circumscribed by wealth management platforms.
Over the years, human interventions in wealth management platforms have perceptibly declined and given way to digital platforms for managing wealth management. Especially in developed countries of the world, automated and algorithm-driven financial services are become more relevant and acceptable. Newer processes in investment proposal generation has aided in the evolution of the wealth management platform market. The study takes a critical look at aforementioned trends and identifies dynamics shaping the trajectories of the wealth management platforms market.
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Wealth Management Platform Market: Notable Developments
The wealth management platform is witnessing new demand potential from relentless focus on making their products useful to advisors. Key developer companies are upgrading the functionalities, adding dimension of customizability. New features include advanced filtering options, more research options for clients of advisors, and proposal generation processes. Of late, new features for investment strategy proposals have been gathering heat among service providers in the wealth management platform market.
A case in point is that of a prominent Chicago-based financial services provider Envestnet, which focuses on offering portfolio management software. In its recent release in 2019, the company announced that it has made scores of improvements and made several upgrades in wealth management platforms. The company in its recent offerings has seemed to overhaul proposal documentation—thereby helping advisors meet client needs of different investments. Further releases are likely to see the company consolidate its insurance exchange services. Integrating this with wealth management platforms will help clients make an informed decision about annuity products.
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Several other companies in the wealth management platform market are focusing on making the platform more intuitive for advisors, mainly by including easy-to-access functionality. Some well-entrenched players in the wealth management platform market are:
- ObjectWay S.p.A.
- SEI Investments Company
- Profile Software
- Broadridge Financial Solutions