Global Wealth Management Platform Market: Snapshot
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
- SS&C Technologies
Wealth Management Platform Market: Growth Dynamics
Substantial presence of HNWI populations in various developing and developed regions is crucial to propelling the technological advancements in the wealth management platform market. Wealth management providers have been adopting next-generation technologies to help cement trust with investors. Adoption of game-changing technologies, most notably AI, might up the ante for advisors in the wealth management platform market.
Growing adoption of process automation in wealth management practices is a significant trend expected to shape the key demand dynamic in the wealth management platform market. Integration of robotics with these platforms has unlocked new potential in recent years.
Strides being made by the financial technology company have increased the appetite of providers in the wealth management platform market. Blockchain with its disruptive potential may open several new avenues in the market. However, still conventional wealth management platform are deeply ingrained in the psyche of advisors and their clients. The transition to automated solutions may be filled with bottlenecks, slowing down the evolution of the market.
Wealth Management Platform Market: Regional Analysis
On the regional front, North America has been presenting considerable lucrative avenues to service providers. This is driven by the vast appetite for wealth management solutions in the U.S. Meanwhile the Asia Pacific management platform market is witnessing huge potential. The growth is propelled by growing quantum in high-value investments.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.