Wealth management became a popular subject among investors and it gained a lot of popularity over the years, especially since technology came into play. Wealth management technology platforms were invented so the whole process could be more efficient and save more time while also maximizing the results and minimizing the risks and the human errors. Lately, technology has had a huge impact on every industry and the financial one is not an exception because there are a lot of FinTech wealth management companies that offer professional services and work daily to improve their quality. FinTech (financial technology) companies have as their main goal to combine the technology with financial services thus obtaining an amazing result.

What Are the Wealth Management Technology Platforms?

The wealth management technology platforms are some digital solutions that are mainly made to help the specialist from this industry to perform professional services and to improve them as the market changes. These platforms use advanced software that uses the latest technology such as artificial intelligence that help with managing risks, creating personalized investment strategies, handling the portfolio and monitoring and evaluating investment strategies. Cognizant also mentions ‘Digital wealth management platforms provide financial firms with the latest integrated tools and data driven analytics needed to empower their advisors to provide smart solutions. They enable advisors to better understand clients’ needs and recommend suitable portfolio allocations.’ Also, the wealth management technology platforms helps the financial advisor with the financial planning and strategies allowing on settling a long term plan to watch the financial objectives, whether it is about handling the investment portfolios or managing special funds. Thus, the whole process of wealth management becomes more efficient, accessible but also transparent for the clients who can have a lot more trust. Not to mention the fact that you can have access to special investment opportunities that are only available for members and not for every individual investor.

The Benefits of Digital Wealth Management Technology Platforms

These wealth management platforms bring a lot of advantages and benefits for the specialists in this industry/field because the efficiency is way more improved and the performance as well. One of the most important advantages is the fact that it reduces the operational costs thanks to the automation of repetitive processes such as report generation or analysis of financial data. It reduces the need of human intervention and assistance therefore the costs for these will be automatically reduced. Another important benefit is the fact that these platforms help improve the efficiency and increase productivity because in this way the wealth management specialists can deal with more clients at the same time by using automated tools. And by having some of the services automated, the wealth management specialist can focus on different tasks and services that require human assistance. And as a bonus, the wealth management platforms offer access to data and advanced analyses which are quite important if you want to make important decisions while being well informed. Also, transparency is quite important because the clients will build up the trust in the company overall if he can see the process as it is.

What Are the FinTech Wealth Management Companies?

FinTech is the abbreviation for Financial Technology and the FinTech wealth management companies are the ones who adopted this powerful and effective combination. Even though a lot of people claim the fact that FinTech might disrupt the wealth management industry, the companies found a way to work both ways and to make a harmonious combination between financial services and technology. These FinTech wealth management companies, often start-ups, create solutions that allow investors and professionals in the field to more efficiently manage their portfolios and access quality financial services in a more accessible and economical way. Process.ST mentions about the FinTech wealth management ‘Combining the power of technology with traditional financial expertise, fintech wealth management offers innovative solutions that enhance the accessibility, efficiency, and personalization of financial services. [...] Fintech wealth management refers to the integration of financial technology (fintech) into the traditional wealth management sector. This integration aims to enhance the services offered by wealth managers through innovative technological solutions. ’ alternatetext

How Will FinTech Impact the Traditional Wealth Management

It is not a surprise that FinTech has an impact on traditional wealth management because the technology in general has integrated itself in the majority of industries. It can bring a lot of advantages, but the specialist might wonder sometimes if these technologies are going to take their career. Therefore, FinTech does not disrupt the wealth management companies, but a level of insecurity crept in because of the reduced human assistance needed. But to be able to adapt to the changing financial market, the FinTech wealth management companies had to embrace the technology and use it in their use. The actual market has shown that the clients demand for ease of access, transparency, lower fees, personalized portfolios and enhanced user experience. Therefore, FinTech companies have taken this aspects into account and developed three services to streamline the delivery of financial services: • Mobile money management • Platform trading • Robo-advising These three services want to respond to the client’s demands while the traditional wealth management might not be completely able to do it because it is either struggling or unwilling to emulate. As every industry, the wealth management field wants to improve its services to attract clients by offering quality services.

Conclusion

In conclusion, the integration of technology in the wealth management industry was a necessary step that also helps the financial advisors and wealth management specialists to deal with different problems more efficiently. Therefore, the combination of technology and financial services have created the FinTech wealth management companies that have improved services and increased productivity. It is important to study the financial market and its changes to be able to keep up and adapt, this being the reason why the financial field adopted different technologies and software to be able to offer updated services.