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Optimising Wealth: The Latest Guide to Software Tools for Wealth Managers

Software tools for wealth managers can seem both new and complex. There are a wide variety of software options for wealth managers and IT asset management tools on the market but it can be very difficult to know which is right the right one for you.  

Just like the software tools available, wealth management is a complex and dynamic field that requires a high degree of precision and accuracy. The use of software tools can help wealth managers to streamline their operations, reduce errors, and improve client satisfaction – and ultimately make them more efficient and reduce operating costs. In this guide, we will explore some of the most popular software tools used by wealth managers and how they can help to improve the efficiency and effectiveness of wealth management operations.

The Impact of Software Tools on Wealth Management

Improving client satisfaction is a key goal for wealth managers. According to a study by EY, digital tools can help wealth managers transform customer experience and improve client satisfaction. Some of the benefits of using digital tools include:

  • Tailored customer experiences
  • Improved client decision making
  • Client self-service
  • Streamlined processes
  • Reduced cost-to-serve

Therefore, to improve client satisfaction, wealth managers can leverage digital tools such as CRM, portfolio management, financial planning, trading/rebalancing solutions, and investment analytics. By using these tools, wealth managers can provide customised investment strategies, create personalised financial plans, and manage client portfolios more efficiently.

Customer Relationship Management (CRM) Tools

CRM tools are essential for wealth managers as they help to manage client relationships and provide a centralised location for storing client data. These tools can help wealth managers to track client interactions, monitor client portfolios, and provide bespoke recommendations. Some of the most popular CRM tools used by wealth managers include Salesforce, and Redtail Technology.

Portfolio Management Tools

Portfolio management tools are used by wealth managers to manage client portfolios and provide investment recommendations. These tools can help wealth managers to analyse market trends, monitor portfolio performance, and provide customised investment strategies. Some of the most popular portfolio management tools used by wealth managers include Orion Advisor Tech, Black Diamond, and Tamarac.

Financial Planning Tools

Financial planning tools are a type of software used by wealth managers to create financial plans for clients. These tools can help wealth managers to analyse client data, create customised financial plans, and provide bespoke recommendations. Some of the most popular financial planning tools used by wealth managers include MoneyGuidePro, and RightCapital.

Trading/Rebalancing Solutions

Trading/rebalancing solutions are used by wealth managers to automate portfolio transactions and rebalance client portfolios. This software for wealth managers helps to reduce errors, improve efficiency, and provide customised investment strategies. Some of the most popular trading/rebalancing solutions used by wealth managers include Tamarac, Black Diamond, and Orion Advisor Tech.

Investment Analytics Tools

Investment analytics tools are used by wealth managers to analyse market trends and provide investment recommendations. These tools can help wealth managers to identify investment opportunities, monitor portfolio performance, and use these insights to develop new investment strategies. Some of the most popular investment analytics tools used by wealth managers include Morningstar, and FactSet.

In conclusion, choosing the right software for your wealth management, asset management or financial services organisation can make a significant impact on the overall performance of the firm. It is a key element of practice management that can increase both employee and client satisfaction whilst helping to streamline processes, reduce inefficiencies and assist with regulatory and compliance requirements. However, with so many options available on the market, each offering a variety of services, it is definitely worth researching options first in order to find the best wealth management software for you.

Frequently Asked Questions

Are there any software tools for wealth managers that can provide multiply services?

From the above it can be seen that several of the top recommended tools appear in more than one category as they serve  more than one purpose. Therefore, it can be useful, and more economical to see if there are software options that can work to satisfy your combined IT and software needs.

Two highly recommend software tools include Tower and Univeris.  

Tower Financial Software is a wealth management software platform that helps financial advisors manage complex customer portfolios with a large volume of historical data to meet the most demanding regulatory requirements. Secondly, Univeris is also a wealth management software platform

that provides a comprehensive enterprise wealth management solution for financial advisors. They both offer a range of features including CRM, portfolio management, financial planning, trading and rebalancing solutions, and investment analytics.  

Are there any software tools for wealth managers which help with client communications?

There are a variety of tools available which can help wealth managers, asset managers and financial advisors manage their client communications. Some do this by creating a new communications platform whilst others, like ClientWindow, seamlessly fit into communications tools which are already being used. ClientWindow works by integrating  messaging app conversations on WhatsApp and other chat platforms with internal communication software, including email, Teams and Slack. This means wealth managers and their teams can provide excellent client communications and service whilst meeting regulatory and compliance requirements.

Book a demo to see how we centrally manage your customer chat messaging conversations.
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Software tools for wealth managers can seem both new and complex. There are a wide variety of software options for wealth managers and IT asset management tools on the market but it can be very difficult to know which is right the right one for you.  

Just like the software tools available, wealth management is a complex and dynamic field that requires a high degree of precision and accuracy. The use of software tools can help wealth managers to streamline their operations, reduce errors, and improve client satisfaction – and ultimately make them more efficient and reduce operating costs. In this guide, we will explore some of the most popular software tools used by wealth managers and how they can help to improve the efficiency and effectiveness of wealth management operations.

The Impact of Software Tools on Wealth Management

Improving client satisfaction is a key goal for wealth managers. According to a study by EY, digital tools can help wealth managers transform customer experience and improve client satisfaction. Some of the benefits of using digital tools include:

  • Tailored customer experiences
  • Improved client decision making
  • Client self-service
  • Streamlined processes
  • Reduced cost-to-serve

Therefore, to improve client satisfaction, wealth managers can leverage digital tools such as CRM, portfolio management, financial planning, trading/rebalancing solutions, and investment analytics. By using these tools, wealth managers can provide customised investment strategies, create personalised financial plans, and manage client portfolios more efficiently.

Customer Relationship Management (CRM) Tools

CRM tools are essential for wealth managers as they help to manage client relationships and provide a centralised location for storing client data. These tools can help wealth managers to track client interactions, monitor client portfolios, and provide bespoke recommendations. Some of the most popular CRM tools used by wealth managers include Salesforce, and Redtail Technology.

Portfolio Management Tools

Portfolio management tools are used by wealth managers to manage client portfolios and provide investment recommendations. These tools can help wealth managers to analyse market trends, monitor portfolio performance, and provide customised investment strategies. Some of the most popular portfolio management tools used by wealth managers include Orion Advisor Tech, Black Diamond, and Tamarac.

Financial Planning Tools

Financial planning tools are a type of software used by wealth managers to create financial plans for clients. These tools can help wealth managers to analyse client data, create customised financial plans, and provide bespoke recommendations. Some of the most popular financial planning tools used by wealth managers include MoneyGuidePro, and RightCapital.

Trading/Rebalancing Solutions

Trading/rebalancing solutions are used by wealth managers to automate portfolio transactions and rebalance client portfolios. This software for wealth managers helps to reduce errors, improve efficiency, and provide customised investment strategies. Some of the most popular trading/rebalancing solutions used by wealth managers include Tamarac, Black Diamond, and Orion Advisor Tech.

Investment Analytics Tools

Investment analytics tools are used by wealth managers to analyse market trends and provide investment recommendations. These tools can help wealth managers to identify investment opportunities, monitor portfolio performance, and use these insights to develop new investment strategies. Some of the most popular investment analytics tools used by wealth managers include Morningstar, and FactSet.

In conclusion, choosing the right software for your wealth management, asset management or financial services organisation can make a significant impact on the overall performance of the firm. It is a key element of practice management that can increase both employee and client satisfaction whilst helping to streamline processes, reduce inefficiencies and assist with regulatory and compliance requirements. However, with so many options available on the market, each offering a variety of services, it is definitely worth researching options first in order to find the best wealth management software for you.