The majority of wealth managers are either dissatisfied or indifferent to their current technology systems.

This is according to research from Avaloq that talked to 200 wealth managers across Europe and Asia about their technology.

Results stated that only 31% of wealth managers are satisfied their technology is up to date and 45% say their systems are outdated.

In addition, 25% of respondents are indifferent and only 29% believe their technology is designed to suit their needs.

Just over half of wealth managers globally (54%) use investment advisory technology in client meetings and of those not yet using their advisory systems in client meetings, two thirds (67%) would like to.

The biggest reasons for not using these tools in client meetings are user interfaces that are not optimised (69%) and too confusing technology (60%).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, more than half of wealth managers globally identified similar challenges with broader use of technology like unintuitive navigation (58%) and the requirement to use too many systems (54%). Avaloq also found that 17% of wealth managers rely on over ten technology systems to conduct their daily tasks while 50% used between four and six.

Suman Rao, managing director for the UK and Ireland at Avaloq, said: “Our research reveals that too many wealth management professionals are burdened with complex, outdated technology systems that do not provide them with the support they need in client meetings. Despite this, they are well aware of the potential benefits a well-functioning technology system can provide to their day-to-day operations, so it is important that providers step up to deliver the analytics, automation and visualisation that they need.

“Often, wealth management professionals use too many different systems and would benefit from simplifying or consolidating their technology ecosystem. Finding the right partner will help them to streamline their operations and better use their technology to improve client service.”

Britney Lewis, head of advisory product for Aladdin Wealth Tech at BlackRock, added: “A streamlined, user-friendly advisory platform designed for real-time client interactions can address these concerns. Deploying an end-to-end platform is all about scaling the personalised proposal generation process with effective and compliant investment proposals that are easy to execute. Features like instant proposal guides or suitability checks give wealth managers the much-needed time back in their day while also equipping them to still have solid interactions with their clients.”

For more private banking trends in 2024, click here.