According to the survey report, though wealth management firms already dedicate a significant portion of their budgets to client services, less than one-third of firms currently feel that their client-related technology is effective.
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Going forward, firms intend to focus on designing segment-specific servicing models that provide different levels of high-quality service, the report added.
"The takeaway here is for wealth management firms to take a deeper dive into their current technology models and ascertain return on investment and evaluate total cost of ownership," says Marcelo Fava, principal at Ernst & Young LLP.
"Wealth management firms should ask themselves: What’s working? What isn’t working? Is there opportunity here to have a more dedicated technology organization for our advisors? There is no silver bullet. Firms need to focus on balancing the benefits and limitations of each model when making sourcing decisions and then successfully roll out and integrate capabilities into their existing environment," Fava added.
Ernst & Young said that the 2012 Wealth Management Survey contains the views of 40 senior-level wealth management professionals across North America and Latin America. Each represents a wealth management firm with assets under management that vary from several billion US dollars to over US$500 billion.
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