According to an SEI Quick Poll, 80 per cent of those polled at the ABA Wealth Management and Trust Conference plan to invest in operational infrastructure in the next 12 months in order to help meet their goals.
Much of the investments will focus on shifting toward using one operating platform, as more than one-third (42 per cent) of those polled plan to move to a single operating infrastructure environment within the next 24-36 months.
Nearly half (48 per cent) of the wealth management organisations polled view "creating efficiencies" as the phrase that best describes their organisation’s operational philosophy, a goal that can be met, in part, by moving to a single operating infrastructure environment. Moving operations to one centralised infrastructure enables wealth management organisations to increase the amount of time they spend on revenue-enhancing activities, including client service and business development.
"Over the past few years, as end investors have called for more personalised relationships with their financial advisors, we’ve observed a fundamental shift in the way the wealth management industry is approaching growth and the client experience," says Dave Schug (pictured), Managing Director of SEI’s Global Wealth Services. “Now, more than ever, wealth management organisations need a solution that significantly reduces risk, inefficiencies, and administrative overhead. Ultimately, they need a solution that gives their wealth managers the time to do what they do best — build their clients’ wealth and increase the depth of their client relationships — and we’re pleased to provide them with the technology and operations to do just that."
The poll also revealed that while no respondents report a "scared" 2012 economic outlook, nearly two-thirds (60 per cent) are "cautious." In addition to focusing on "growing revenue" (48 per cent), wealth management firms are also committed to "creating a differentiated experience for clients" (28 per cent).