Wealth management and trust organisations are increasingly emphasising technology innovation, optimisation of operations, and enhanced services as major components of their growth strategies.
That’s according to a new study from SunGard – Vision for Growth: Striking a Balance between Innovation, Optimisation and Service.
The study is based on responses from 129 wealth and trust company executives from North American community banks, regional trust banks, large global banks, family offices, and registered investment advisors (RIAs). The survey explores different perspectives and methodologies for how firms plan to balance the continued rise of operating costs and regulations against the need to grow their businesses.
The report found that 36 per cent of respondents indicated that enhanced client service and front-office innovation were their key priorities for growth.
Some 41 per cent said achieving smarter operations will make their typical day easier.
Half believed comprehensive wealth management planning will help them stand out from competitors.
When asked about the new requirements that have emerged in servicing clients, 36 per cent cited robust data aggregation services, while 32 per cent noted smartphone and tablet applications.
Some 38 per cent plan to increase IT spending on integration, workflow, audit trails and automation.
A further 36 per cent said their clients are asking for financial planning scenarios to be provided through online or mobile channels.
“Wealth and trust firms must offer comprehensive services that drive a client-centric approach and bolster their competitive positions, as well as improve internal collaboration among front-line talent. A firm’s ability to operate smarter could also play a larger role in advancing customer-engaged business models through integration and improved enterprise data management,” says Eileen Van Scoy, executive vice president for SunGard's wealth and retirement administration business.