Wells Fargo is to adopt the SEI Wealth Platform (the Platform), SEI's next-generation, wealth management technology solution.
The Platform is an integrated solution designed to support client relationship management including front-, middle-, and back-office fiduciary investment and account administration processing services.
"Visionary banks and wealth managers recognise the competitive advantage modern systems offer to both risk management and business development plans," says Joseph P Ujobai, Executive Vice President of SEI and Head of the Private Banking business. "With long-term, sustainable growth goals and a desire to support client needs as efficiently and effectively as possible, Wells Fargo has a long-standing reputation for adopting innovative technologies and processes. We look forward to helping them advance that mission with the adoption of the SEI Wealth Platform."
Wells Fargo will migrate from SEI's TRUST 3000(R) solution, currently supporting its wealth management, retirement, and corporate trust groups' fiduciary and custodial businesses, to the new platform. SEI's new technology is designed to meet around-the-clock client demands, provide a simplified infrastructure with faster response times and efficiencies, and an upgraded suite of products and services.
Recent industry studies have highlighted the growing need for modern infrastructure in the market for improving processing effectiveness and efficiency. A report from EY conducted last year also revealed that, in terms of priorities for IT spend, regulatory compliance and information protection were at the top of Chief Information Officers' agendas at 92 and 72 per cent, respectively.
"SEI has seen an increased interest from banks and other large wealth managers to invest in their future by securing a technology infrastructure that supports 21st century wealth management," adds Ujobai. "Eventually the workforce and operational challenges can no longer justify the incremental spend for enhancing legacy systems, and ultimately, the need for cost savings, risk management, and growth become the catalyst for change."
"The needs of our clients are evolving. We look forward to continuing our 40-year relationship with SEI and using recent technology advancements to enable Wells Fargo team members to continue serving the expectations of our clients into the future. The capabilities and features of the Platform are a good fit for our business, helping Wells Fargo give our clients efficient and exceptional service," says David Carroll (pictured), Senior Executive Vice President and Head of Wells Fargo's Wealth, Brokerage and Retirement group.