The Wealth Management environment is changing at a record pace.  Digital technology, mergers & acquisitions and seemingly infinite client demands require the overall wealth management strategy to include a technology platform that can keep pace with the rapid movement. This is the time of year when most firms are assessing their technology strategy and, improvement plans and budgets are being finalized.

But with all the recent merger activity and speculation, is your firm putting those plans on hold?

A prudent “wait and see” approach seems reasonable, especially when you’re using a standard offering from a custodian or clearing provider. In a merger, chances are the wealth management business would change custodians and this may have you thinking that a digital experience and clearing conversion now would be too disruptive to your overall business. Or perhaps, your current in house systems are so tightly coupled to your back-office that any changes would require a full rebuild, so your improvement budget just turned into a conversion budget and we all know where that leads…instead of improving the digital client experience, the firm ends up doing a “rip out and replace”, spending lot of time and money to end up with the status quo, again…

What if there was a different way?   

What if you replaced the “wait and see” with a “move forward and be proactive” approach? 

What if you went to one platform that was totally back-office agnostic?  You could upgrade your digital experience now and reap the benefits of an advanced digital client experience.  And if that merger day ever comes, you’d be well positioned to switch back-ends with little to no impact to the end client experience. 

To take on this proactive approach, firms need to partner with technology firms that deliver a digital technology platform specifically designed to provide the firm options that match its digital strategy. 

What to look for?

A technology partner that can deliver:

  • Back-office agnostic platform deployment
  • Experience in integrating with multiple custodians and other back offices
  • Digital Development tools to allow your firm to take as much or as little control of the UX and branding experience your team needs
  • Consistent product advancement with a forward looking software roadmap and commitment to future improvements

In times of uncertainty, sitting back and waiting to see what happens could sound like a solid plan but, the market leaders will take a proactive approach and be prepared to move forward through any change that comes.

Contact Scivantage today to learn how to we can help you to keep your digital strategy moving forward.