As 2022 wraps up, wealth management firms are looking ahead to critical investments in technology next year. In November, F2 Strategy asked technology leaders at RIAs, wealth managers, and asset managers what they wanted to know most as they head into 2023. Its research gathered answers to their questions leading to a clear picture of where industry firms have placed their technology priorities and what initiatives they plan to invest in throughout the coming year. Unsurprisingly, digital client experience leads the priority list, but data architecture has made substantial gains in importance in the minds of technology executives who must build the backbone that supports a bespoke client experience.
Trend 1
Digital Client and Advisor Experience Top List of Priorities in 2023
Insights and Actionable Intel
- Wealth management firms feel increasing pressure to have a great digital experience
- Firms say their biggest tech investments in 2023 will be client and advisor digital portals, trust platforms, new CRM rollouts or enhancements, portfolio management, and performance reporting
- Most critical capabilities for client experience include an integrated mobile-friendly client experience, real time data values, transparency of investment information, personalization and self service, document sharing, and texting
- Take Action: Less than 33% of respondents have usage metrics in place; implement data point tracking to measure the success of your investments in new capabilities
Trend 2
Data Architecture Increasing in Importance as its ROI Becomes Evident to Firms
Insights and Actionable Intel
- Better client insights require better data
- Wealth management firms are focusing their efforts on data architecture in order to build great experiences on the back of their investment in data
- The wealth management industry is maturing in the right direction with the amount of money and energy being invested in this effort indicating data is no longer viewed as a side show
- Take Action: Define your data strategy and goals as well as the practices and processes around data usage to ensure you get the most out of your data architecture
Survey Information: The data in this report is pulled from a survey conducted by F2 Strategy in November 2022. The survey includes responses from 39 leading RIA, Wealth Management and Broker/Dealer firms representing $6 trillion in assets.
