Wealth Management Increases its Reliance on Technology to Perform Operational Functions

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Dec 16, 2021

100% of Firms are Investing the Same or More in Automation Technology Tools for Operations and Workflow Optimization This Year and Next Year

Insights and Actionable Intel

  • Across the board, firms are spending on technology that improves their operational tasks.
  • Top tasks being automated include trading, meeting preparation and money movements.
  • Firms are using tools that are not necessarily built for the wealth management industry such as the automotive industry tool, Actify.
  • Take Action: The tasks that get the best results when it comes to automation are those that are high frequency and less complex, so start there and build.


Firms have Higher Rate of Standardization than Automation of Core Processes

Insights and Actionable Intel

  • Firms have standardized core processes at a higher rate than they have automated them.
  • Standardization has to occur before automation can be successful.
  • Creating basic templates for tasks such as client reporting can result in significant time savings and increased employee retention.
  • Take Action: Audit your firm’s processes to determine the level of variability in how things get done as well as your most frequent tasks. Then start automation on simple, tight processes and work towards those more complicated.


92% of Firms Have Standardized Marketing Function

Insights and Actionable Intel

  • 33% of firms with standardized marketing functions consider them “highly standardized”, while 66% say they have “some standardization”.
  • Marketing automation tools are often separate from firms’ CRMs.
  • Take Action: Begin by building drip campaigns to connect with target audiences over time.


100% of Firms Standardizing Client Onboarding Function

Insights and Actionable Intel

  • The level of success in automating client onboarding usually hinges on the level of staff adoption.
  • Client onboarding can be hard to automate because it involves multiple internal and external systems.
  • Automation accelerates the onboarding process and provides a better client experience because it reduces NIGOs.
  • Take Action: Begin the transition to automation by digitizing as many client onboarding tasks as possible.

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