Banking on the unified wealth model

first_imgIt seems as if every investment management, advisory, accounting and consultancy firm is offering some sort of technology-enabled unified wealth solution to the ultra-wealthy these days, and it’s about time. While demand for a more holistic view of finances had been rising among high-net worth communities since the financial crisis, obstacles remained to integrate separate technology systems, and therefore financial data, to a single platform—the necessary requirement for holistic wealth management. As expectations have continued to move to even greater integration and convenience, some astute clients are noticing that most wealth platforms have left out an important component – traditional banking data and functionality.Most wealth platforms have left out an important component – traditional banking data and functionality.Current-state wealth management platforms enable consumers to evaluate investment and retirement accounts in relation to cash-flow analysis and long-term investment goals. Ultimately, the move to real time and full wealth platform convergence will be driven by parallel technology emerging through mobile app development in the banking sector.New apps provide clients with an aggregated view of banking, mortgage, savings and credit accounts, as well as automated payment functionality. In many cases, the offerings intended for the mass affluent are already far superior to those provided to ultra-wealthy families even through elite service provider relationships. Integration with investment and long-term planning components would dramatically speed industry adoption of a comprehensive wealth platform. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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