In an increasingly digital world, clients demand personal and interactive experiences in every aspect of their financial lives.
More personal finance mobile apps — ranging from banking to budgeting — have set the bar high for customer user experience when it comes to ease of use, engagement, and security. Clients expect this same caliber of digital experience from all of their financial institutions, including from their financial advisor and their wealth management provider.
To deliver, firms need a wealthtech stack that streamlines the client onboarding process, making it quicker, easier, and more efficient for both advisor and client.
The Franken-Stack Dilemma
Did you know that there are more than 350 technology solutions listed in Michael
Kitces’ Financial AdvisorTech Directory? Firms have been pulling together their solutions over the years, combining them into a veritable “Franken-stack” of monstrous proportions. The result? Various overlays, disconnections, inefficient processes and inhibited growth.
This also creates a sub-optimal experience for your advisors, driving turnover and loss of assets.
Firms know they need a solution, but don’t know where to start. Tackling a disorganized tech stack can feel overwhelming, but it’s necessary to ensure an efficient path forward for scalable growth.
Protecting Data is Essential – But What Does That Look Like?
Another reason to aggregate your data? The SEC has labeled cybersecurity as one of their top priorities for review, proposing a new cybersecurity rule to help protect clients. Working from a place of more complete functionality and integration and less access from outside systems, enables firms to keep better track of who’s accessing their data and when.
To reach that goal of tighter security, we have to reimagine the advisor tech stack. To maximize growth, firms need an integrated data solution to be the central hub of their technology framework. It should function in harmony with other systems, having been designed from the ground up to work together.
But shifting from Franken-stack to a streamlined solution isn’t done in one fell swoop. Rather, digital transformation is an ongoing process with the ultimate objective of ensuring a firm’s access to accurate, usable, clean data.
Ultimately, the ideal outcome is the ability for anyone within the organization to easily—and securely—access, consume, and take action from data derived from a single source of truth.
The Benefits of Integrated Data
Integrated data solves issues in every area of your firm, including client and advisor experience, compliance practices, and overall operational processes. Firms with integrated data can expect:
- Customized and deeper engagement leading to optimized experiences and improved client relations
- Streamlined, automated, and efficient processes across the business
- 360-degree view of client data with customizable reporting
- Workflow-driven or automated compliance checks
- Transparency with regulatory bodies with data residing in a single system
- Defined data architecture with a single source of data integrated with downstream systems and processes
- And more
While the reality of disparate client data exacerbates over time, the positive impact of an integrated system will be felt for years to come.
Find Solutions with Skience
Skience works tirelessly to create efficient, customizable, and scalable solutions through our Skience Data Consolidation and Replication (Data CaR) feature.
Data CaR offers a cloud-based, 360-degree client view to help wealth management firms and their advisors drive wallet share for increased revenue.
Click here to download the full white paper and explore how Skience can effectively integrate your data and streamline your firm’s operations.