The Financial Advisory industry has grown rapidly over the past years, and so has the need for their services. To keep up with the demand they are scaling their team and investing in technology. The positive side is that they are well aware of their needs. Therefore are building or procuring solutions that automates many of their mundane processes and helps to connect with their clients digitally.
To keep up with the increasing demands, the need for digital transformation of advisory services is extremely crucial. The positive aspect of the trend is that most IFAs are well aware of this challenge and the tech enablement needed.
Our purpose with Wealthphi is to resolve these issues financial advisors are facing in pursuit of them to stay relevant, capture the opportunities, grow and above all to be the leader and the significant player that the tech-first new entrants have already achieved beating the incumbents.
However, are they achieving what they intended to when they started on this transformational journey? Probably not.
The Advisors build or procure softwares that solves very specific problems but are not able to build an organisation or experience for their clients that's being achieved by the tech-first or digital-only wealth management start-ups. The solution stack in a typical financial advisory firm looks somewhat like this:
- CRM to manage existing and potential client details, interactions, and relationship history.
- Reporting tools to automate preparation and scheduling of client reports.
- Portfolio management software to research and prepare curated portfolios for each client.
- Onboarding tools for client KYC and bank mandates.
- Myriad digital platforms for transacting in a variety of Financial Products.
- ERP solutions for employee management.
- Task or project management solutions for allocating tasks and monitoring.
- Business Intelligence tools for strengthening their decision making.
- Web and mobile applications for delivering their services to the clients.
Even after having all of these tools they are still left with several proprietary manual processes to bridge the gap between these softwares. This might entail carrying data from one platform to another, consolidating or reconciling on spreadsheets, and monitoring activities outside the applications.
Our purpose with Wealthphi is to resolve these issues financial advisors are facing in pursuit of them to stay relevant, capture the opportunities, grow and above all to be the leader and the significant player that the tech-first new entrants have already achieved beating the incumbents.
Wealthphi will be the platform that will unite several leading solutions available in the market such that advisors work out of a single platform with benefits of many.
This is how wealthphi can transform your advisory business
- An interplay between the disparate solutions reduces the tasks to carry one’s data from one software to another.
- No need to switch applications further making tasks simpler and quicker.
- Easier to monitor from a single place.
- Extract deeper and wider insights about your business from aggregated and connected datasets.
- Easier to identify opportunities.
- Execute with speed and sell more.
- Reduce the size of the team required to play the role of connectors between disparate applications and that required to monitor and maintain different systems.
- Makes reporting and monitoring more efficient.
- Improves the speed of service.
Wealthphi will be the binding force between plethora of advisory solutions that will create a seamless investor journey and a team of empowered and highly-productive advisors.
