Wealth management platform market is witnessing rapid change towards lower cost models which provide high-tech solutions such as robo-advisors without the intervention of human advisors. However, these models provide solutions to mainly mass affluents at a cost, lower than the traditional wealth managers which is expected to drive the global market.Trends show a rise in interest of clients in digital channels such as mobile applications, social media, and automated investment advisory which are available at low cost and provide an enhanced experience to the clients and wealth managers.Wealth Management is a financial and investment advisory service for the high net worth individuals as well as small business owners. Wealth management platform provides financial advice management, portfolio, accounting and trading management, client management, fund management, performance management, risk and compliance management, and reporting.
Key drivers for the growth of wealth management platform market are the rise in high net worth individuals, emerging digitalization, and high adoption of process automation by enterprises among others. The compliance with strict industry regulations is another driver influencing the growth of the market as strict industry regulations lead to increase in security and protection of data of the clients, which can enable enterprises to maintain customer relations. However, higher dependency of people on the traditional methods will act as a restraining factor for the growth of the market.
Geographically, North America is expected to dominate the market due to advances in technology and presence of major key players such as SS&C technologies, Fidelity National Information Services Inc. and Broadridge Financial Solutions in the region. These key players are offering technical infrastructure solutions that enable process transparency, workflow automation, remote access, financial advisory, and brokerage business on a single platform. Asia-Pacific is expected to have offer good opportunities for robo-advisors due to the growing adoption of digital platforms. The combination of advanced algorithms, innovative analytics results in enabling techno savvy clients to adopt the robo-advisors, to meet their investment requirements.The trend in wealth management platform market shows that clients prefer hybrid advisory models over human advisory models. Also, a combination of human advisory model and robo-advisory model algorithm provides more accurate and faster results with the touch of human expertise, which is expected to fuel the market growth of wealth management platform in the coming years. Another trend is the applications of cognitive computing and artificial intelligence and machine learning, which tend to lower the operating cost for the clients and improve data-driven insights.
Wealth management platforms are expected to adopt new analytical capabilities such as algorithmic, descriptive, predictive, MIS and reporting capabilities, and use of big data rather than simple analytics based on reporting system and MIS. Also, processes such as client retention, client acquisition, business performance management are expected to be impacted by advanced analytics and big data.
Among the business function, the financial advice management is expected to grow and contribute the largest market share during the forecast period, as financial advice management provides secure and proper management of wealth and financial assets for high net worth individuals.
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The prominent players in the wealth management platform are SS&C Technologies (US), Broadridge Financial Solutions (US), Comarch (Poland), Temenos (Switzerland), Objectway (Italy), SEI Investment Company (US), Dorsum Investment Software (Hungary), Fiserv Inc. (US), Profile Software (UK), Fidelity National Information Services Inc. (US), Invest Edge (US), Finantix (Italy).
Wealth management platform market study aims at different segments such as advisory model, business function, end-user, deployment model, regions, and estimating market growth across these segments.
By advisory model, the market is segmented into robo-advisory, human advisory, and hybrid advisory.
By business functions, the market is segmented into financial advice management, portfolio, accounting, trading management, client and fund management, performance management, risk and compliance management, reporting, and others (billing and benchmarking)
By deployment model, the market is segmented into on-cloud, and on-premise.
By end-user, the market is segmented into banks, trading & exchange firms, investment firms, brokerage firms, asset management firms, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, the rest of the world.
The global market for wealth management platform is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of wealth management platform market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to be the leading market in wealth management platform due to the presence of a significant number of key industry players and growing high net worth individuals in the region. Asia-Pacific is expected to be the fastest growing market as there is a high demand of hybrid advisory by high net worth individuals in this region, which is highest in the world. However, there is opportunity for wealth management platform providing firms to adapt and implement the hybrid advisory model. European wealth management advisors are lagging behind North America in adopting robo-advisory models, as Europeans are adopting hybrid models which helps them to automate the process with human expertise.
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Wealth Management Platform manufacturer
Wealth management platform distributors, traders, wholesalers.
Independent Software Vendors (ISVs)
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
LIST OF TABLES
Table 1 Global Wealth Management Platform Market, By Region, 2018–2023
Table 2 North America: Wealth Management Platform Market, By Country, 2018–2023
Table 3 Europe: Wealth Management Platform Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Wealth Management Platform Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Wealth Management Platform Market
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