How to Select the Best Wealth Management Platform for External Managers

Selecting an appropriate wealth management platform is crucial for external managers aiming to enhance operational efficiency and deliver superior client services. After all, each minute of your time matters, and even a small improvement in quality can be a game-changer. This guide explains how to find the right IT solution for you based on our experience in the field.

How to Choose the Best Platform for External Wealth Managers?

So, what are the key considerations when looking for a platform for external wealth managers? What features does it need to offer? How do you find the right provider? Let’s explore these questions.

The Key Features You Need

Here’s an overview of the most important features that your platform should offer:
Comprehensive data integration — Automated integration, empowered by AI, can save you hours of manual labor.
Excellent security measures — To ensure your customer data is well-protected.
Multiple wealth management features — From portfolio management to algorithmic investment, your platform should offer a wide range of modules.
AI-powered data analytics — For more informed decision-making.
Automated reporting — To eliminate the need for spreadsheets and presentations.
Scalability — Ensures that you can utilize the same technology when your business grows or shrinks due to external circumstances.

Finding the Best Platform for External Wealth Managers

Now that you understand the key features, you can begin your research. Limit your search based on the functions mentioned above. To choose the best platform for external managers, you should follow these steps:

Assess Your Own Needs

Understanding your own requirements will help you determine which features need to be more advanced in your platform. For example, if you rarely use algorithmic trading, you don’t need cutting-edge technology in that area, especially if it compromises the quality of another feature or increases costs.

Evaluate the Vendors

Evaluate available vendors thoroughly. Look beyond their solutions and consider:
Their willingness to collaborate and customize the platform.
The quality of their customer support.

Select the Platform and Test It

Once you’ve narrowed your choices down to one platform, implement it with a demo. Testing is crucial to ensure that it meets your specific needs as an external wealth manager. If the tests don’t meet your expectations, go back to your list of potential solutions and try another one.

The Takeaway

Finding the right platform for external wealth managers is a complex process. It may take time and effort to research the available options, but making the best choice for your specific needs is absolutely essential. Don’t forget to consider how intuitive the platform is. Since it will be a tool you use daily, convenience and ease of use should be a priority.
For further details on platform options for external wealth managers, visit WealthArc’s Solutions for External Wealth Managers.