Top 3 Tech Tool Features for (U)HNW Management

Top 3 Tech Tool Features for (U)HNW Management

When it comes to managing High Net Worth (HNW) and Ultra-High Net Worth (UHNW) investors, the stakes are high. These investors have unique needs and goals but also require a superior client experience and much closer attention to detail. Here are some tips on what you should look for when seeking help from technology in order to succeed in that segment.

Financial advisors must assume numerous responsibilities, from pinpointing the best financial assets to developing comprehensive investment plans that allow clients to achieve long-term success. This can be a challenging proposition without access to the latest FinTech platforms, solutions, and capabilities.

HNW and UHNW portfolio managers require the same advanced performance and risk analytics tools that hedge funds and institutional investors use. Furthermore, these individuals and families will not hesitate to take their business elsewhere if they feel their needs are not being met or if someone else is offering more.

This is why in today’s digitized economy, you simply cannot expect to succeed in the increasingly competitive HNW and UHNW management niche market without having proper performance tools and functions to boost your productivity and provide the highest level of service to your clients.

Some of the top can’t-live-without FinTech tools include:

The CRM Portion of a Portfolio Management System

A Portfolio Management System (PMS) that includes a Customer Relationship Management (CRM) system is intended to manage portfolio data as well as all your relationships and interactions with your clients and potential future clients. The goal of such CRM is simple: Manage customer relationships across the entire customer lifecycle and, in turn, improve your business relationships. Yet, it offers so much more.

CRM platforms are critical to financial advisors. They allow them to create tailored communications, generate targeted business insights for their clients and prospects, automate workflows, and increase profitability.

More advanced CRM solutions are embedded with artificial intelligence. It enables them to analyze data, predict trends, and provide wealth managers with deeper insights into their HNW and UHNW clients’ unique needs, interests, and investment preferences, thus maximizing the potential for long-term profitability.

PMSs that include CRMs are critical for wealth management professionals who advise HNW and UHNW clients. Not only do they allow advisors to build closer customer relationships, but they also integrate functions that drive user adoption and support compliance processes.

Performance, Engagement, and Trust – Delivering a Superior Client Experience

A key element for succeeding in wealth management is technology that allows advisors to work more efficiently by focusing on what is most important – the client experience. But what does customer experience have to do with financial services, you may ask? Everything.

Indeed, wealth advisors must support their clients through financial market turbulence, life and career changes, and personal ups and downs – all key factors of success that define the client experience. The client experience is uniquely important in HNW and UHNW, where Performance, Engagement and Trust are at a premium, given the high level of complexity and the multiple layers of a wealthy client’s needs, wants, and expectations.

WealthTech has revolutionized the traditional wealth management industry with the advent of platforms featuring targeted tools and capabilities at the intersection of financial services and new technologies. They have overhauled existing wealth management products and services, and taken the customer experience to a whole other level. HNW and UHNW advisors who have access to such platforms can leverage these tools to their advantage and to their client’s ultimate benefit.

Modeling: Scenario Analysis Tools and What-if Capabilities

Strategic what-if scenario modeling, scenario analysis, and portfolio analysis are all critical aspects of strategic portfolio management that help wealth management advisors adapt and adjust effectively to shifting circumstances.

While the importance of scenario analysis and what-if planning is a no-brainer, these are rarely well executed. Fortunately, the latest WealthTech solutions propose capable scenario-planning tools that deliver meaningful insights and practical decision-making support through all investment types, according to a client’s long-term goals.

Given the high stakes involved in HNW and UHNW, these aspects are especially critical when dealing with the complex portfolios of wealthy investors. Such tools and capabilities allow you to quickly understand the choices available to adjust, adapt, and rebalance portfolios. For instance, in situations of crisis, you can always stay ahead and ensure your client’s ongoing and future success, while reducing risk and exposure.

Scenario-planning capabilities are also extremely flexible and can be applied to multiple forms of assets, products, capabilities, programs, projects, and any other portfolio that needs management.


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