The world of wealth management is multi-faceted and demanding.
Financial professionals juggle a multitude of tasks, from investment research and portfolio management to client communication and account administration.
Unfortunately, these tasks are often siloed across disparate systems, creating a fragmented workflow. This fragmented approach can lead to several challenges:
- Wasted time: Switching between different platforms to complete tasks eats into valuable time that could be better spent building client relationships and providing strategic financial advice. A study by McKinsey & Company found that wealth advisors spend an average of 30% of their time on administrative tasks [1].
- Data inconsistencies: Manually entering data into multiple systems increases the risk of errors and inconsistencies. This can lead to inaccurate reporting and difficulty in gaining a holistic view of a client’s financial picture.
- Reduced client satisfaction: Clients expect a seamless and efficient experience from their wealth advisors. A fragmented workflow can lead to delays in communication and a less personalized service experience.
The rise of integrated solutions
Fortunately, technology is revolutionizing the wealth management industry.
Integrated solutions, like the groundbreaking collaboration between Cheetah and AssetMark, are emerging to address the challenges of a fragmented workflow and empower advisors to deliver a unified client experience.
Here’s a closer look at the value proposition of each solution provider:
- Cheetah: Offers a best-in-class trust accounting system that streamlines trust administration tasks, automates workflows, and ensures accurate recordkeeping.
- AssetMark: Provides advisors with access to a comprehensive suite of wealth management tools, including portfolio management software, investment research, and client communication functionalities.
The Cheetah-AssetMark collaboration: A streamlined approach
This collaboration tackles the limitations of separate systems by offering a unified platform for managing both wealth management and trust administration functions.
Cheetah, a premier cloud-based trust accounting system, streamlines trust administration tasks, automates workflows, and ensures accurate recordkeeping. AssetMark, a leader in wealth management solutions, provides advisors with a comprehensive suite of tools, including portfolio management software, investment research, and client communication functionalities.
By seamlessly integrating these strengths, the Cheetah-AssetMark collaboration offers a powerful solution:
- Streamlined workflow: Integrated platforms allow advisors to manage all aspects of client relationships within a single system. This eliminates the need to switch between different applications and reduces the time spent on administrative tasks.
- Enhanced client experience: Imagine a world where trust and investment functions are handled cohesively. This collaboration fosters a more holistic client experience. Advisors can have a clearer view of a client’s entire financial picture, leading to more comprehensive financial planning and, increased client satisfaction.
- Automated processes: Repetitive tasks such as data entry, report generation, and account reconciliation can be automated. This frees up valuable advisor time for more strategic activities like client prospecting and portfolio analysis.
- Improved data accuracy: Integrated platforms ensure that data is synchronized across all systems. This minimizes the risk of errors and inconsistencies and allows advisors to access a real-time view of client information.
Benefits for wealth management professionals
By leveraging integrated solutions, wealth management professionals can experience a range of benefits.
- Increased productivity: Reduced administrative burden and automated workflows free up valuable time for client interaction and strategic planning. A study by Accenture found that wealth advisors using integrated platforms experience a 25% increase in their productivity [2].
- Cost-effective growth: Integrated solutions can help advisors expand their service offerings without significant investment in additional technology infrastructure.
- Improved client service: A more efficient workflow translates to faster response times and a more personalized client experience. These service improvements lead to higher client satisfaction and retention rates.
The future of trust accounting and wealth management
The future of wealth management technology is bright. Integrated solutions like the Cheetah-AssetMark collaboration will continue to gain traction as wealth management professionals seek to improve efficiency, deliver exceptional client service, and navigate the evolving financial landscape. By leveraging these advancements, wealth management professionals can create a more productive and client-centric environment, leading to stronger business growth and success.
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Sources:
[1] McKinsey & Company. (2020, February). Digital Wealth Management: A critical juncture.
[2] Accenture. (2022, March). The future of wealth management: How technology is reshaping the industry.
AssetMark and Cheetah are separate and affiliated companies. Each company is responsible for their own content and services.
