JULY 7, 2022
8 min read
What lacks the majority of software product providers is speed. Fintech companies can’t afford to have a lack of operational scalability and consumer reach, and this is a must. Moreover, the ever-rising customers’ expectations bar to the product tools also calls for the reconsideration of the business-human relationships. And that’s easier done if choosing the product lifecycle management software wisely. So, don’t carry the burden yourself and integrate your finance-related app with the best online wealth management platform for financial institutions!
What’s the purpose? In 2021, the resort to wealth management assistance is stipulated by 3 main motives: performance track record, access to varied investment opportunities, and fee factor. The first is in the lead, uniting 57% of clients. Who are they? Digital banks, robo-advisors, and fintech startups in the first place. But is there any evidence for the necessity of change? Certainly, let’s face the facts! Each year raises the value of private product wealth management software services worldwide: $89trn in 2019, $116trn in 2020, and $126trn in 2021. Do you see this steady market growth? North America and Western Europe take the major part of the market value, so our list of fintech software product management platforms minds these geo-prevailing details. Read on further!
What is Wealth Management Platform?
Top wealth management platforms are few. Affluent customers’ financial requirements are best served by investment advising services that integrate other financial services. The platform employs a consultative method to gather information about the needs and circumstances of the customer, then creates a custom plan that incorporates a variety of financial products and services.
As part of wealth management, several companies use a comprehensive approach. A wide variety of services, including investment advice, estate planning, accounting, retirement, and tax services, may be given to satisfy the requirements of a client. A client’s assets under management determines the cost structure for most complete wealth management services, however this isn’t always the case (AUM).
Cross-border financial services are one of the most sought-after areas of expertise for the best online wealth management platforms. A wealth manager’s specialty or the major emphasis of the firm in which he or she works may be a factor.
Best Wealth Management Platforms for Financial Institutions
If you’ve specialized in fintech product development software yourself but need the wealth management partner to amplify your business, then the selection below is right for you. Choose among the leading product management software tools in 2021!
History: Third Financial digital wealth management platform was launched in 2007, and since then, the London-based financial services provider underwent a serious transformation. A major shift occurred in its business model, which was formerly focused only on the development of wealth management software and investing platform components. Thanks to this unique formula of success, Third Financial is tangibly raising its capital volumes: from £2.5m in 2015 to £7m in 2020.
Services: 3 main directions of the company’s expertise include the outsourcing of operations to wealth managers (take Barker Poland as an example of client), financial advisory services (Foster Denovo as a case to look at), and portfolio management tool for fintechs (Thameside). In general, Third Financial gives you the missing technology piece to focus on the UX better, while the main job of assets management, pricing model/investment plans development, and trading facilitation is in their hands. In the end, your customers are smoothly onboarded and further supported at a competitive cost through the API means.
Latest news: Need a sign of Third Financial’s continuing progress? Then pay attention to the recent appearance of the Chief Risk Officer in the company. It speaks louder than any words if thinking about the risks mitigation in both operational and regulatory dimensions. Moreover, the partners’ credentials also add much to this assumption. In September 2021, the company tied the business knot with Bullseye Financial, the reputable investment services firm. Luck is truly on its side, isn’t it?
History: Objectway is one of the digital wealth management technology platforms founded in 1990, in Milan, Italy. Now the company also has offices in London, Bruxelles, Dublin, Birmingham, and Nantwich, which clearly indicates its wealth and asset management market expansion. What’s the secret behind its long existence? Already 30+ years of product innovation. With the help of Objectway, you can enhance your customers’ engagement, raise front-office productivity, and optimize back-office operations. In a nutshell, its motto is “build for the future, perform today,” and you can experience this feeling on your own by integrating your software product with Objectway solutions.
Services: The range of provider’s business priorities is quite vast: from private, depository, and retail banking up to wealth & asset management, life assurance, and investment. Owing to this, Objectway is characterized by the wide target audience reach, and its technologies help other banking software businesses grow in scale and hold sway over their clients effectively. Among their clients, the most notable ones are HSBC, RBC, BNP Paribas, Allianz, Investec, DEPObank, Saxo Bank, and many others. Thus, if you’re in search of your customer base growth, investment tools, legacy compliance, or overall fintech processes automation, Objectway is the right match!
Latest news: In August 2021, Objectway proved it is one of top financial platforms to help manage wealth by acquiring the Die Software Peter Fitzon GmbH. With this new step, the provider plans to broaden its services repertoire with the high-level Core Banking suite. Further global brand popularization is also anticipated by the experts.
History: Addepar platform was created in 2009, and this California-originated business is still alive thanks to the uninterrupted data management, unlimited scale, and client-centered approach. All these features were skillfully combined into one single entity, and now the Addepar marketplace is one of the largest in the world if we speak about integrations, invested advisors, family offices, private banks, and broker-dealers. They all benefit from Addepar fintech wealth management software platform either to manage the digital assets or to analyze the financial transactions through the customized reports. Whatever your business needs are, Adderpar is ready to help you obtain the full picture of the clients’ wealth and bring relevant recommendations on the go.
Services: Among their plenty, integrations are the core of Addepar’s activities, so flexible APIs are waiting for your software product, no matter which system it needs under the hood. The correspondence with the specific legacy requirements and the connected adjustment of workflows are also available here. Besides, Addepar supplies you with comprehensive reporting on investment consequences and works as a wealth management solution for your clients. The partnership with Castle Financial, Jefferies, Morgan Stanley, and many others also puts a positive light on the brand’s trustworthiness, so you can start by learning their achievements with Addepar so far.
Latest news: In August 2021, Addepar opened new offices in Midtown, which testified to the company’s stability in the post-COVID realities. Moreover, the new 100 open jobs are also a promising indicator of the provider’s prosperity after the recent $2.17bn valuation.
History: T-REX is a top wealth management online platform that pursues the aim of broadening the finance services boundaries for complex markets. In contrast to the massive despair because of the 2008’s recession aftermath, the New-York-born company turned the tough financial setting into the fertile ground for establishing the new type of infrastructure. In particular, in 2012, T-REX made a sensation among the public due to its focus on the non-traditional, riskier markets. Besides, relying on data digitization, process automation, and workflow automation, the provider positioned itself as the expert in the entire investment lifecycle. Since that time, T-REX has done a lot to strengthen its risk mitigation, sell-and-buy efficiency, and analytical tools. That’s why you can look closer at this company in case you need an advanced SaaS platform.
Services: The nucleus of T-REX business revolves around enterprise solutions that help businesses quickly and efficiently analyze the market, ease up the investment workflow, and secure the data via smart cloud-based solutions. Thanks to this competitive advantage, the firm partners with such big players as Global Atlantic, Rockwood Group, TWAIN, OakStar Bank, Pacefunding, ING, Mosaic, etc.
Latest news: In April 2021, the T-REX platform announced its readiness to build projects of the different tax credits complexity. Specifically, its production stress tests allow anticipating the further course of the scenario’s events and modify the assets generation model correspondingly. Sounds inspiring, isn’t it?
History: Launched in 2012, the London-originated financial services software provider has rapidly conquered the UK market as well as the worldwide offices. Today Corfinancial helps global companies to solve software integrations problems in different niches and with multiple vendors and data providers. Plus, the company makes efforts to advance its R&D direction to preclude future regulatory obstacles, forthcoming market trends, and other possible challenges. Finally, social responsibility is also part of Corfinancial’s business model, as its policies stem from such values as trustworthiness, proactiveness, ethics, and integrity. For instance, its ‘green’ energy consumption approach is one of the things to be proud of as not so many wealth management software providers care about this aspect.
Services: They can be divided into 3 parts: solutions for the product, market, and remote management tool. If we speak about the product, the major service that is delivered by Corfinancial is the BITA risk test — the useful tool for wealth managers and financial advisors to lead the businesses in the right direction. By the way, in February 2021, Charles Stanley, one of the most powerful wealth investment platforms, decided to leverage the BITA ESG Manager app for its business growth. As for the market, Corfinancial is known for compliance analysis, portfolio/model supervision, client suitability check, and fixed income accounting. This brings value not only to the private/community banks but also to investment managers, bank trusts, credit unions, and many other financial institutions. Ultimately, in terms of functionality, Corfinancial works on post-trade settlement processing, which aids in data analytics, automation, and improved trading UX.
Latest news: One of the last achievements of the company is the SureVu tool that appeared in the market in April 2021. Its purpose is to reduce the firms’ expenses on failed trades. This new cloud-based solution is also supposed to increase the participants’ settlement discipline and generally enhance the quality of service.
History: The company’s start derives its roots from Handcross, United Kingdom, and the 1995 year. At that moment, it was called Troika — a combination of a family office, an offshore trust, and a corporate trust firm. Being initially developed as a flexible tech solution, Thewealthworks knows how to do with the various legal, accounting, and banking frameworks. For the time being, the provider devotes its core attention to the trusts, family offices, and private wealth companies, but that’s not the full list of its clients. Still, among the worthy names to mention, there are Thomson Reuters, Dataflow, and ARC Software Consultancy.
Services: Thewealthworks helps solicitors, trust companies, accountants, or private clients to integrate their software products with a unique system that can cut the time on the market by the rapid transactions processing and investment calculations.
Latest news: The pandemic has significantly affected the company’s mode of work, but Thewealthworks shows a sophisticated wealth management approach even there. By switching to remote work from January 2021, the provider has optimized the work processes and found a way to oppose the economic decline.
So, are you persuaded enough in your app integration?
Or any remaining doubts after the comparison? Then consider the fact that the number of millionaires having wealth management business has doubled for a decade from 2010 to 2020. Would you like to join their club? Contact Dashdevs and we’ll advise you on the best fintech solution for your business needs!