The top priorities for the wealth management firms of the future

Our teams have collaborated with wealth management companies to develop digital products across the middle and front office, so we understand the challenges facing the future-fit firm when it comes to technology investment.

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The imperatives for wealth management businesses across the UK are to modernise, reduce the cost to serve, increase assets under management and deliver streamlined & personalised offerings to their core customer base.

To merely, say the above is easy, to deliver against it… is really hard. Especially for companies organised around decades-old process and infrastructure, which defined their ways of working during the era of paperwork, phonecalls and on-prem IT.

That’s why technology investment in wealth management has focused on migrating to cloud, creating a consolidated knowledge base, defining employee facilitation solutions and automating processes where possible.

But as the march towards an AI-enabled organisation becomes more pressing, the most future-fit organisations are looking at where the next generation of hyper-efficient colleagues can take their business. By embodying the data-driven ethos wholesale, by creating systems, solutions, tools and products that will make it simpler to do business, whilst staying resilient, secure, robust and compliant.

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Cloud & knowledge consolidation

Cloud vendor alignment with the employee stack is vitally important when it comes to ensuring that automation, efficiency toolkits, co-pilots and other LLM powered efficacy solutions are honed to be business-specific and trained on robust, organisation data that will ensure alignment and risk mitigation.

Wealth management businesses that are looking to drive automation and facilitation need their data and knowledge in a fit-for-purpose, future-facing set of interoperable environments.

Employee solutions & task automation

Automation from simple scripts to RPA and AI facilitation systems are being deployed to support repetitive, structured, rules-based tasks either without human intervention or with limited human intervention

In wealth management, there are countless processes fit for streamlining and automation: trade settlement, reconciliations, client onboarding paperwork, report generation, compliance checks, data entry across systems and more.

Personalisation & digital experiences

Regardless of whether your ‘customer’ is an individual, a family office, a third party or a partner, people want digital solutions to streamline, augment and facilitate conversation & engagement.

Happy customers, partner organisations and third parties will be those who have their needs anticipated, priorities understood. Omnichannel, personalised experiences that are asynchronous are the future of wealth management.

What our partners have to say

"We picked Waracle because they were a good fit for our culture, we liked the idea of working with a partner who would really go the extra mile for us. Waracle work in an agile way and we knew they’d be quicker than we are. They were very patient and flexible enough to ensure that we weren’t spending too much, too far ahead of time."