Wealth management firms are increasingly using artificial intelligence and analytics to assist financial advisors to stay on top of relationships and keep customers engaged by providing personalized and contextual advice.
Legacy technology, still prevalent in the wealth management industry, is unable to reconcile vast amounts of structured and unstructured data. Financial advisors are spending an increasing amount of time trying to aggregate data, provide real-time analytics, send customized financial reports, etc. losing precious time that would be better spent advising clients on investment strategy. Regulations increasingly require wealth management firms to capture more data along each step of the value chain.
Financial advisors need an easier way to offer customized fund and insurance product solutions to their customers that include research, model portfolios ETFs and customized solutions. Wholesalers, for their part, are beginning to act more as “high touch” customer relationship managers and are looking to add more value to their service proposition, as opposed to simply pushing products to advisors.
Different systems, multiple providers and users across the asset management industry mean that participants spend a large amount of time trying to aggregate data, gather real-time analytics, create customized reports, etc. losing precious time that would be better spent advising on investment strategy and understanding distribution patterns.
Clients are demanding more access to real-time analytics and this is one of the prime time opportunities for wealth management firms to offer differentiated propositions. ForwardLane is a dynamic solution, allowing financial advisors to search, analyze, and share data in real time. Financial advisors can simply leverage the natural language user interface to create analyses and scenarios. This allows users to change assumptions and re-run analyses on the fly, creating a richer, more dynamic, highly-iterative content.
ForwardLane enhances the efficiency and capabilities of the financial advisor and saves managers’ precious time going through large numbers of financial reports and personalizing them on the basis of clients needs. As a result, financial advisors are better prepared for meetings and can prioritize engagement based on behavioral data and predictive insights across the book.