Get geared for growth
Be ready to handle more customers with increased profitability
In wealth management, regulations and the need for control have tightened. Unfortunately, wealth management is an industry filled with shadow IT. The set-up typically consists of several different systems such as trading systems, systems for risk, accounting, CRM, portfolio management and client reporting, together with an awful lot of tinkering in Excel and VBA. That is, a lot of systems that were not originally designed to communicate in a reliable and secure way.
This type of set-up is a problem – and the challenges increase exponentially with the expansion of customers. The more customers you have, the harder it is to manage data, to ensure the quality of that data is good enough, and for you to have a clear picture of everything from investment strategy to exposure and risk.
At the same time, Private Banking advisors face growing challenges in data management and reporting, as both investors and regulators have become significantly more demanding in terms of both the amount and quality of the information to be reported.
A Private Banking advisor can easily work with up to 200 customers – and when advising a large and diverse group of investors, the overview can quickly slide without a proper set-up to manage a high volume of customer portfolios. You need a solution that can be scaled without using too much time. A solution where most time-consuming tasks are automated.
Read more to find out the benefits of a flexible and efficient investment management solution such as Vitec Aloc’s PORTMAN and how to utilise it for business benefits.
#1 Achieve easier scalability and reporting
As a Private Banking advisor, it is important to maintain an overview of your customer portfolio, but the challenges of managing the various tasks arising from this have never been greater.
Administrative and compliance tasks can be particularly draining, taking precious resources away from tasks concentrating on business development. For example, fee calculations and reporting can take an inconvenient amount of time without a proper set-up. It is not unusual for the process of generating monthly or quarterly customer reports, including the calculation and verification of fees, to take several weeks, especially if you’re working with shadow IT or other non-integrated stand-alone systems, or where data is not updated automatically.
The challenges exponentially increase as the customer files increase, and ongoing customer reporting can add up to a massive number of employee hours a year. Over 50 employee workdays can often be saved annually on customer reporting alone.
Fortunately, scalability is much easier with an efficient investment management solution such as PORTMAN. Reporting can often be reduced to 1-2 days per distribution. This means that you can take on more customers without having to find extra time – so that money can be used for customer engagement, holistic advice and business development rather than performing the unnecessarily heavy reporting and administrative tasks.
#2 Free up resources for activities that create extra value
A flexible investment management solution also represents your ability to free up resources as many processes are now automated. In this way, more time is freed up for core tasks, costs associated with administration tasks are reduced, and resources associated with heavy systems or manual processes are minimized.
Inefficient processes and workflows mean that more customers require many more hands, and the cost to hire in this industry is only going up.
In other words, you must have deeper pockets if you want to continue paying the extra salary necessary for scaling up your customer base while using inefficient workflows and outdated IT solutions. Additionally, there are copious managerial tasks that must be considered for when employees take holidays, become ill or change jobs where you have to find a new candidate for the position.
Freeing up time also means you can create extra value for your customers because you now have more time to dedicate to customer-facing activities rather than administrative tasks.
Insights & trends | PRIVATE BANKING
Are you curious how to provide your clients with additional value?
Look through our selection of guides, blogs and videos informing you of trends and insights in Private Banking. Here you can get inspired by, and apprised of, how you continue providing your clients with the best in-depth advice.
#3 Achieve operational execution security
Misreporting is every Private Banking advisor’s nightmare.
Because if there’s one thing a customer remembers, it’s inaccurate reports. And if you work with some form or another of shadow IT, the risk of that happening is significantly increased.
An important step in trying to eliminate misreporting is ensuring data quality. You can, fortunately, do this with an effective investment management solution. With the right portfolio management solution, you ensure that you’re sending the correct numbers to the customer.
And this creates credibility with your customer, so they can trust that their Private Banking advisor has a firm hold of their investments. But it also creates an efficient organisation, as the data comes in quickly and correctly, is calculated for risk and returns, and can create a solid foundation for ESG, tax, etc., and ensures that the system security and data validation are working.
In other words, you’ll get greater operational execution security, because you have a system that automatically validates data for you.
#4 Become less dependent by becoming more robust
High data quality requirements, accessibility of data and
real-time overview of exposures, risks and yields places high demands on the technological infrastructure of the company.
With an efficient and scalable platform, you can future-proof your setup so that you can meet current high demands, while also being better prepared for future regulations or alternative investment opportunities.
When manual processes are automated, time is freed up for analysis, insight and process optimisation, and at the same time, the company becomes less dependent on people, because accurate data is automatically sent to the relevant departments.
PORTMAN – a future-proof solution for risk management, accounting, government reporting and performance measurement
Is scaling knocking on your door?
Our PORTMAN solution is an all in one solution for professional and efficient Asset Management, which is used by several reputable organizations in the Nordic region.
PORTMAN is built using modules, which means that the platform is secured against any future requirements that arise as the business grows and scales up.
We understand the complexity – and we help you simplify it. With our AUM-based model, you get access to all current modules in PORTMAN and an unlimited number of users. This gives you maximum flexibility and ensures that your solution can easily scale with your business – today and in the future.
Our Private Banking solution is an integrated solution that covers
front-to-back management through:
- strengthening and streamlining your work processes, so you have more time to service and advise your customers
- providing an intuitive and clear overview of the customer’s securities, returns, composition, transactions, and more
- enabling you to offer your customers easy access to the same overview, on various platforms
Mikkel Severin Lyngbye
Chief Sales Officer
Tel.: +45 2999 7141
Email: mikkel.lyngbye@vitecsoftware.com
