The last 24 months have seen some key developments in the digital wealth management experience.  Not least is the rapid change in capabilities that were considered “leading edge”—what was top of the list in 2014 is now fairly universal, or at least on the roadmap for to be available within the next year.  So where can you focus now to differentiate from the competition?

Here’s what we see as the top five topics on the innovation agenda today:

  1. Visual experience/Data visualization: Some wealth managers are setting up platforms with intuitive visual experiences that increase advisor productivity and effectiveness
  1. Mobile platform: Mobile capability is now “table stakes” with many firms moving toward a full workstation capability offered through mobile devices
  1. Advanced financial planning tools: Robust, intuitive financial planning tools increase advisor-client interaction and engagement with real-time access across multiple devices
  1. Robo advice: Firms are reacting to new robo-advice players by entering the robo-advice market and incorporating e-advice capabilities
  1. Digital marketing: Digital marketing is shifting from providing targeted messaging to a methodology for initiating value-added interactions

In order to fully enable these features, you will also want to focus on the capabilities that support your digital offerings.  The ones to focus on include:

  • Systems integration: Use deeper systems integration across core systems with select third-party partnerships, cloud storage, and multi-device delivery
  • Evolution of firm’s operating model: Better support seamless front-to-back integration, improving service and operating efficiencies
  • Use of big data: Increase the use of big data analytics on the platform to deliver advisor, home office, and client insights
  • Shift to rapid development: IT development shifts to rapid deployment methodologies could enable wealth management firms to react quickly to the increasing pace of technology advancements.

If you would like to discuss this topic further or get additional information, please email