Our latest article on EBNet… How financial platforms extend beyond investment and administration

Wealth management traditionally focuses on investment planning and financial planning. The emphasis has however shifted from these two focus areas to include a more holistic wealth approach and increased value proposition to clients.

Holistic wealth management looks at more than just the numbers. Rather than an advisor focusing primarily on one aspect of your financial circumstances (often in relative isolation such as your debt, your investment portfolio or insurance protection), the holistic wealth approach includes all of these aspects.

Holistic wealth planning goes beyond traditional financial planning. It engages a broader and deeper model of client engagement, considering factors across an investor’s life. With holistic wealth planning, the creation of a financial plan is not a one-time event, but a continuous cycle. Discovery is never over and advisors are always listening for cues to clients’ needs, wants, worries, and behaviours to help them adapt and finetune financial plans.

Fintechs have already started migrating towards a holistic development approach to bring together all these platforms and services onto one single platform. The back-end administration features are highly complex to cater fo all these needs holistically and this is perhaps a daunting, never-ending development journey for fintechs, but an unavoidable transition to overcome the traditional way of offering services.

These systems are not only expanding their ability to cater for different products and services, but they are also expanding into the value chain to include not only wealth management but also product administration, compliance, commissions, portfolio management and payments to name a few.

The end goal is simple – better service options for advisors and clients alike which increases the value proposition to the client for practice and portfolio management. Most definitely and exciting space to watch!

ENDS