SEI, the US-based asset manager and investment software company, has launched a new global wealth management product. The new product will d...

SEI, the US-based asset manager and investment software company, has launched a new global wealth management product. The new product will deliver advice, designed to help private banks meet the needs of a new, “dynamic wealthy customer”, according to SEI. The product’s capability incorporates functionality for client relationship management, financial and non-financial advice, investment modelling and decision support through to full client accounting, portfolio administration and reporting. SEI said this will allow for a holistic view of client relationships and their activities, enabling banks to monitor activities all on a real-time basis. The product has been driven by the emergence of what SEI describes as a new type of wealthy client whose needs are driven by new values and beliefs about money. “To grow, banks must adapt their offering to this new client, for whom ‘wealth’ is no longer defined as net worth. These consumers seek a higher standard of well-being in their lives,” said Francis Jackson, managing director of SEI’s London-based global private banking business. He added: “Rather than conforming to the limits of what financial products can to do to maximise their net worth, the new wealthy seek to make their money work for their lifestyle rather than their lifestyle work for their money. We believe that this invalidates the focus on product transactions and ’moving money’ and instead calls for a new model based on client life fulfilment.” In order to support the new model for servicing clients, SEI is developing a transformational service and technology capability which will reorient a banks’ infrastructure and processes towards fulfilling the needs of their end clients. This capability incorporates functionality for client relationship management, financial and non-financial advice, investment modelling and decision support through to full client accounting, portfolio administration and reporting.