US software firm SunGard is urging wealth managers to ensure that they are using technology effectively to manage and grow their businesses, issuing recommendations for firms and identifying key trends for the future.

Blaine Maxfield, chief operating officer of SunGard’s wealth management business, advises the following: “Address growth and demand for increased service levels by sharing data across business lines, service a broader group of investors, and provide tailored offerings to enhance the client experience.”

According to SunGard, there are three clear ways that wealth managers can use technology to enhance client service and guidance in turbulent economic times. Firstly, they should use an integrated advisor platform; secondly, firms should make use of aggregated data, and finally, SunGard recommends the provision of online client self-service tools. Through taking these steps, “one face” is presented to the client and advisors can service clients holistically, argues the software provider.

SunGard also identified three key trends for the future of the wealth management industry, the first of which is convergence: financial services firms that may have traditionally held singular relationships with investors are converging with the wealth management industry and expanding their services to include financial iadvice in addition to investment and trading.

Another key trend is increased competition as entities such as boutique advisories, and smaller banks and trusts grow or enter the wealth management arena. Investors, worried by the stability of large wire houses and banks, are seeking alternative sources of advice, SunGard argues.

Finally, SunGard predicts that investors will look for increased service levels, improved transparency of the investment process, and online collaboration tools for managing all aspects of their accounts.

Firms are already responding to these trends through their use of wealth management technology, according to Robert Hegarty, managing director of TowerGroup’s Securities & Investments and Insurance practices.

“We’re seeing an uptick in spending in the wealth management space, and firms have been clear that they want to get closer to their clients and get a better handle on their data and their needs. Despite the depletion of wealth in the marketplace, institutions are really gearing up to try to understand their clients better and understand how to service them better,” he said.

With annual revenue of $5 billion, SunGard provides software and processing solutions for financial services, higher education and public sector institutions. Headquartered in the US state of Pennsylvania, the company employs 17,900 people in more than 400 offices across 30 countries.