The new service offers a single platform for all wealth management customers; financial planning and portfolio management; additional asset classes such as fixed income, derivatives, IPOs and alternative investments, a service to let advisors view and accrue management fees for a client or clients and an advisor dashboard giving a complete view of a client’s total net worth.

The service comes at a time when studies show that high net worth individuals and mass affluent clients are among the fastest growing customer segments for banks. One study by Ovum, for example, estimated that the HNW individuals’ banking and financial planning segment will rise by 7.5 per cent from 2011 to 2016, while the mass affluent financial planning segment will grow by 7 per cent for the same period.  

“We predict that IT spending by the global wealth management industry will reach almost $35 billion by 2016, powered by heavy investment in digital channels. The HNWI banking and financial planning segment will see the largest growth. The focus will be on providing the client advisor with the tools to improve client communication and loyalty.  For the client, the emphasis is one of empowerment; banks will be investing in self-management tools such as personal finance management, portfolio management and goal planning to provide their HNW individuals with greater control over their investments and financial planning,” said Jaroslaw Knapik, senior financial services technology analyst, Ovum.