Wealth & Asset Management

We help investment firms anticipate what’s after what’s next.

Wealth and asset managers are experiencing a time of exponential change. FinTech disruptors continue to shift the rules, newer investors aren’t flocking to older channels and cost pressure is relentless.

From data and AI, to tech platforms and partners, the questions have never been bigger, and the stakes have never been higher.

We help you re-think everything from pricing and operating models to coopetition and convergence. We bring critical questions into focus, which lead to bolder strategies, simplified operations and sustainable growth. Our sharp understanding of the state of play allows us to shift discussion from reacting to change, to helping shape it.

Ultimately, our work helps you not just stay competitive, but change investing for the better.

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Featured thinking

When focusing on the future, where do you look?

Ryan Munson

13 Nov 2019

The better the question. The better the answer. The better the world works.

Designing a digital platform for next-gen investors

We helped a leading wealth manager develop a digital platform for tomorrow’s investors, who expect seamless access to financial products.

The better the question. The better the answer. The better the world works.

How do you build today’s platform for tomorrow’s investors?

Providing millennials with digital access to financial products

Like many others in the industry, our client relied on a traditional business model with advice provided to high-net-worth individuals largely through face-to-face interaction in its network of branches.

However, the distribution of investment products and provision of financial advice is shifting from the physical to the digital realm, driven by the expectations of millennials. Today’s investors increasingly want to manage their portfolios “anytime, anywhere,” and have access to real-time performance data. 

The better the question. The better the answer. The better the world works.

Buy, build or partner?

Guiding the client to make the right strategic decisions

The company turned to us for research and insights on the market landscape as it explored whether to buy a digital platform, partner with a provider, or design and build a platform from scratch. We helped our client to weigh the options and then move forward with its preferred route: creating its own bespoke solution.

During the course of the project, we deployed a multi-disciplinary team with expertise in wealth and asset management, digital strategy and technology delivery. We helped the client with every phase of the process, from conceptualizing a business strategy to launching the new platform.

“Unlike many other firms, we were able to offer a one-stop shop because we combine deep sector knowledge alongside digital and account expertise,” says Sinisa Babcic, Ernst & Young LLP Senior Manager. “As a result, our integrated team was able to provide advice ranging from customer experience design to best practice in crafting an algorithm to gauge an investor’s appetite for risk.”

The new digital platform delivers three key benefits to the wealth manager’s clients:

  1. Insights: timely and relevant customer insights and marketing through mobile and online channels 
  2. Speed of service: automated and self-service processes for faster account setup, funding and ongoing investment management
  3. Ease of use: enhanced experience for customers, through intuitive design and simplicity across products and services

The digital platform automates many of our client’s existing administrative processes, creating efficiencies and raising service levels. Opening an account takes minutes rather than days and investments can be made with a few clicks rather than reams of paperwork. This means advisors can now devote more time and energy to building customer relationships.

The cost savings achieved through the new platform mean that those with minimal funds to invest now have access to financial advice and investment products that were previously beyond their reach. For example, socially responsible investing, which used to be an option only for high-net-worth individuals, is available to all. This is vital to engage millennials, many of whom want an investment portfolio that reflects their beliefs.

The better the question. The better the answer. The better the world works.

New business model

Using our experience and contacts to help the client stay ahead

The company views the digital platform as a new business model, not merely a product. The final phase of the project is to help them think through the optimal organizational structure and target operating model to support and scale this new channel through remote financial advisors and improved communication between the physical and digital worlds.

Michael Fox, Partner at Ernst & Young LLP, says a strong account leadership team and trust at the senior levels enabled the team to navigate several changes in direction and help our client make tough decisions and overcome hurdles.

“Our experienced team has extensive market knowledge, with relationships that include disruptors from the New York tech scene and Silicon Valley, not just traditional firms,” he explains. “This enables us to stay on top of a fast-evolving field and help our clients build for the future.” 

 

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