Fragmented systems hinder tech adoption in wealth management

Outdated technology limits wealth managers' services.

Fragmented systems and legacy technologies are slowing the adoption of advanced tools in the wealth management industry, according to Vibhooti Chaturvedi, Regional Sales Director at Avaloq. Speaking about the Avaloq wealth insights survey, Chaturvedi highlighted key challenges wealth managers face in adapting to a rapidly transforming industry.  

“Our wealth inside report shows that wealth managers have been hampered by unintuitive technologies and fragmented data,” Chaturvedi said. These issues prevent managers from gaining a comprehensive view of client portfolios, thereby limiting their ability to provide tailored advice and investment recommendations.  

The survey, which gathered insights from over 3,000 investors and 300 wealth managers, revealed that over 74% of investors expect digital advisory solutions that offer performance tracking and real-time insights. However, the lack of integrated systems hampers wealth managers’ ability to meet these expectations.  

“Different investors are not able to get a better user experience with the legacy technologies,” Chaturvedi noted. The reliance on outdated tools not only affects the customer experience but also hinders business growth and scalability.  

For wealth managers to remain competitive and build trust with their clients, overcoming these technological barriers is crucial. “Technology is not only just nice to have but a mandatory instrument to create value across different value chains of the wealth management industry,” Chaturvedi emphasised.