Wealth Management
Wealth Management: Advice Platforms, SIPP, Private Banking / Custody systems, Trust and Fund Admin
Whilst not as large as Banking and Insurance, the Wealth Management Platform Market size is expected to grow from USD 4.66 billion in 2023 to USD 8.99 billion by 2028. This is significant and is an opportunity for providers with the right technology to achieve success and growth. Technology is pivotal to enabling advice firms to attract new clients, and to continually engage them throughout their financial lifetime as most of the heavy lifting can be done in an automated way allowing advisers to spend more time advising thus serving more clients and increasing overall profitability.
This sector is diverse, comprising large banks, asset managers, and independent advisory firms, serving millions of clients across several wealth segments from the Mass Market through to High-Net-Worth Individuals.
About 2.2 million UK residents seek wealth management services for investment, retirement, and tax planning. This industry employs 27,000 people and matches the combined value of France, Germany, and Italy within Europe.
By 2025, the UK is expected to represent 10.5% of global HNWI, ranking fourth worldwide after China, the US, and India. Future growth hinges on wealth accumulation, inter-generational transfers, and advanced technology adoption to meet client and adviser expectations for online interactions and personalized experiences while optimizing operations and outpacing competitors.
The US market is still the powerhouse however with assets under management of close to $60trn. With firms ranging from the huge Blackrock, Vanguard, Fidelity and State Streets to smaller advisory firms which number of 15,000 according to some statistics.
Today, many advice firms have adopted a hybrid approach that empowers both advisers and their clients using technology across the front and back office. A client’s needs can be quickly assessed and appropriate services can be directed accordingly via online tools/self-service, or a mix of online & remote meetings or more traditional face-to-face engagements depending on the client’s investible assets.
G2M’s experience within this sector spans more than 20 years working with some of the US and UK’s leading financial Institutions selling software solutions to enterprise customers and helping take to market SaaS solutions for leading IFA Networks and larger Wealth Management businesses across regulatory changes such as TCF (Treat Customer Fairly) , RDR (Retail Distribution Review), MiFID (Markets and Financial Instruments Directive) and Consumer Duty. )
AI and Machine Learning coupled with Open Finance will be the dominating innovation themes over the next 5 years within the Wealth Management Industry for things such as customer support, hyper personalisation, financial promotions, helping vulnerable customers and fighting financial crime/managing risk.
How It Works & How We Do It
Retained access to a “White Labelled“ Senior Sales Expert, with 25+ years Financial Service Software market experience and global networks. Working as an extension of the clients Sales and Market team to execute “From Lead to Close”. G2M Experts will orchestrate the sales process through the key stages:
Qualification
Discovery process, deep questioning techniques to establish pain points, requirement and fit against client capabilities - qualify against agreed client (Ideal Client Profile) ICP model, assess buyer readiness and price qualification based on guidelines provided.
Proposing
Co-ordinate presentations and demonstrations to showcase the value proposition and benefits for the customer. Orchestrate the bid / RFX process, work with in-house Pre-Sales and Marketing team to deliver best in class bid materials shape bid and create value framework for the prospect and outweigh the competition.
Shortlisting
Leverage digital and personal channels to build relationships to engage the prospect organization and partner eco system to build champions and promote value. Build out ROI model and business value framework for the client to validate investment. Build stakeholder map to ensure “buy-in” across the prospect organization. Create “win/win” commercial model and joint close plan with prospect
Closing
Work across the stakeholders to ensure all needs and concerns are being addressed. Work closely with the client team to close out with Commercial and Procurement team to deliver successful sale for the client
Tried And Tested 4 Stage Process
We leverage our specialist knowledge and networks in the UK and US Financial Software Markets