The wealth management platform addresses the changing needs of the overall advisory networks. It facilitates robust solutions powered by a unified platform for front office and back office wealth management activities. Moreover, this platform a front office to mid office software that integrates different functionalities into 1 system, thereby providing enhanced user experience. Wealth management solutions help gain valuable insights into the customers’ financial position and aids the affluent investors in achieving their financial goals. The integration of cloud and on-premises solutions enables better control, analyzation, and monitoring of clients’ financial data across both banking and wealth management firms. The global wealth management platform market is expected to grow from USD 1.70 Billion in 2017 to USD 3.20 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period.
The trading and exchange firms end-user industry is expected to grow at the highest CAGR during the forecast period
The trading and exchange firms offer wealth management services for capital markets and risk management. The HNWIs and enterprise groups are the major customers for the trading and exchange firms. The firms offer online trading services to their customers for conveniently processing the wealth management tasks. This end-user industry is expected to grow at the highest CAGR, owing to the increased inclination of customers toward trading and exchange to improve their financial gains.
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Robo advisory model is expected to grow at the highest CAGR during the forecast period
The robo advisory model is expected to gain traction during the forecast period, as it has emerged as an effective low-cost alternative for retail investors and it has better benefits than that of the human advisory segment, such as low-cost fee structure, ease of use, low minimum investments, and diversified services.
The wealth management platform market includes a number of vendors providing software solutions, such as SS&C (US), Fiserv (US), FIS (US), Profile Software (UK), Broadridge (US), InvestEdge (US), Temenos (Switzerland), Finantix (Italy), SEI Investments Company (US), Comarch (Poland), Objectway (Italy), and Dorsum (Hungary). The players in this market have embraced various growth strategies to further expand their worldwide presence to enhance market shares. Partnerships, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions are the growth strategies deployed by key players in the wealth management platform market.
SS&C is one of the leaders in the wealth management platform market. The company primarily serves the Americas, Europe, and Asia Pacific (APAC). SS&C has majorly focused on inorganic strategies as a long-term growth strategy, where it looks forward to maintaining a competitive edge over the other players in the market. For instance, in January 2018, SS&C acquired DST Systems in an all-cash transaction, worth USD 5.4 billion. DST Systems provides technology-based information processing and servicing solutions for financial industries that cover asset management, retirement, banking, and insurance. The acquisition helps SS&C in strengthening its portfolio and offering solutions across various verticals.
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Broadridge is one of the strongest providers of wealth management platform with a global presence. The fundamental objective of the company is to meet every end-user’s requirement and provide them with comprehensive infrastructure for wealth managment. The organization serves clients across different business segments, such as asset management, capital market, wealth management, and corporations. Broadridge is headquartered in the US and present across the globe. It has physical offices and partner ecosystems across the world. It mainly follows the inorganic growth strategy to kill the competition, which is increasing through various emerging players. For instance, in November 2016, Broadridge acquired M&O Systems to strengthen its capabilities for wealth management and comply with the US Department of Labor (DOL) Fiduciary Rule. Moreover, this acquisition would help the company enhance its wealth solutions by adding advisor commission portal, client books and records, and advisor compensation and incentive management solutions to its product lines.
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