Aggregated Wealth Management: Empower Your Clients with a Holistic View of Their Wealth

Miles Hobart Miles Hobart
Aggregated Wealth

The wealth management industry is booming thanks to the growing HNWI (high-net-worth individual) population. Customer demand for wealth management services continues to surge, and the industry is expected to bring in $509 billion in revenue by 2030 — up from $137 billion in 2021.

HNW clients typically have their assets spread across multiple financial institutions which makes it difficult to obtain a comprehensive view of their wealth. Despite the complexity, clients desire a 360-view of their wealth and aggregated data is becoming increasingly important in today’s financial landscape.

In this blog post, we’ll discuss the reasons why aggregated wealth management is important, explore some of the challenges firms are facing today, and how Topaz can empower your clients with a holistic view of their wealth. 

The Growing Need For Aggregated Wealth Management

Digital technologies have caused huge disruption in the wealth management sector and the digital expectations of HNWIs are higher than ever. The next generation of HNWIs want a 360-degree view of their wealth and expect firms to leverage technology to enable holistic financial planning.

Wealth management brings together an array of financial services including tax services, retirement planning, wealth protection, and estate planning. Many firms struggle to manage the entire financial life cycle efficiently while keeping up with evolving client expectations.

An aggregated management platform consolidates a client’s financial data, saving advisors valuable time and effort. It also makes it easier for advisors to provide their clients with a clear and holistic picture of their finances. 

The Challenges Firms Are Facing Today

Independent asset managers and multi-family offices face several challenges when trying to obtain a holistic view of their HNW clients’ wealth. Some of these challenges include:

Data fragmentation

As mentioned, HNWIs often hold assets at multiple financial institutions which means data can be fragmented and inconsistent. Consolidating information is a time-consuming and complex process as each financial institution may have different reporting standards and systems in place. 

Human errors can also occur when asset managers are required to collect, transfer and consolidate data from multiple sources.  

Limited access to data

Financial institutions may restrict access to certain types of client data, either due to regulatory requirements or their own internal policies. This can make it difficult (or impossible) for asset managers to gain a complete overview of their client’s wealth. 

Real-time reporting

HNW clients often require real-time financial reporting to make informed decisions and take advantage of investment opportunities as they arise. Comparing data from multiple sources in real-time is challenging and many traditional financial institutions don’t offer this level of access. 

Data security

Asset managers deal with sensitive financial data from multiple sources and they must comply with various regulations related to financial services and data protection. Managing data security and privacy concerns while collecting data from multiple financial institutions can be challenging.

Performance measurement

Asset managers must continuously monitor their clients’ investments against various benchmarks. Financial institutions may use different formulas for calculating performance which makes it difficult to gain a true representation of wealth. 

Integration with existing systems

Asset managers typically use various software systems for portfolio management, reporting, and risk analysis. Integrating data from multiple financial institutions into existing systems can be complex, time-consuming, and costly.

Why Firms Should Embrace Data Aggregation

Implementing an aggregated wealth management solution is an effective way to overcome these challenges and gain a competitive advantage in today’s financial landscape. 

Here are some of the key benefits of embracing data aggregation:

  • Holistic financial planning: A comprehensive view of all assets enables HNW clients to make better financial planning decisions, set realistic goals, and evaluate progress towards those goals. This improves digital experiences and enhances the client experience. 
  • Empower wealth advisors: Aggregated wealth management allows advisors to access all the documents they need in one place. This will save asset managers significant time and effort, meaning they’ll have more time to spend with clients. 
  • Improved risk management: Aggregating assets allows asset managers and clients to identify and mitigate potential risks more effectively.
  • Simplified reporting: Data aggregation and consolidated reporting make it easier for asset managers to explain complex financial information to their clients. It also helps HNW clients understand their financial position and identify areas for improvement. 

Topaz’s Aggregated Wealth Solution

Topaz is a cutting-edge platform designed to help asset managers and multi-family offices overcome the challenges of managing HNW clients’ assets held across multiple financial institutions. 

Our Aggregated Wealth solution provides access to all relevant documents and complete transparency on ownership, allowing firms to unlock the power of data aggregation.

Here’s why Topaz is the perfect solution:

360-degree view of wealth 

Our wealth management platform gives clients a holistic 360-degree view of their wealth and investment performance. 

Real-time data 

Asset managers can store, access, and share all the data they need in real-time. This saves them valuable time and allows them to provide up-to-date insights and reporting to their clients.

Seamless integration

Topaz consolidates data from multiple financial institutions and provides a unified view of clients’ assets.

Our platform is designed to seamlessly integrate with several leading industry partners who are experts in core banking systems, digital channels, analytics, payments, trading systems, and investment advisory platforms.

Secure and compliant

Topaz adheres to the highest standards of data security and privacy, ensuring clients’ sensitive information is protected while maintaining compliance with relevant regulations.

Fast implementation

Our team of specialists can deliver tailor-made financial solutions in weeks rather than months or years! This means you can take advantage of new digital opportunities as and when they present themselves. 

Final thoughts 

The future of wealth management is all about leveraging technology to enable HNWIs to care for their wealth more efficiently and holistically. 

Topaz provides a powerful, secure, and user-friendly solution for asset managers and multi-family offices seeking to consolidate and manage their HNW clients’ assets across multiple financial institutions. 

Our wealth management platform empowers advisors and clients to make more informed decisions and gain a comprehensive understanding of their wealth. To learn more about Topaz and how it can transform your wealth management process, book a free demo today.