What is a Wealth Management Platform?

Miles Hobart Miles Hobart
What is a Wealth Management Platform?

The wealth management industry is accelerating rapidly thanks to the growing HNWI (high-net-worth individual) population. There were almost 22.5 million HNWIs globally in 2021 and the number of ultra-high-net-worth-individuals (UHNWIs) increased by 9.3% in the same year according to the latest Wealth Report by Knight Frank.

Despite this surge, statistics reveal that revenues in firms servicing these clients are facing headwinds. Attracting and retaining HNW clients is harder than ever and firms must continue to leverage digital tools if they want to remain competitive.

In this article, we’ll discuss what an online wealth management platform is and why wealth management tools are important today.

What is an online wealth management platform?

A wealth management platform is a software system that is designed to support financial advisors and address the needs of HNW clients. It is a flexible solution that addresses all the needs of an advisory network while ensuring strong client engagement and regulatory compliance.

Online wealth management platforms provide financial firms with the latest digital tools and analytics needed to empower their advisors to provide smart, customised solutions. They enable advisors to better understand their client’s needs and deliver an unrivalled client experience. 

Wealth management platforms also benefit clients by giving them a complete 360° wealth overview and enabling more efficient financial goal planning and portfolio management.

Why should my firm use a wealth management platform?

An online wealth management platform can benefit your organisation in a number of ways. This includes:

Meeting clients’ digital expectations

The direct relationship remains important but data shows that HNWIs prefer digital interactions. In fact, 82.5% of under-40 HNWIs expect all or most of their wealth management relationships to be conducted online in the next five years. 

Firms must embrace this shift if they want to meet soaring HNWI digital expectations and remain competitive in the modern world. 

Empowering wealth management advisors

Firms can leverage a wealth management platform to optimise and automate time-consuming manual tasks. This will save your advisors significant amounts of time and effort, meaning they’ll have more time to spend with clients.

Delivering an unrivalled customer experience 

A recent survey revealed that 60% of HNWIs are dissatisfied with their personalised wealth management experiences and 44% said that personalised services have a powerful effect on their perception of a company.

Wealth management platforms give firms the tools they need to create tailor-made solutions and deliver a highly personalised customer experience. Advisors are increasingly recognising the value that digital tools provide to enhance the customer journey and deepen client relationships.

Suggested reading: Designing the Future of Wealth Management: It’s All About the Experience

How do I get an online wealth management platform? 

Digital wealth management platforms are complex, there is no “one-size-fits-all”. Rather, they are typically a mix of best-in-class solutions by different providers for various aspects of running the business. These need to be integrated and configured to ensure data and events flow between them. Solution identification, initial implementation and ongoing maintenance, therefore, require in-depth industry, technical and data expertise. 

It often makes sense to outsource oversight of this to an expert partner who can guide you with your interests at heart. Specialists will ensure that your solution is tailored to the needs of your clients, enabling you to deliver an exceptional experience from day one. 

How can I get the most out of a wealth management platform?

Leveraging digital tools is key if wealth management firms want to remain competitive and drive profitability. An online wealth management platform is a great investment, but you need to make sure that it continues to deliver the maximum value to your business and clients. 

Here are 4 tips to get the most out of your online wealth management platform:

  1. Choose the right platform: There are various wealth management platforms available and it’s crucial that you choose one that aligns with your processes, vision, and customer needs.
  2. Optimise your platform: You should continuously look for ways to improve your wealth management platform and adapt it to meet the needs of your clients as they evolve over time. 
  3. Utilize the platform’s tools and resources: Many wealth management platforms offer tools and resources that can help you manage your assets and track your progress. Make sure you understand how to use these tools and resources to their full potential. 
  4. Seek professional advice: A wealth management platform is a great tool, but it should not replace professional advice. Consult with your financial advisor for expert guidance on your financial goals and strategies.


The HNWI population is at a record high and it’s an exciting time for the wealth management industry. That said, there is growing competition and financial firms must embrace digital tools if they want to meet the needs of existing and future clients. 

Topaz can help you meet HNWI digital expectations

Topaz provides wealth management firms with the tools they need to embrace the shift to digital channels – a critical aspect of any holistic wealth management platform solution. 

We offer an extensive suite of apps that will enable you to communicate with your clients effectively and provide a premium experience through an innovative digital interface. The best part is that we can deliver tailor-made financial solutions in weeks rather than years!

If you would like to find out how we can transform your client-facing digital offering with a premium experience, get in touch.