The Best Wealth Management Solution for 2024

Managing wealth involves a range of financial services, including investment management, tax planning, retirement planning, and estate planning. Using a wealth management solution can help streamline these tedious tasks and ensure you’re managing wealth in the most efficient way possible.

However, with the advancements in technology and the rise of robo-advisors, there are more options than ever before for individuals looking to optimize their wealth management strategies. So, how do you choose the best solution for your financial goals?

In this article, we will explore the top wealth management solutions that can set you on the path to financial success in 2024 and beyond.

• What Is a Wealth Management System? 
• What Problem Does Wealth Management Solve? 
• What Are the Top 5 Wealth Management Platforms?
•  Other Great Wealth Management Solution Tools
•  Key Features of Wealth Management Solutions

What Is a Wealth Management System?

A wealth management system is a comprehensive software solution that assists individuals and businesses in efficiently managing their assets and investments. It is designed to provide various features and functions aimed at optimizing financial strategies and achieving long-term financial goals.

Features of a wealth management system center around financial planning and goal setting, which helps users:

• Establish financial goals
• Create budgets
• Track progress towards achieving those goals

This assists individuals and businesses in making better financial decisions and ensuring that their actions align with their long-term objectives.

This type of management system integrates asset management, investment management, financial planning, and goal tracking to help individuals and businesses efficiently manage their assets and investments. It simplifies the complex task of financial management and facilitates informed decision-making.

What Problem Does Wealth Management Solve?

Wealth management for businesses addresses several critical financial challenges and objectives, including:

Effective Cash Management

Businesses often face the challenge of efficiently managing cash flow, optimizing liquidity, and maximizing returns on excess funds. Wealth management solutions can help businesses develop strategies to optimize cash management, including short-term investments, liquidity management, and capital allocation to support operational needs and capital growth.

Investment and Capital Deployment

Businesses need to make strategic decisions regarding capital deployment, investment opportunities, and asset allocation to support growth, expansion, and long-term sustainability. Wealth management solutions provide expertise in investment analysis, portfolio management, and risk assessment to help businesses identify suitable investment opportunities, diversify portfolios, and maximize returns on invested capital.

Risk Management and Hedging

Businesses face various risks, including market volatility, economic uncertainty, currency fluctuations, interest rate risk, and geopolitical events, which can impact financial performance and operational stability. Wealth management solutions offer risk management tools, hedging strategies, and financial derivatives to help businesses mitigate risks, protect against adverse market movements, and preserve capital.

Employee Benefits and Retirement Planning

Businesses need to attract and retain top talent by offering competitive employee benefits, including retirement plans, executive compensation packages, and employee stock ownership plans (ESOPs). Wealth management solutions can help businesses design, implement, and manage employee benefit programs that align with corporate objectives, regulatory requirements, and employee preferences, ensuring long-term financial security for employees and executives.

Business Succession Planning

For privately-held businesses, succession planning is crucial for ensuring smooth ownership transitions, preserving business continuity, and maximizing enterprise value over time. Wealth management solutions assist businesses in developing succession plans, structuring ownership transfers, and implementing strategies to minimize tax liabilities and estate planning challenges associated with leadership changes or business transitions.

Tax Optimization and Compliance

Businesses face complex tax regulations and reporting requirements that can significantly impact financial performance and operational efficiency. Wealth management solutions provide expertise in tax planning, optimization strategies, and compliance support to help businesses minimize tax liabilities, maximize deductions and credits, and ensure compliance with applicable tax laws and regulations.

What Are the Top 5 Wealth Management Platforms?

WMS Plan

WMS Plan, offered by Wealth Management Solutions (WMS), is a comprehensive wealth management solution designed to assist high-net-worth individuals (HNWIs) in achieving their financial goals and preserving their wealth. Backed by a team of financial professionals, including Certified Financial Planners (CFP) and a Chartered Financial Analyst (CFA), WMS aims to provide personalized solutions and diverse perspectives to help clients find peace with their finances.

Key Features:

• Financial Planning: WMS Plan assists clients in developing and updating financial plans to set and achieve their financial goals.
• Investment Management: The solution offers investment management services to optimize clients’ investment portfolios.
• Personalized Wealth Management: WMS Plan provides tailored wealth management services to meet the individual needs of clients.
• Estate Planning: WMS Plan helps clients set strategies for passing on their wealth through comprehensive estate planning services.
• Tax Optimization: The solution focuses on leveraging tax laws to benefit clients and minimize the tax impact on wealth building.

Best For: High-net-worth individuals who require comprehensive financial planning, investment management, and personalized wealth management services. It is designed to address the needs of affluent clients seeking to grow and protect their wealth over the long term.

Pros:

• Offers a wide range of financial planning services to help clients set and achieve their financial goals.
• Provides tailored wealth management services, considering the unique needs and preferences of individual clients.
• Focuses on leveraging tax laws to benefit clients and minimize the tax impact on wealth building.

Cons:

• Limited customization options for advanced users.
• Learning curve for new users unfamiliar with wealth management software.

ADDEPAR

ADDEPAR is a sophisticated wealth management platform tailored for registered investment advisors (RIAs) and financial professionals. It specializes in data aggregation, analytics, and portfolio reporting, aiming to enhance advisors’ abilities to deliver superior guidance and make well-informed investment decisions. By providing real-time portfolio reporting and insights, ADDEPAR strives to optimize investment outcomes and attract impactful investments and ideas.

Key Features:

• Data Aggregation: ADDEPAR aggregates financial accounts to offer a unified view of clients’ portfolios, facilitating a thorough understanding of their financial status.
• Portfolio Management: Advisors can manage portfolios, make informed decisions based on aggregated data, and rebalance portfolios as needed.
• Asset Allocation Modeling: The platform supports the creation and modeling of asset allocations, encompassing illiquid assets, to align with clients’ objectives, goals, and cash flow requirements.
• Reporting and Analytics: ADDEPAR provides customizable reporting tools and analytics to generate insightful reports, aiding in client communication and decision-making processes.
• Integration and Partnerships: With integrations spanning over 100 software, data, and service partners, ADDEPAR offers a comprehensive solution catering to diverse firm requirements and use cases.

Best For: RIAs and wealth managers seeking a comprehensive platform for data aggregation, portfolio management, and reporting. 

Pros:

• Ability to aggregate financial accounts provides a consolidated view, enhancing advisors’ understanding of clients’ portfolios.
• Offers customizable reporting tools, enabling advisors to generate tailored and insightful reports for their clients.
• With extensive integrations, ADDEPAR provides a complete solution, catering to various wealth management needs and preferences.

Cons:

• Limited customization options for advanced users.
• Integration with certain financial institutions may be limited.

Yodlee

Yodlee, now a part of Envestnet, offers comprehensive wealth management solutions designed to provide a holistic view of clients’ assets, deliver strategic financial advice, and enable personalized financial coaching. Leveraging data aggregation and analytics, Yodlee aims to empower wealth managers to gain valuable insights, recommend investments, and grow their book of business effectively.

Key Features:

• Data Aggregation: Yodlee’s robust data aggregation capabilities provide wealth managers with a holistic view of clients’ assets.
• Portfolio Management: Supporting core wealth management functions to efficiently manage portfolios.
• Reporting and Analytics: Offering customizable reporting tools and analytics for generating insightful reports.
• Financial Wellness Solutions: Providing personalized financial coaching and actionable advice to improve clients’ financial health.
• Integration and Partnerships: Integrating with a wide range of partners to leverage the best financial APIs, apps, and data.

Best For: Wealth managers and RIAs who require a comprehensive platform for data aggregation, portfolio management, reporting, and financial wellness solutions. 

Pros:

• Data aggregation capabilities provide a holistic view of clients’ assets, enabling more informed investment recommendations.
• Offers customizable reporting tools to generate insightful reports for clients, enhancing communication and decision-making.
• Financial Wellness Solutions: Yodlee’s financial wellness solutions empower consumers with personalized financial coaching and actionable advice to improve their financial health, fostering stronger client relationships.

Cons:

• Lack of user reviews or feedback makes it difficult for potential users to gauge the platform’s performance and user experience accurately.

BlackRock

BlackRock stands as a globally recognized investment management firm, offering an extensive suite of wealth management solutions. With a focus on investment management, financial planning, and risk management, BlackRock aims to assist individuals and institutions in achieving their financial objectives. The firm’s substantial presence in the industry and its management of trillions of dollars in assets underline its reputation and influence.

Key Features of BlackRock:

• Investment Management: BlackRock provides diverse investment management services encompassing portfolio construction, asset allocation, and risk management. It offers a range of investment products such as mutual funds, ETFs, and separately managed accounts.
• Financial Planning: BlackRock offers personalized financial planning services covering various aspects like retirement planning, education funding, and estate planning. Their advisors work closely with clients to develop comprehensive financial plans tailored to their needs.
• Risk Management: BlackRock employs robust risk management capabilities utilizing advanced technology and analytics to assess and manage investment risks diligently.
• Technology Solutions: BlackRock extends investment management technology systems, risk management services, and digital distribution tools to insurance companies, banks, pension funds, and asset managers. These solutions aim to streamline investment processes and enhance operational efficiency.

Best For: Clients seeking professional investment management, comprehensive financial planning, and access to a diverse range of investment products.

Pros:

• BlackRock’s global recognition and presence offer clients access to a wide range of investment opportunities across various markets.
• The firm boasts a long-standing history of investment expertise and employs a team of experienced professionals leveraging advanced technology and analytics for informed investment decisions.
• BlackRock offers a comprehensive suite of wealth management solutions covering investment management, financial planning, and risk management services, effectively addressing diverse client needs.

Cons:

• BlackRock is designed with high minimum investment requirements, potentially limiting access for some individual investors.
• Being a large investment management firm, BlackRock may encounter potential conflicts of interest given its management of a wide range of investment products and serving various client types.

Process Street

Process Street is a robust process management platform that, while not specifically tailored for wealth management, offers features that can significantly benefit wealth management professionals. It enables users to improve documentation, automate financial-related processes, and streamline operations, enhancing efficiency in managing financial well-being.

Key Features of Process Street:

• Checklist and Workflow Management: Users can create, track, and automate tasks through checklists and workflows, facilitating streamlined processes such as client onboarding, portfolio management, and compliance procedures.
• Process Automation: Automation capabilities reduce manual effort by automating repetitive tasks, improving efficiency in wealth management operations.
• Documentation and Knowledge Sharing: Process Street provides a document editor for creating and sharing standard operating procedures (SOPs) and best practices, aiding in organized documentation and knowledge sharing within teams.
• Data Collection and Forms: Customizable forms and surveys collect client data, risk assessment information, and other relevant details for wealth management purposes.
• Integration Capabilities: Integration with third-party tools allows connecting existing systems, enhancing workflow capabilities for wealth management professionals.

Best For: Process Street is best suited for individuals and businesses looking to streamline and automate their wealth management processes. It offers a user-friendly interface and extensive customization options, allowing users to tailor the software to their specific needs.

Pros:

• The platform’s document editor and SOP sharing facilitate the dissemination of best practices and team knowledge, enhancing organizational efficiency.
• Automation features streamline tasks, reducing manual effort and improving overall operational efficiency.
• Users can create and customize workflows to meet specific requirements, providing flexibility in managing wealth management processes.
• Integration with third-party tools expands capabilities, allowing seamless connectivity with existing systems.

Cons:

• Some users may initially find the platform challenging due to its wide range of features and customization options. However, with proper training, users can maximize its potential.

Other Great Wealth Management Solution Tools

FNZ Group

FNZ is a leading global financial services company specializing in providing an end-to-end wealth management platform. With partnerships spanning over 650 financial institutions and more than 8,000 wealth management firms worldwide, FNZ empowers individuals to create wealth through personalized investment aligned with their values and preferences. The company’s mission revolves around combining technology, infrastructure, and investment operations to offer a comprehensive platform for its institutional customers.

Key Features:

• End-to-End Wealth Management Platform: FNZ offers a holistic platform that integrates modern technology, business operations, and investment capabilities. This integration enables financial institutions and wealth management firms to deliver differentiated value to both end investors and advisors.
• Customizability and Innovation: FNZ’s platform is highly customizable, allowing institutional customers to create hyper-personalized and innovative products and services. This flexibility enables tailored wealth management solutions that align with the specific needs and preferences of clients.
• Technology and Infrastructure: FNZ leverages advanced technology, robust IT infrastructure, and efficient investment operations within its platform. This integration ensures a seamless and efficient wealth management experience for financial institutions and end investors alike.
• Global Reach and Scale: With a presence in 21 countries and partnerships with leading financial institutions, FNZ boasts a global reach. Its platform serves millions of investors across different wealth segments, making wealth management accessible to a wide range of individuals.
• Focus on Digital Transformation: FNZ emphasizes the importance of digital transformation in the wealth management industry. The company conducts research and provides insights on leveraging end-to-end digital solutions to enhance the personalized client experience and prepare financial institutions for the future.

Morningstar Direct

Morningstar Direct is a comprehensive platform offered by Morningstar, a reputable source of independent investment analysis. It aims to empower asset and wealth managers by providing a suite of tools and resources to build assets and effectively manage portfolios. Morningstar Direct combines data, research, ratings, analytics, and design to support various aspects of market research, product creation, positioning, marketing, and distribution strategies.

Key Features of Morningstar Direct:

• Data and Research: Morningstar Direct grants access to extensive investment data and research, aiding asset and wealth managers in making well-informed decisions across stocks, mutual funds, ETFs, and other investment products.
• Ratings and Analytics: Leveraging Morningstar’s renowned ratings system, the platform offers access to comprehensive ratings and analytics. This assists managers in assessing the strengths and weaknesses of various investment options.
• Market Research and Insights: Managers can utilize market research tools and insights provided by Morningstar Direct to stay abreast of market trends and make informed investment decisions. The platform offers access to Morningstar’s extensive research library and articles.
• Product Creation and Positioning: Morningstar Direct supports managers in creating and positioning investment products. Tools for benchmarking, creating, and evaluating investment products aid in developing offerings aligned with client needs.
• Portfolio Management: The platform includes portfolio management tools facilitating portfolio monitoring, analysis, performance tracking, risk assessment, and optimization.
• Distribution Strategies: Morningstar Direct assists in devising effective distribution strategies by providing tools for creating customized reports, presentations, and collateral. This aids in effectively communicating investment strategies and performance to clients.

Avaloq

Avaloq stands as a leading provider of front-to-back software and services for various financial institutions, including private banks, wealth managers, investment managers, and retail banks. With a significant global presence, serving over 160 clients in 35 countries and managing CHF 4 trillion in client assets, Avaloq has established itself as a trusted partner in the wealth management industry.

Key Features:

• Avaloq Wealth: Avaloq Wealth offers an all-in-one solution that automates the comprehensive investment process. It provides relationship managers with a consolidated view of client data, supports interaction throughout the client journey, automates manual processes and compliance tasks, and analyzes client and market information to identify new sales opportunities.
• Avaloq Core: Avaloq Core is a platform designed to improve efficiency and embrace digital assets by running banking operations. It helps banks reduce complexity, increase scalability, and enhance client experience. The platform encompasses features such as transaction processing, portfolio rebalancing, and consolidation of IT platforms.
• Avaloq Insight: Avaloq Insight enables financial institutions to extract value from data and deploy embedded analytics solutions to improve their business operations. It facilitates data-driven decision-making and provides insights into client behavior, market trends, and investment performance.
• Client Service Software: Avaloq provides client service software tailored to keep advisors informed and proactive in managing client relationships. It includes features such as prospect management, client profiling and onboarding, relationship manager dashboard, 360-degree client view, customized news feed, and sales opportunities management.
• Scalable Delivery of Investment Advice: Avaloq Wealth offers a robust and wide-ranging solution for the scalable delivery of investment advice. It supports relationship managers in guiding clients toward their investment goals and assists portfolio managers in portfolio building and managing discretionary mandates.

Additivi

Additiv is a prominent provider of software solutions for the wealth management industry. Their Hybrid Wealth Manager offers a comprehensive platform that integrates digital applications for managing investments and client relationships. With a focus on providing a seamless customer experience, the solution empowers users to manage their investments independently or collaborate with advisors through intuitive digital interfaces.

Key Features:

• Client Cockpit: The Client Cockpit solution combines self-service capabilities with engagement tools, enabling clients to access and manage their investments, view performance reports, and interact with advisors through a user-friendly interface.
• Mobile Advisor App: The Mobile Advisor app facilitates effective collaboration between advisors and clients by providing access to client information, investment portfolios, and communication tools. This allows advisors to deliver personalized advice and support even while on the move.
• Workbench: The Workbench application offers a comprehensive suite of service and productivity tools for advisors. It streamlines tasks such as client onboarding, compliance management, portfolio analysis, and reporting, thereby enhancing the efficiency and effectiveness of wealth management operations.
• Wealth Robo Advisor: Additiv’s Hybrid Wealth Manager includes a Wealth Robo Advisor solution, enabling clients to select suitable investment products at lower costs through an automated platform. This feature enhances the investment experience by providing seamless and efficient investment solutions.
• Embedded Wealth & BaaS: Additiv’s Orchestrated Finance platform supports financial institutions in enhancing their value proposition by offering customer-focused financial experiences sourced end-to-end from one platform. Additionally, it enables the distribution of financial services through various channels, supporting the concept of embedded finance.

Temenos Multifonds

Temenos, a leading provider of software solutions for the banking and financial industry, offers Temenos Multifondsspecifically tailored to meet the needs of the asset management and investment fund industries. This solution provides comprehensive support for various investment funds, including mutual funds, hedge funds, and private equity funds. It serves as a single, global platform, addressing fund accounting, transfer agency, investor servicing, and regulatory compliance functions.

Key Features:

• Fund Administration: Temenos Multifonds supports core administration functions such as investor onboarding, fund performance analysis, trade processing, and compliance monitoring. This ensures efficient management of investment funds.
• Transfer Agency: The solution facilitates investor servicing activities, including investor registration, transaction processing, investor reporting, and fee calculations. This enhances the investor experience and streamlines administrative tasks.
• Regulatory Compliance: Temenos Multifonds helps asset management firms comply with various regulatory frameworks, such as UCITS, AIFMD, and local regulatory requirements across different jurisdictions. This feature ensures adherence to legal and regulatory obligations.
• Asset Servicing: The platform combines key asset servicing functions, including position keeping, valuation, and accounting, for all types of pooled vehicles and funds. This ensures accurate and transparent management of assets.
• Scalability: Temenos Multifonds is designed to be scalable, catering to the needs of large fund administrators, asset managers, insurance companies, and pension funds. This scalability accommodates growth and evolving business requirements.
• Efficiency and Risk Reduction: The solution aims to increase operational efficiency while reducing risk through workflow and exception-based capabilities. This enhances overall operational effectiveness and mitigates potential risks.

Key Features of Wealth Management Solutions

When businesses are considering investing in a wealth management solution, they should prioritize features that align with their financial objectives, risk tolerance, and operational requirements. Here are five key features to consider:

Customized Financial Planning Services

Look for wealth management solutions that offer tailored financial planning services to meet the unique needs and goals of your business. This may include assistance with cash flow management, investment strategy development, risk assessment, retirement planning for executives, business succession planning, and corporate tax optimization. A comprehensive financial plan aligned with your business objectives can help maximize returns, minimize risks, and ensure long-term financial sustainability.

Diverse Investment Options

Seek wealth management solutions that provide access to a wide range of investment options suited to your business’s risk profile and investment preferences. This may include equities, bonds, mutual funds, exchange-traded funds (ETFs), alternative investments, and custom investment strategies tailored to your industry or specific business goals. A diversified investment portfolio can help mitigate risk and enhance returns over time.

Risk Management and Compliance Support

Ensure that the wealth management solution offers robust risk management tools and compliance support to safeguard your business’s assets and adhere to regulatory requirements. This may involve risk assessment, portfolio stress testing, compliance monitoring, and regulatory reporting capabilities to help mitigate operational, market, and regulatory risks effectively.

Integrated Reporting and Analytics

Look for wealth management solutions that provide comprehensive reporting and analytics capabilities to track investment performance, assess portfolio risk, and monitor financial health effectively. Integrated reporting platforms should offer customizable dashboards, performance attribution analysis, risk metrics, and benchmarking tools to provide actionable insights and support informed decision-making for your business.

Dedicated Relationship Management

Choose a wealth management provider that offers dedicated relationship management and personalized service to address your business’s unique needs and preferences. A dedicated team of wealth management professionals should be available to provide proactive advice, timely support, and strategic guidance tailored to your business objectives. Effective communication, accessibility, and responsiveness are essential for building a strong partnership with your wealth management provider and achieving your financial goals.