Wealth management platforms are software which provides valuable financial advice for individuals looking to expand their finances. The conveniences accorded by digitization and the surge in disposable income levels of individuals are likely to drive the reliance on these platforms. The global wealth management platform market report compiled by Market Research Future (MRFR) takes a look at various indicators and challenges to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its effect on the industry are explored in the report.
The global wealth management platform market is expected to generate a market value of USD 4 billion by 2023. It is expected to grow at 15% CAGR during the forecast period. Rise of high net worth individuals, digitization of information and processes, and compliance with industry regulations are major market drivers. The shift to platforming by private banks and wealth managers for increasing their client base and integration of various security features for protecting client names and transactions can bode well for the market. The technological change and the new range of clients who are adept with the latest gadgets are trends which can provide a large scope for the market.
But dependence on traditional methods can deter market growth.
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By advisory model, the market is segmented into robo-advisory, human advisory, and hybrid advisory. The hybrid advisory models segment is expected to gain a greater share over human advisory models. The combination of human advisory model and robo-advisory model algorithm provides more accurate and faster results with the touch of human expertise which is expected to fuel the market growth of wealth management platforms. Applications of cognitive computing, artificial intelligence, and machine learning which can lower operating costs for the clients and improve data-driven insights can drive the segment growth in the global wealth management platform market.
By business functions, the market is segmented into client and fund management, financial advice management, risk and compliance management, portfolio, accounting, trading management, performance management, reporting, and others (billing and benchmarking).The financial advice management segment is deemed to grow and contribute the most in the market during the forecast period. This is due to reliance on financial advice management professionals for secure and proper management of wealth and financial assets for high net worth individuals.
By deployment model, the market is segmented into on-cloud, and on-premise.
By end-user, the market is segmented into asset management firms, banks, investment firms, brokerage firms, trading & exchange firms, and others.
The geographical analysis of wealth management software market is studied for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
According to the World Wealth report published by Capgemini in 2017, there is an increase in global High Net Worth Indivduals (HNWI) population and wealth which shows the growing opportunities in this market. North America is expected to dominate the wealth management platform market due to emergence of new technologies such as robo-advisory models and exist large number of key players in this region.
APAC is expected to be the fastest growing region in this market owing to massive growth in number of high net worth individuals and wealth at a rate of 12.1% and 14.8% respectively in 2017. Launch of wealth management platforms aimed at the new and upcoming demographic is likely to culminate in high dividends for the global wealth management platform market. Europe’s high net worth individual population and wealth grew by 7.3% ranks it third after North America.
Geographically, North America is expected to dominate the market due to advances in technology and presence of major key players such as SS&C technologies, Fidelity National Information Services Inc. and Broadridge Financial Solutions in the region. These key players are offering technical infrastructure solutions that enable process transparency, workflow automation, remote access, financial advisory, and brokerage business on a single platform. The establishment of a common financial hub which provides a plethora of financial services for wealthy clients can favor the market. The tech savvy nature of clients and use of online payment accounts can attract HNWIs.
Dorsum Investment Software, Objectway, Invest Edge, Fidelity National Information Services Inc., Broadridge Financial Solutions, Finantix, SEI Investment Company, Fiserv Inc., Temenos, SS&C Technologies, Profile Software, and Comarch are prominent players of the global wealth management platform market. Partnerships, agreements, and acquisitions are major strategies of players. Recently, Envestnet, Inc., agreed to integrate FlourishCash for registered investment advisers (RIA) within the platform and generate more referrals.
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Wealth Management Platform Market, By Advisory Model (Robo-Advisory, Human advisory, Hybrid), Business Function (Portfolio, Reporting, Financial Advice Management), End- Users (Banks, Brokerage Firms, Investment Firms)— Forecast till 2027
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