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Best Practices for WM Digital Strategy

When wealth and asset management firms are defining the digital strategy for their business, the key to success is ensuring that critical applications such as portfolio management and CRM systems are integrated effectively. A siloed approach, where data and functionalities remain isolated, can create several problems:


  • Inefficiency: Manual data entry across different systems is time-consuming, prone to errors, and hinders smooth workflows. Employees juggling multiple platforms become less productive and frustrated

  • Inaccuracy: Inconsistent data across systems can lead to inaccurate reports, misleading client information, and missed investment opportunities

  • Lack of visibility: Fragmented data makes it difficult to gain a holistic view of client needs, portfolio performance, and overall business operations. This can hinder insightful decision-making and strategic planning

  • Poor client experience: Client dissatisfaction can occur as they struggle to navigate various platforms and receive inconsistent information


To avoid these pitfalls, the following best practice principals can, if followed, drive the strategy in the right direction and set the firm up for success giving them the ability to respond to future regulatory and business changes, in an agile and efficient way.


  • API integration: Choose technology that utilizes open APIs (Application Programming Interfaces) for secure and efficient data exchange between platforms. This allows automated transfer of client information, transactions, and performance data, eliminating manual intervention and minimizing errors

  • Data warehouse: Consider establishing a central data warehouse to consolidate information from different systems. This creates a single source of truth and provides the foundation for comprehensive reporting and analysis

  • Workflow automation: Identify repetitive tasks across systems and automate them using workflow automation tools. This frees up employee time for more valuable activities and ensures consistent execution of key processes

  • Cloud-based technology: Opt for cloud-based solutions for increased flexibility, scalability, and accessibility. This eliminates the need for on-premise infrastructure management and allows for easier integration with future technologies

  • Testing and validation: Thoroughly test and validate integration mechanisms to ensure accurate data transfer and system functionality. Conduct user testing to ensure the integrated experience is intuitive and efficient for both employees and clients

  • Single sign-on (SSO): Implement SSO functionality to allow employees and clients to access all necessary platforms with one set of credentials. This improves user experience and streamlines workflows


By prioritizing seamless integration and tackling data silos, firms can achieve efficient operations, accurate data-driven insights, and enhanced client experiences. This translates to improved business performance, a competitive edge, and ultimately, increased profitability and growth.

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