As Gartner® has noted in recent research, “Changing client requirements, cost, complexity and regulation make reporting capabilities a key factor in selection by investment firms. Clients demand that their money managers make investments in forward-looking, personalized performance and risk reporting.”

Those firms that make investments in dynamic client reporting solutions for investment management will be able to adapt their reporting and messaging around volatile market conditions and risk far more quickly than those that have to manually put together reports or that use outdated or legacy systems for their reporting needs. As a result, performance reporting in wealth management is a competitive advantage. Specifically, investment managers looking to stand out can do so with wealth management reporting software that delivers customization and also real-time data.

In fact, many firms considering changing software providers for trading and portfolio management are seeking more robust wealth management reporting capabilities. Having advanced reporting as part of the firm’s core portfolio management and trading systems is also more cost-effective and practical than trying to implement stand-alone reporting solutions.

Understanding how performance reporting for wealth management is a competitive advantage starts with understanding the need for fully interactive reports. While traditional paginated reports are valuable, relying on them alone is substandard. Firms that can also utilize interactive reports can best align with today’s best practices for wealth management reporting.

The Need for Fully Integrated Data Management Tools Within Reporting

Instead of relying on inflexible statement reports or trying to integrate stand-alone reporting solutions, another option is available.

Investment firms should look to portfolio management and trading providers who offer both types of reporting,  traditional and interactive, particularly those that fully integrate these reports into their underlying software solutions.

Additionally, portfolio management and trading solutions that offer managed reporting services can eliminate the typical hurdles firms experience regarding wealth management reporting. As firms bring performance reporting for wealth management online, they and their clients can be confident that they have the latest tech in place and the ability to deliver ongoing and “on-demand” report customization.

Advanced Performance Reporting for Wealth Management is the Future

Ultimately, investment management firms need fully interactive reporting in order to be competitive. Clients require a blend of easily-customizable traditional paginated wealth management reports as well as real-time, highly interactive visualization reports.

In addition to delivering on the expectations of increasingly tech-savvy investors, choosing a tech-forward solution for portfolio management and trading is an investment in the future. As a result, optimizing reporting capabilities via these solutions is the best practice for firms looking to maintain and grow their position as an exceptional choice for their current and prospective clients.