Refinitiv today announces the launch of Wealth Practice 360, a solution designed to provide an efficient workflow and better insights on demand for wealth advisors.
Wealth Practice 360 uses a sophisticated set of services that aggregate client information from multiple sources including back-office systems, CRM, financial planning tools, held away assets, and social media activity to deliver a 360 view of an advisor’s book of business.
Today’s wealth management industry is undergoing a dramatic transformation. At the same time some other industries have demonstrated that trust, loyalty and increased business can be attained by personalizing their customers' interactions with relevant, timely suggestions, delivered conveniently across all channels. A recent Refinitiv report titled, “Advancing the Advisory Client Experience’ found that 43%% of advisory clients need advice more now than they did a year ago.
To deliver the personalised and valued advice clients need, wealth firms need to connect the different tools and systems advisors use to create efficient, integrated workflows and deliver insights to their advisors. Today, many wealth firms struggle with disparate data sources and lack of system integration. This disconnected and siloed workflow hinders the advisor’s ability to deliver timely, relevant, and personalised insights to clients in an engaging manner.
Wealth Practice 360 addresses these and other industry challenges, as it connects the traditionally disparate sources of information together into a single consolidated view. Client data is combined with a firm’s proprietary data and Refinitiv’s market data and news to generate insights and ideas that advisors can take proactively to their clients. A client data layer then powers single screen user experiences. The client data layer offers a flexible data model and connectivity tools to radically simplify the connection of data from multiple systems for display on single screens.
Sabrina Bailey, Global Head of Wealth Management at Refinitiv, said: “There is no denying that the wealth management industry is in the midst of a needed transformation, one that is driven by growing client needs, advanced technology solutions and increased competition. The launch of Wealth Practice 360 helps wealth firms and their advisors maximize efficiencies and improve the advisor and investor experience.”
Christopher Sparke, Head of Advisory Solutions, Wealth at Refinitiv, said: “Delivering truly personalised advice sits at the core of what advisors do. With the launch of Wealth Practice 360, we are helping advisors get a single view of an account faster and more efficiently. This new capability tackles that challenge by combining market data such as event driven data with customer preferences and proprietary data, all resulting into actionable recommendations that an advisor can deliver in real time.”
Refinitiv Wealth Practice 360 can be accessed via Refinitiv® Workspace for Wealth Advisors or via API, allowing firms all the benefits of the solution with the ability to create their own views and customize integration of the data in their own applications and portals. This helps firms create connected digital experiences for wealth advisors and investors by seamlessly delivering data from multiple internal and external sources.
Wally Okby, Strategic Advisor, Wealth Management, Aite-Novarica Group, said: “Making it simpler for financial advisors and relationship managers to have a clearer, more comprehensive picture of their private clients’ financial situation is at the heart of Wealth Practice 360’s solution set. Refinitiv’s ability to elegantly match these preferences with comprehensive market data is set to deliver much needed efficiencies to the strained wealth management value chain.”