Announcing the Celent Model Wealth Manager 2023 Award Winners
Celent Recognizes 7 Winners of its 2023 Model Wealth Manager Awards Program
Our wealth management team is thrilled to announce the winners of this year’s Model Wealth Manager Awards program! The submissions pool was competitive with entries coming from financial institutions across the world. We would like to thank all of the financial institutions and supporting service providers who entered this year’s program, and we hope to see you again in 2024 (the submission window opens June 2023).
This year, we had six categories that stretch across key trends shaping the industry:
Wealth management firms are looking to personalize the client journey. This category includes innovative technologies that are used to deliver more meaningful advisor/client engagement, communications, and portfolio solutions.
Technology Tools to Reach new Markets and Client Segments
Technologies that enable the democratization of wealth management continue to emerge across the industry. Wealth-as-a-Service platforms, digital tools and mobile applications are examples of technologies used to deliver financial solutions to underinvested communities and new markets such as gig workers. This is a growing area of interest to wealth management firms looking for new sources of revenue.
Data and Analytics
Data is a differentiator for wealth managers. This theme recognizes the use of data in driving competitive advantage. Some examples include using data management tools and technologies to deliver:
- Predictive analytics
- Curated content
- More meaningful advisor engagement
- ESG and thematic financial solutions
- Data management capabilities that enable the flow of information across systems
Essential and Emerging Technologies
This category looks at new technologies that are just beginning to emerge within wealth management. The Metaverse is a good example of a technology that financial institutions are exploring.
This theme includes technologies that deliver more holistic solutions to clients. Retail clients are demanding that wealth managers seamlessly integrate non-traditional products and services, such as alternative investments, insurance, and lending into comprehensive solutions. Technologies and tools that enable these solutions are increasingly leveraged by financial institutions
Streamlining Advisor Workflows
Digitizing and streamlining operations across the advisor workflow continues to be an area of focus for financial institutions. Innovative point solutions, front, middle and back-office technologies that improve advisor efficiency and productivity are essential to the creation of best-in-class platforms.
The winning initiatives are described in greater detail through written case studies (available to Celent Wealth Management subscribers) and video interviews with the financial institutions (available to the public):
- Bernstein Private Wealth Management: iAdvisor Makes Client Meetings Easy | Celent
- M&G MAP: Bridging the Financial Advice Gap | Celent
- Merrill: Delivering a Collaborative Onboarding Experience | Celent
- Merrill: Preference-Based Advisor Match | Celent
- Morgan Stanley: Risk-Based Portfolios Powered By Analytics | Celent
- Societe Generale: Planning Made Simple with "My Retirement Companion" | Celent
- Techcombank: Serving Financial Advice to the Underserved through Techcombank Mobile App | Celent
You can find more I&I Day content on-demand across www.celent.com, and on LinkedIn and Twitter using #IIDay2023.
Congratulations to the 2023 Model Wealth Manager Award Winners!