Announcing the Celent Model Wealth Manager 2023 Award Winners

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:

Personalization

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.

Financial Wellness

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):

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!

Author

Ashley Longabaugh

Head of Wealth Management