North American Wealth Management Survey 2004: The State of Current Initiatives

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30 June 2004

Abstract

Boston, MA, USA June 30, 2004

North American Wealth Management Survey 2004 - The State of Current Initiatives

According to a new survey conducted by Celent, spending on wealth management technology will increase on average 5-10% in 2004 as financial institutions seek to build out their wealth management capabilities.

In a new 38-page report, North American Wealth Management Survey 2004裕he State of Current Initiatives, Celent Communications provides financial institutions, consultants, and technology vendors with insights into the business strategies, technology issues, and challenges facing firms building out their wealth management capabilities. The report is based on a survey of 30 leading US and Canadian firms including brokerages, banks, insurance companies, and trusts conducted during March-May 2004.

"The battle lines for serving wealthy individuals have been drawn," states Celent senior analyst Pamela Brewster, author of the report. "Financial institutions realize that to win they need to arm their advisors with technology and tools to effectively meet the demands of the wealthy." Forty-two percent of participants in Celent痴 survey said they already had spent between US$1-US$5 million on wealth management technology and planned further increases in the coming year.

Anticipated Increase in Wealth Management Technology Spending

The survey also highlights the organizational approach firms are taking to offer wealth management services, key features/functionalities available on the advisor desktop, use of third-party wealth management vendors, channel importance, and products offered, among other areas. The report concludes with three key recommendations for firms building wealth management capabilities.

"Though headway has been made in building out wealth management services, firms would be wise to take heed of the obstacles that continue to loom large including: integration issues, advisor adoption of technology, and internal coordination among divisions," said Brewster.

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