Let’s Get Digital Already: Gearing Up for the Next Stage of Client Reporting Enhancements

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1 September 2015
Isabella Fonseca

Abstract

Celent explores how client reporting fits into the evolving wealth management delivery channels. Client reporting remains a priority and is viewed predominantly as a means to improving quality of service to clients in both full-service advisory and self-directed service models.

In the report Let’s Get Digital Already: Gearing Up for the Next Stage of Client Reporting Enhancements, Celent presents the evolution of client reporting in the past two years.

Main findings of the report include:

  • Digitization has allowed client reporting technology to lend itself to delivery through self-service, hybrid, and full-service advisory.
  • Client reporting fulfills wealth managers’ major technology priorities: data management and integrity, and improving the client experience.
  • The vendor market is extremely crowded, with a series of players offering various levels of functional coverage within the wealth management platform and client reporting processes.
  • Vendors are frequently seeking to differentiate based on their capacity to improve the client experience and on their data management capabilities.
  • Digital delivery — interactive client portal and tools that allow advisors to deliver interactive, real-time reports on the fly — are a “must have” for wealth managers to truly harness power of client reporting tools.

“Previously client reporting was seen as a discrete module of a wealth management platform,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and author of the report. “Today we see client reporting as a distinct and separate module that underlies much of the front to middle and back office functions.”

Insight details

Content Type
Reports
Report Type
Industry Trends, Technology trends, Vendor landscape
Location
North America
Special Interest
Innovation & Emerging Technology