The Model Wealth Manager awards program recognizes best-in-class technology-driven initiatives at global financial institutions.
We announce our Model Wealth Manager winners at our flagship Innovation & Insight event. Our next event takes place in March 2024.
Nominations for our 2024 program opened June 28, and closed on October 13, 2023.
Our nomination categories stretch across six key trends shaping the wealth management industry:
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.
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.
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.
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.
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.
We look forward to sharing our analysis of the key themes that emerged from this year’s submissions and revealing the winners of the 2024 Model Wealth Manager awards program at Celent’s annual Innovation and Insight Day!
