As clients seek more tailored financial experiences, firms are increasingly focusing on ways to meet diverse needs, keep their systems up to date, and meet market demands.
Configurability has emerged as a game-changer in wealth management, becoming an important part of offering more personalized services. Leveraging advanced technologies, firms are able to configure the advisor and client experience in a no-code environment without relying on tech or third-party support.
Let's explore the importance of configurability further by highlighting what it is and its key features.
What is Configurability?
In wealth management, configurability refers to being able to customize or tailor a user experience so that it meets the needs and preferences of the company or client involved, such as being able to swap out different drag-and-drop widgets on a dashboard, change report formatting, or alter text.
Configurability can help advisors modify their offerings to better suit their clients, but also help firms improve their operational efficiency. For example, configuring onboarding and client portals can ensure that clients receive a highly personalized experience.
Most importantly, true configurability can replace the need to rely on tech support to handle any new changes that need to be made. Instead, firms and advisors can make customizations to their platform to accommodate any new requirements themselves (while setting permissions around who can make these changes). This is a big differentiator from many platforms that may still depend on tech support, even if they claim to be no-code or “build your own.”
The Growing Significance of Configurability
In today’s financial landscape, configurability has become increasingly significant due to several factors. First, clients have higher expectations for personalized services as they become more involved in investing. They seek financial advisors and firms who can provide tailored solutions that reflect their unique financial situations, risk tolerances, and long-term goals. This has been a big shift from traditional approaches to wealth management services that use a more standardized system to handle clients.
Additionally, as the market evolves to introduce new technology that enhances personalization, firms and advisors must work more quickly and efficiently to keep up with changing conditions and client needs.
Most of all, when firms want to take the steps to improve their offerings with solutions for reporting, client management and more, configurability will be crucial in helping achieve the results they want quickly without the need for excess resources or restructuring.
Key Features of a Configurable Wealth Management System
- Adjustable Client Workflows: A configurable system allows wealth managers to tailor client workflows to match the specific needs and preferences of groups of clients, right down to the individual client. From onboarding to portfolio management and reporting, these workflows can be adjusted to create a personalized and efficient experience for clients, ensuring that each step in their financial journey is aligned with their goals and circumstances.
- Simple User and Access Management: Effective configurability includes straightforward user and access management features, allowing firms to easily manage users, adjust permissions, and customize roles. Doing so streamlines operations while maintaining security and compliance.
- Personalized User Interface: Offering a customizable interface allows wealth managers and firms to match their systems to their style and needs but also to improve functionality. This can be done by personalizing dashboards, navigation, widgets and more. Having this feature enhances usability and engagement by providing a user-friendly experience that aligns with individual preferences or business requirements.
- No-Code Environment: A no-code environment is essential in configurable systems, enabling firms to make customizations and adjustments without relying on technical assistance. This allows advisors to quickly implement changes, create personalized workflows, and update features directly, ensuring that the system remains flexible and responsive. By empowering firms to configure the system, it can increase efficiency in delivering tailored financial solutions.
The importance of configurability in wealth management cannot be overstated. Not only does it ensure processes can be tailored to what the firm needs, but it allows them to keep up with changes in a fast-paced industry. Firms that invest in advanced technologies and use configurability to enhance the client and advisor experience will be better positioned to navigate the future of wealth management, ensuring continued growth and success.
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