Amongst the ways firms can stand out in a competitive marketplace, configurable operating structures have become a defining factor for success in wealth management and a way to keep up with the evolving industry. However, many firms may think they have a configurable system in place, only to find that making even simple adjustments requires extensive backend work or technical support. 

True configurability should allow firms to better tailor their offerings to clients while prioritizing efficiency, innovation, and communication between systems. Here are 6 things to keep in mind when assessing wealth management technology platforms.

1. No-Code Configuration Capabilities

A key feature of a configurable wealth management system is an intuitive, user-friendly no-code environment. Firms should be able to adjust settings, create custom reports, and tailor client experiences without requiring specialized technical knowledge. 

A no-code environment should ensure that users can make necessary adjustments quickly and efficiently, keeping the focus on client service and strategy rather than struggling with complex programming. Some examples of this would be drag-and-drop widgets, automated workflows, and dynamic data structures that automatically update when new data is entered. 

 2. Multi-Dimensional Client Segmentation

As client needs become increasingly complex, firms need to be able to segment their client book based on more than just net worth. Whether it’s financial goals, risk profiles, or investment behaviors—differing client segments demand differing experiences, products, and services. 

For instance, a firm might segment clients into categories to create specialized investment strategies and communication plans for each group. By adjusting these segments as client needs and market conditions evolve over time, firms can provide more targeted and effective wealth management solutions.

3. Branded Customization Options

A configurable system should provide branded customization options, including white-labelling features that allow firms to fully align the platform with their brand identity. A strong brand means a stronger market presence, and can lead to higher levels of customer engagement and retention.

By enabling firms to customize client-facing elements such as dashboards, portals, and reports, it ensures that the system fulfills the firm’s branding requirements and helps establish consistency across all touchpoints. This not only enhances the client experience but also reinforces the firm’s brand consistency. All while providing a user-friendly experience that aligns with individual preferences or business requirements.

4. Robust Compliance Management

Robust compliance management functionalities should allow for firms to automatically adapt their compliance and AML processes and settings to different regions, jurisdictions, and regulatory regimes. Having this addition to a configurable system ensures that firms remain compliant without manual intervention, reducing risk and streamlining operations across various markets. 

As well, wealth management firms can future-proof their operations to meet evolving regulations, reduce administrative burdens, and maintain a proactive approach to safeguarding client interests.

5. Flexible Reporting Structures

Another key aspect of configurability is the ability to create flexible reporting structures. From a client perspective, having this as a feature allows advisors to design and generate statements and reports that can be tailored to individual preferences, showcasing data and insights in a format that best resonates with each client. 

It also allows for the management and organization of data in a way that helps firms address client needs efficiently while meeting reporting requirements. For example, being able to create, save and share custom reports for different clients, book of clients, accounts, transfers, and more enables advisors to tailor their services and reach objectives with more ease. 

6.  Overall Scalability

As firms grow and evolve, their wealth management needs to scale and adapt to accommodate the changing objectives of not only their business but also the needs of new clients and industry requirements. 

Configurability should be able to help do so by allowing firms and advisors to customize and tailor their offerings in order to meet those new objectives, whether that be by altering report formatting or even configuring onboarding to account for new requirements for obtaining client information.

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