London, 18 December 2012 – A new report from Aite Group profiles, compares, and positions 13 wealth management technology providers that address the needs of Europe- and Asia-Pacific-based financial advisors who work with mass-affluent clients. The report names best-in-class mass-affluent advisor platform for specific regions and investor classes.
Starting in 2013, regulatory-driven business model changes will hit wealth management firms across Europe and in select Asia-Pacific countries due to MiFID II in the EU, the Retail Distribution Review in the U.K., the Future of Financial Advice in Australia, and potential advisor reforms in Singapore. These changes have driven and will continue to drive wealth management firms’ spending on front- and middle-office technology capabilities, particularly in the areas of service-level management, advice delivery and process tracking, and billing.
“These new regulations will impact the mass-affluent advisor, particularly in the U.K. and Australia, where this type of advisor will be required to shift from a product-focused, commission-based business model to an advice-focused, fee-based model,” says Chris Thrappas, senior analyst with Aite Group and co-author of this report.
“Providers that are positioned to capture the mass-affluent opportunity offer integrated capabilities that enable an efficient wealth management workflow,” adds Sophie Schmitt, senior analyst with Aite Group and co-author of this report. “Competitive providers also provide online and mobile solutions that their customers will increasingly rely on to better manage service costs and provide enhanced service to high-value clients.”
The report discusses the following wealth management technology providers: Avelo, Avaloq Evolution AG, Distribution Technology, Figlo, FNZ, Focus Solutions, GBST, Infosys, Iress Limited, New Access, Polaris, SS&C Technologies, and Temenos. Based on an analysis of provider capabilities and discussions with provider customers, Aite Group nominates the following firms for best-in-class mass-affluent advisor platform: Distribution Technology and Figlo for low-end mass-affluent clients and Iress Limited, Temenos, and Avaloq for upper-end mass-affluent clients.
This 91-page Impact Report contains 36 figures and 11 tables. Clients of Aite Group’s Wealth Management service can download the report by clicking on the icon to the right.