Top Wealth Management Solutions

Top Wealth Management Solutions

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April 7, 2021

Digitization has completely reshaped the world, affecting nearly every aspect of our everyday lives. This is not news to you. Within business, new technology is being used to streamline efficiencies, increase workflow, optimize processes, and implement countless other initiatives.  

Wealth management, of course, is also playing witness to this phenomenon. Due to shifting market trends, ROIs, benchmark returns, regulation, compliance, to everything else a wealth manager must deal with—are constantly under the gun, trying to adapt to the market and generate returns for their clients. In reality, the wealth management process can really be a challenge. To that end, what do the current wealth management strategies look like? What types of solutions and technologies are wealth managers implementing to enhance their efforts and optimize their workflow?  

Below, we’ll discuss all of this and more.  

Top Wealth Management Solutions

In today’s day and age, when markets have become more competitive than ever and customers demand more and better services, a wealth manager must adapt. As Forbes notes:

Now it’s vital for wealth managers to heed the demands of clients and prospects for platforms and insights that reflect their lifestyle and goals…Almost half (45%) of wealth managers said that financial guidance from data analysis—and insights from the use of AI—will help them refine the advice they give to clients. And 36% said clients will be able to see their investments with greater clarity as a result of AI.

With this in mind, it’s important to ask yourself the following—Are you doing everything you can to separate yourself from the field and to provide a premier service that utilizes technology to its fullest? If not, you’re missing out on a golden opportunity to differentiate your practice.    

So, what are the top wealth management solutions and strategies 21st-century advisors are employing?  

Portfolio Management Software  

One of the main jobs of a wealth manager is to provide consultation. They advise their clients, guiding them through the decision-making process—all in an effort to best position their assets. Today, financial M&A software programs are implemented to assess market data, evaluate equity, chart and map risk sheets, and to create volatility measures (like Sharpe ratios). The top wealth managers in the world rely on software for customer relationship management, portfolio management, and building then implementing financial strategies.  

From estate planning, explaining the nuances and positioning of certain investments, to creating digestible takeaways for clients to understand, the reality is that wealth advisors are using these deal platforms for wealth managers to enhance their performance, increase sales, and better the customer experience (from end to end). That said, it’s worth mentioning that there is further room for efficiency here, seeing as there’s a lack of streamlined services. According to Clear View Publishing’s survey of thousands of financial advisors and managers:

46% of firms are using four or more systems to construct, manage, monitor and report on portfolios, with 20% using six or more – a situation which may become a source of inefficiencies (for both investment and relationship management personnel).  


These days, there are hundreds if not thousands of regulations that financial firms need to not only be aware of, but be in compliance with. As a result, financial institutions and wealth management firms are now spending billions of dollars to ensure that they’re in compliance. Failure to do so can result in a host of issues, including:

  • Fines
  • Reputational harm
  • Forced cessation of business
  • Criminal charges  

In order to cut costs and increase their ROI, many wealth advisors are turning to financial regulation technologies (often shortened to regtech). Such software can help free up managers and other firm employees to focus on value-add tasks since it can help facilitate any task from onboarding to KYC processes. It not only helps firms track both current and new regulations, but then also aids strategy and goal setting with those in mind. Per Raconteur:

Regtech solutions powered by emerging technologies, such as blockchain, robotic process automation and cognitive computing, offer transformative potential. These solutions reduce costs through compliance efficiencies and deliver richer, faster insights and foresight into emerging risks.  

After the 2008 crisis, compliance became a major concern for all financial representatives.  As such, wealth managers are still adjusting to this change, which provides an excellent opportunity to embrace technology to get ahead of the pack and enable your organization to meet its regulatory requirements.  

Intelligent Investment Opportunities  

Many wealth managers have quality relationships in private equity, venture capital, and investment banking networks. When they’re first building a relationship with a potential client, they need to showcase their ability to provide quality advice and direction, as well as prove that they have the proper infrastructure in place to “house” this lead.  

Tactically, they’ll provide an investment opportunity for this potential client, pairing them with a person or entity within that aforementioned network. If the investment pans out—to say that it’s a success—this person might be easily persuaded to allow this wealth manager to handle their portfolio, assets, and estate planning.  

When it comes to these “opportunities,” wealth managers are utilizing platforms like SourceScrub to source investment opportunities, analyze firmographic data, and streamline their own processes. The platform enables them in the process of:

  • Total Available Market Analysis – By utilizing SourceScrub’s intelligent platform, wealth managers can use their engine, apply their own taxonomy, then gain insights and data into businesses across multiple industries. With key financial firmographic points, growth data, and investor information, wealth managers can better identify investment opportunities.


Being that wealth managers are often responsible for sizable funds diversified in multiple portfolios, one of the main things they need to ensure is that their client isn’t going to be destroyed by taxes. Taxes—particularly in America—play a massive role in financial planning and advising. In which case, often a wealth manager will work closely with a talented CPA. Larger firms, however, will have their own CPA in-house.  

Similarly to regulations, staying atop of the various tax laws is no easy feat. They’re constantly changing, which is why wealth managers are leaning on specialists and programs to help them find cost savings, mitigate taxes via tax loss harvesting, and employ other such strategies in order to proactively structure a financial account with taxes in mind. As Forbes notes:

There are other ways to minimize taxes, all depending on your unique situation.  If you’ve had a low-income year, you may want to take the opportunity to do Roth IRA conversions and convert income that would have been taxed at 25% or higher to 15% or lower. Keep in mind that the converted amount is generally subject to income taxation.

Intelligent Recruiting

As a related follow up to the previous point, a growing trend in all financial industries is that companies are not only putting increased effort into their recruitment strategies, they’re altering them. Why? Because the world is changing. Technological innovation and digitization are reshaping the way businesses operate, and it’s directly influencing various markets.

In addition to their technological recruiting efforts, many wealth managers have realized that it’s more efficient to depend upon “influencers” in order to drum up new business. Per Wealth Management:  

Working with influencers is the single most effective way to source new high-net-worth business, and the most financially successful advisors target their business development efforts accordingly. Rather than trying to cultivate new client relationships one at a time, top earners work through the professionals, such as private client attorneys and tax specialists, who can influence and refer hundreds of new relationships over time.  

Tax consultants and lawyers not only have specialized knowledge that can facilitate any wealth management strategy, but they also have access to a wide pool of high net worth clients, friends, and colleagues. So, while their expertise in their field is a tool of incredible value, a growing number of wealth managers are realizing that their contact network might be even more impactful on the business.

Establishing Authority on Social Media

Social media has become the most powerful marketing tool the world has ever seen, and yet, roughly half of wealth managers realize just how valuable an asset it can be. A growing number of investors, especially younger ones, are realizing that social accounts can give them an edge in several ways, from establishing authority as an expert, to reaching potential clients, to increasing their networking by interacting with other investors and experts.  

But what are ways you can use social media to increase your wealth management efforts?  

  • Create and share relevant content – This can include videos, vlogs, short white papers, case studies. Your goal is to drive a conversation and help others see you as an expert in your field.  
  • Join groups – From LinkedIn to Facebook, there are always relevant groups you can join to immediately connect with potential customers, share your knowledge, and build brand awareness.  
  • Give advice and then support it – If you want to build trust with your audience, you need to make recommendations and then back them up with information, analysis, and other documentation in order to instruct.  

Leveraging Wealth Management Solutions

From SourceScrub to Social Media, there are a variety of wealth management tools, strategies, and solutions that savvy wealth managers are using in order to enhance their practice and benefit their clients. Such efforts can help streamline and manage investment portfolios, improve tax and regulation compliance, and help build a wealth managers brand.  

If you are an investment professional, there are several tools that can help you streamline and organize your financial services. If you’re not utilizing these tools within your investment strategy, you may already be falling behind in your industry.

Are you utilizing wealth management solutions to their fullest? If not, it’s time to do so. Take your advisory services to the next level and help your clients reach their financial goals by trying out these wealth management advisor tools. Start by talking with a SourceScrub expert today or requesting a demo of the platform.  


  1. Forbes. How Wealth Managers Are Using Technology to Understand their Clients Better.
  2. Clear View Publishing. Technology and Operations Trends in Wealth Management Industry.
  3. Raconteur. How regtech can add real value to your business.
  4. Forbes. Does Your Wealth Manager Optimize for Taxes?
  5. Wealth Management. Six Strategies of Top Earning Advisors.
Cheyenne Kolosky


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