What Happens Next in Wealth Management? SunGard Recommends Three Ways Wealth Managers Can Use IT to Grow Their Businesses

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Blaine Maxfield, chief operating officer of SunGard's wealth management business, has the following recommendations for wealth managers and registered investment advisors: "Address growth and demand for increased service levels by sharing data across business lines, service a broader group of investors, and provide tailored offerings to enhance the client experience."

Address growth and demand for increased service levels by sharing data across business lines, service a broader group of investors, and provide tailored offerings to enhance the client experience.

Blaine Maxfield, chief operating officer of SunGard's wealth management business, has the following recommendations for wealth managers and registered investment advisors: "Address growth and demand for increased service levels by sharing data across business lines, service a broader group of investors, and provide tailored offerings to enhance the client experience."

SunGard is helping wealth managers manage and grow their businesses as investment options become more complex, the market grows more volatile, and a growing segment of the population plans for retirement.

SunGard recommends three ways that wealth managers can use technology to enhance client service and guidance in turbulent economic times: 1. use an integrated advisor platform; 2. make use of aggregated data; and 3. provide online client self-service tools. These features give firms the ability to present one face to the client, and advisors the ability to view and service clients holistically.

Three Key Trends

  • Convergence: financial services firms that may have traditionally held singular relationships with investors - such as through a trust, savings account, brokerage account, 401(k) plan or an insurance policy - are converging within the wealth management industry to expand their client relationships by offering financial advice along with a full spectrum of investment and trading options.
  • Increased competition: boutique advisories, smaller banks and trusts, plan sponsors and plan service providers are growing or entering the wealth management arena, as investors worry over the stability of large wire houses and banks, and seek alternative sources of advice.
  • Increased investor demand: investors will look for increased service levels, more visibility into the investment process, and online collaboration tools for managing all aspects of their accounts

John Deglow, senior vice president and director of wealth services and planning at Hilliard Lyons, agrees: "With SunGard's integrated WealthStation solution, our financial consultants can more effectively and efficiently provide the best guidance to their clients and make better decisions."

Robert Hegarty, managing director of TowerGroup's Securities & Investments and Insurance practices, said, "We're seeing an uptick in spending in the wealth management space, and firms have been clear that they want to get closer to their clients and get a better handle on their data and their needs. Despite the depletion of wealth in the marketplace, institutions are really gearing up to try to understand their clients better and understand how to service them better."

Doug Sherratt, president of Smithfield Trust Company, says: "Our clients are sophisticated, deserving and expect both responsiveness and excellence in the personal service we provide, and SunGard's WealthStation helps us to continue to deliver that to them."

Links:
Customer Video: Country Financial
Customer Video: Hilliard Lyons
Customer Video: HD Vest
WealthStation Success at Hilliard Lyons
Smithfield Trust Company Trusts SunGard
Study: Trouble Ahead for Retirees
Uncertainty Clouds Adviser's View of Technology
Financial Planning is Art: Techies

About WealthStation
SunGard's WealthStation provides wealth managers with tools to help them acquire, service and grow their client relationships. Integrating client management, financial planning, investment management, asset allocation, data aggregation, trading, rebalancing, reporting, client access and compliance tools into a single platform, WealthStation delivers a flexible architecture to help advisors improve their productivity while providing increased service levels to their clients.

About SunGard
SunGard is one of the world's leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world's 25 largest financial services companies.

SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

With annual revenue exceeding $5 billion, SunGard is ranked 472 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented five times. For more information, please visit SunGard at http://www.sungard.com.

*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com

Trademark Information: SunGard, the SunGard logo and WealthStation are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

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