“The only thing worse than being blind is having sight but no vision.” — Helen Keller
The wealth management industry is undergoing a major transformative change as shifting demographic expectations, technological developments as well as new market entry of agile competitors are forcing wealth advisories to rethink traditional legacy processes.
Firms have a clear line of sight of these trends and recognise the importance of developing the necessary infrastructure to meet them. However, the majority of players in the ecosystem are slow, reluctant and unprepared to adapt their business models to the rapidly changing environment.
So why are firms struggling to reconfigure their infrastructure despite recognising the need to adapt and ride the shifting tides?
In short, wealth advisories and managers are confronted with four core issues:
- Wealth advisories are currently using legacy systems paired with multiple integration partners for front, middle and back-office support. As a consequence of tedious operational processes, wealth managers are inundated with mundane and manual administrative tasks.
- Wealth advisories incur expensive operational costs as they continue to find targeted customer solutions — with shifting client needs in areas such as data aggregation and client reporting, they will need to source across several partners to streamline efficiencies while also achieving scalability.
- Clients are demanding greater transparency and access to a holistic overview of their portfolio with clearly demonstrated investment outcomes. Unfortunately, wealth managers are having a difficult time meeting this expectation since their tools and systems are not designed for an optimal user-led experience.
- Tedious workflows are prone to human error which can not only damage the firm’s reputation but also seriously impede managers from providing valuable and accurate advice to help clients preserve their wealth.
Addressing these issues require a consolidated and well-defined product vision that many firms lack. This is where illio comes in, we’re building a turnkey cloud-based platform with a mission to tackle these issues by simplifying wealth management through visual clarity and expert knowledge.
Founded by Vanessa Gibson, Kenneth Sue, Larry Lorden and Sarang Karkhanis in 2019; together they bring a collective experience of over 100 years in wealth management across a diverse range of asset classes. At our core, we draw on our diverse experience with machine learning and data analytics to deliver a personalised solution.
Our B2B centralised solution is a digital wealth management platform built by investors for investors. We provide all the necessary tools and data to help family offices and wealth advisories of all sizes to reduce their operational costs as well as gain a holistic and transparent overview of their entire asset portfolio. What’s more, our platform is built with a client-centric and user-friendly design to enhance data visualisation so you don’t have to go through spreadsheets after spreadsheets.
As an investor, you’ll be able to evaluate your portfolio based on a range of market benchmarks, analyse your risks and exposures, conduct scenario testing and many more. With these capabilities, our platform equips wealth advisors and managers with actionable insights to help facilitate wealth objectives and make informed investment decisions.
Just recently we’ve done a soft launch and we’re excited to share our product with you. Want to learn more about our product features and stay updated with our exciting roadmap ahead? Give us a follow on medium.
