Wealth Management Platform Market Size & Trend Report 2028

Wealth Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Advisory Model (Human Advisory, Robo-Advisory, and Hybrid), Business Function (Performance Management, Risk and Compliance Management, Portfolio Accounting and Trading Management, Financial Advice Management, Reporting, and Others), Deployment Type (Cloud and On-Premise), and End User (Investment Management Firms, Trading and Exchange Firms, Banks, Brokerage Firms, and Others)

  • Report Code : TIPRE00007351
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 203
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The wealth management platform market is expected to grow from US$ 3,710.4 million in 2021 to US$ 9,197.6 million by 2028; it is estimated to grow at a CAGR of 13.8% from 2021 to 2028.

The wealth management platform is specially designed for planning and monitoring financial services, combined with tax and legal advisory, estate planning, personal retail banking services, and investment management. Growing digitalization across various sectors and continuous emphasis on automating the system by financial institutions are focused on developing workflows to simplify the lives of their customers. Financial service providers are progressively implementing open application program interface (API) frameworks to offer their financial services along with third-party products, with the help of bank channels and other digital platforms. The APIs permit the service providers to access each other’s products and services mutually. However, conventional financial advisors are responding to varying preferences of the investors by adopting in-house platforms to meet the growing requirement of clients. Wealth management platforms offer various benefits, such as enriched and streamlined business, increased business processes efficiency via system automation, regulatory requirement compliance, services standardization, Omni channel approach, and excellent user experience. The wealth management software consists of advisor front-office, client reporting, performance and risk analytics, portfolio management, and multichannel client front-end modules. The advancements in technology increased the acceptance of Robo-advisory, which integrates AI and analytics into the system.

Several industries are concentrating on the advancement in their wealth management platforms. The local and federal governments of economies are imposing mandatory regulations and compliances for wealth management activities. Several companies providing wealth management platforms develop advanced and efficient software and solutions by channelizing their primary focus on the development of products.

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Wealth Management Platform Market: Strategic Insights

Wealth Management Platform Market

  • CAGR (2021 - 2028)
    13.8%
  • Market Size 2021
    US$ 3.71 Billion
  • Market Size 2028
    US$ 9.2 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • Broadridge Financial Solutions, Inc.
  • Comarch SA
  • FIS Global
  • InvestCloud
  • Fiserv, Inc.
  • InvestEdge, Inc.
  • Profile Software S.A.
  • SEI Investments Developments, Inc.
  • SS&C Technologies, Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Advisory Model
  • Human Advisory
  • Robo-Advisory
  • Hybrid
Business Function
  • Performance Management
  • Risk and Compliance Management
  • Portfolio Accounting and Trading Management
  • Financial Advice Management
  • Reporting
  • Others
Deployment Type
  • Cloud and On-Premise
End User
  • Investment Management Firms
  • Trading and Exchange Firms
  • Banks
  • Brokerage Firms
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.


Impact of COVID-19 Pandemic on Wealth Management Platform Market

North America has the highest rate of advanced technology adoption due to favorable government policies fostering innovation and enhancing infrastructural abilities. As a result, every factor affecting the region's industrial performance obstructs its economic development. The US has become the world's worst-affected country due to the COVID-19 outbreak, causing governments to impose a number of limitations on industrial, commercial, and public activities in the country to contain the disease's spread. According to the Center for Strategic and International Studies, due to the COVID-19 impact, the US experienced a contraction in GDP. As per the recent World Health Organization (WHO) statistics, presently, the US is the world's worst-affected country due to the COVID-19 outbreak, with the highest number of confirmed cases and deaths. The high number of COVID cases has negatively impacted the country's and region's economies. There has been a decline in overall business activities and growth of various industries operating in the region. Thus, this has affected the revenue of key wealth management platform market players operating in North America. The business shutdowns and cancellation and postponement of product launches across the US, Canada, and Mexico have impacted the adoption of the wealth management platform market in 2020.

Market Insight

Rising Adoption of Robo Advisors in Wealth Management

The financial sector is continually adopting advanced technologies to provide financial services in cheaper and efficient ways. These advanced and creative technologies garnered attention during the global financial crisis of 2007–2008, when strict rules were imposed on conventional banks, and innovations in the IT industry increased the incentives for expanding nonbank and technology-based financial enterprises. For instance, a few technological revolutions in the finance sector comprise mobile payments, ATMs (automated teller machines), and trade finance using blockchain. The technological interruptions in wealth management services consist of Robo-advisors and automated financial advisors designed to compete with human advisors. Robo-advisors advise various investing techniques for goals, such as saving for significant expenses, retirement, and maintaining a stream of income to handle expenses effectively. Advantages of Robo-advisory management wealth services over traditional services, involving human advisory, are easy accessibility, affordability, and the ability to offer their clients the option to obtain financial advice and handle investments at any time, from any place, with the help of an Internet connection. Robo-advisory allows the wealth management platform market players to provide their services at low fees, permitting them to expand into the wealth management platform market.

Deployment Type Segment Insights

The wealth management platform market, by deployment type, is segmented into cloud and on-premises. The cloud hosts the applications offsite; hence, it is hugely adopted by small and medium-sized organizations. Cloud deployment requires limited capital expenditure, enables daily data backup, and allows businesses to pay only for the resources they use. The growing acceptance of this technology across numerous sectors and the increasing requirement of modified business operations are driving the cloud-based wealth management platform market growth.

Advisory Model Segment Insights

The wealth management platform market, based on advisory model, is segmented into human advisory, robo-advisory, and hybrid. The human advisory model develops the financial strategy and configures the robo-advisory model, which then aids in decisions regarding investments and deals based on financial instruments. This operation provides customers with a balance of digital services and access to a human advisor for important investment choices. Furthermore, human advisors do not always have the bandwidth, intellect, or skill to digest data quickly enough to deliver timely interactions. Nevertheless, this model assists investors in dealing with emotionally charged issues, such as deciding whether to support a child's education or arrange for rising healthcare costs for elderly parents.

Business Function Segment Insights

The wealth management platform market, by business function, is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. Portfolio accounting refers to tracking the performance of individual securities in a stock portfolio, evaluating which investments might be increased or decreased, and assessing the portfolio to ensure that it meets the investor's growth expectations. Portfolio accounting and trade management assists high-net-worth (HNW) people in successfully and safely managing their financial assets. Due to the rising number of high-net-worth people worldwide, the wealth management platform market for portfolio accounting, and trade management platforms would continue to grow during the forecast period.

End User Segment Insights

The wealth management platform market, by end user, is segmented into trading & exchange firms, banks, brokerage firms, investment management firms, and others. A routine at investment management firms includes investing money collected from clients and choosing the best available investments on their behalf. All types of investments are associated with certain level of risk factor wherein the firms need to achieve a good return on investment ensuring a bearable risk for clients. Investment management firms typically undertake superlative efforts for creating an investment portfolio for their clients. They face notable challenges in managing wealth due to complex investments, fluctuating markets, intricate organizational structures, and operational difficulties.

 

The wealth management platform market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In January 2022, Broadridge Financial Solutions, Inc. collaborated with Santander Investment S.A. for the live availability of a new Spanish issuer “golden copy” event notification and vote execution service for the Spanish market.

The wealth management platform market, by deployment type, is segmented into cloud and on-premises. The market, based on advisory model, is segmented into human advisory, robo-advisory, and hybrid. The wealth management platform market, by business function, is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. The wealth management platform market, by end user, is segmented into trading & exchange firms, banks, brokerage firms, investment management firms, and others. Based on region, the global wealth management platform market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Wealth Management Platform Market Report Scope

Report Attribute Details
Market size in 2021 US$ 3.71 Billion
Market Size by 2028 US$ 9.2 Billion
Global CAGR (2021 - 2028) 13.8%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Advisory Model
  • Human Advisory
  • Robo-Advisory
  • Hybrid
By Business Function
  • Performance Management
  • Risk and Compliance Management
  • Portfolio Accounting and Trading Management
  • Financial Advice Management
  • Reporting
  • Others
By Deployment Type
  • Cloud and On-Premise
By End User
  • Investment Management Firms
  • Trading and Exchange Firms
  • Banks
  • Brokerage Firms
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Broadridge Financial Solutions, Inc.
  • Comarch SA
  • FIS Global
  • InvestCloud
  • Fiserv, Inc.
  • InvestEdge, Inc.
  • Profile Software S.A.
  • SEI Investments Developments, Inc.
  • SS&C Technologies, Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

     

    Wealth Management Platform Market – Company Profiles

    • Broadridge Financial Solutions, Inc.
    • Comarch SA                 
    • FIS Global          
    • InvestCloud                  
    • Fiserv, Inc.     
    • InvestEdge, Inc.
    • Profile Software S.A.               
    • SEI Investments Developments, Inc.           
    • SS&C Technologies, Inc.
    • Temenos Headquarters SA
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Advisory Model, Business Function, Deployment Type, and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which region has dominated the wealth management platform market?

    In 2020, North America held the largest market share of 36.9% in 2020, followed by Europe and APAC.
    Which are the major companies in the wealth management platform market?
    The major companies in wealth management platform includes Blackrock, Vanguard, UBS, Fidelity Investment and State Street Global Advisors.

    Which advisory Model of location is expected to dominate the market in the forecast period?

    The human advisory segment led the wealth management platform with a market share of 51.0% in 2020. It is expected to account for 43.4% of the total market in 2028. The human advisory model develops the financial strategy and configures the robo-advisory model, which then aids in decisions regarding investments and deals based on financial instruments. This operation provides customers with a balance of digital services and access to a human advisor for important investment choices. Furthermore, human advisors do not always have the bandwidth, intellect, or skill to digest data quickly enough to deliver timely interactions. Nevertheless, this model assists investors in dealing with emotionally charged issues, such as deciding whether to support a child's education or arrange for rising healthcare costs for elderly parents.

    Which business function is expected to dominate the market in the forecast period?

    The portfolio accounting and trading management segment led the wealth management platform with a market share of 35.1% in 2020. Portfolio accounting refers to tracking the performance of individual securities in a stock portfolio, evaluating which investments might be increased or decreased, and assessing the portfolio to ensure that it meets the investor's growth expectations. Portfolio accounting and trade management assists high-net-worth (HNW) people in successfully and safely managing their financial assets. Due to the rising number of high-net-worth people worldwide, the market for portfolio accounting, and trade management platforms would continue to grow during the forecast period.

    What are market opportunities for wealth management platform market?

    Long-term financial planning is a procedure of aligning the financial capacity of an individual with long-term service goals by financial forecasting. Different governments globally have an overall long-term financial planning process that encourages the discussion of a long-range perspective used by decision-makers. Wealth management tools help minimize financial difficulties by generating long-term and strategic thinking. They are essential for effective communication with external and internal stakeholders. Adoption of Al and analytics provides the analysis phase to provide information that aids in the strategizing and planning. The analysis phase comprises financial and forecasts analysis, often associated with long-term financial planning. It also involves information gathering, trend forecasting, and analysis. These analyses create awareness about long-term financial planning among the masses, which would create lucrative opportunities for the wealth management platform market during the forecast period.

    What are reasons behind wealth management platform market growth?

    Continual increase in the billionaire population across the globe boosts the number of high-net-worth people (HNWIS) in the region. Asia has nearly the same number of HNWIs as Europe, but Asia is expected to be the fastest-growing HNW area in the next five years, according to Wealth-X. Singapore and Hong Kong are projected to be the region's primary hubs and other nations would import or establish services for HNWs in the region. The regional development and professionalization of services in China are growing at a high pace with the help of government regulations to take benefit from wealth management platform. As per Knight Frank's 13th edition of The Wealth Report, the number of billionaires in APAC is estimated to increase by 27%, exceeding the number of billionaires present in North America (17%) and Europe (18%) in the next four years. As per Knight Frank's forecasts, 8 out of the top 10 countries, by future growth, are in Asia, with Ukraine and Romania taking the remaining spots. India is at the forefront with 39% growth in the number of HNWIs, followed by the Philippines (38%) and China (35%). Independent wealth managers deal explicitly with tax, risk management, and estate planning for managing the wealth of their HNWI customers. Thus, the rising number of HNWI plays a vital role in the growth of the wealth management platform market globally.

    The List of Companies - Wealth Management Platform Market

    1. Broadridge Financial Solutions, Inc.
    2. Comarch SA                 
    3. FIS Global          
    4. InvestCloud                  
    5. Fiserv, Inc.     
    6. InvestEdge, Inc.
    7. Profile Software S.A.               
    8. SEI Investments Developments, Inc.           
    9. SS&C Technologies, Inc.
    10. Temenos Headquarters SA

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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