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

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  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

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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

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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