Half of Europe’s wealth managers ‘dissatisfied’ with their tech systems

This is according to research by Avaloq conducted among 200 wealth management professionals in six markets between February and March 2023.

Nearly half (45%) said their systems are outdated, while 31% are satisfied that their technology is up to date.

Meanwhile, just 29% believe their technology is designed to suit their needs and 38% say they can easily find the information they need.

Just over half of wealth managers globally (54%) use investment advisory technology in client meetings. Of those not yet using their advisory systems in client meetings, two thirds (67%) said they would like to.

The biggest barriers to using advisory tools in client meetings are user interfaces that are not optimised (69%) and technologies that are too confusing to use with clients (60%).

For UK wealth managers, while a similar amount (55%) use investment advisory tools in client meetings, just 44% of those who do not, said they would like to.

UK and Ireland managing director Suman Rao said: “Our research reveals that too many wealth management professionals are burdened with complex, outdated technology systems that do not provide them with the support they need in client meetings.

“Despite this, they are aware of the potential benefits a well-functioning technology system can provide to their day-to-day operations, so it is important that providers step up to deliver the analytics, automation, and visualisation that they need.

“Often, wealth management professionals use too many different systems and would benefit from simplifying or consolidating their technology ecosystem. Finding the right partner will help them to streamline their operations and better use their technology to improve client service.”

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