Wealth management software is a tool used to streamline enterprise financial and back office operations. It is used by several companies which are involved in conducting financial activities, such as investment management firms, trading and brokers, and banks. Wealth management platforms are designed to improve the performance of advisory tools. This is intended to meet global strategic wealth management processes and fundamental customer-specific needs. The major factors boosting the growth of the market include the increasing number of high-net-worth individuals (HNI) and increasing need for managing financial information in a stringent regulatory environment. Financial markets are highly subjected to stringent regulatory requirements. The Foreign Account Tax Compliance Act (FATCA) is one of the crucial regulations for financial institutions. FATCA is a US federal law passed by Congress in 2010. This is intended for targeting non-compliance by the US taxpayers that are using foreign accounts. The act requires foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) information regarding financial accounts held by the US taxpayers, or by foreign entities in which the US taxpayers hold a substantial ownership interest.
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Moreover, financial institutions continuously struggle with the changing fiduciary standards and compliances that restrict their work efficiency. This, in turn, increases the need to adopt solutions that caters to changing needs. The use of wealth management software enables users to store and capture information and documents electronically. This allows to quickly access data and documents and ensures content security while supporting to proactively manage regulatory compliance. Moreover, wealth management firms are working towards augmented reporting tools to further improve the entire advisory process, which, in turn, is offering significant opportunity for the growth of the market.
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Market Segmentation
Global Wealth Management Software Market by Advisory Model
- Human Advisory
- Robo Advisory
- Hybrid Advisory
Global Wealth Management Software Market by Deployment
- Cloud
- On-Premise
Global Wealth Management Software Market by End-User
- Trading & Exchange Firms
- Brokerage Firms
- Banks
- Investment Management Firms
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
Company Profiles
- aixigo AG
- Aptitude Software Group PLC
- Broadridge Financial Solutions, Inc.
- Comarch SA
- COR Financial Solutions Ltd.
- Dorsum Co. Ltd.
- Ebix, Inc.
- eFront SAS
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