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Wealth Management Clients Demand a Better Reporting Experience from their Banks According to New Paper from Actuate and IBM

Actuate Corporation (NASDAQ: ACTU), the leader in Business Intelligence, Performance Management and Reporting Applications, today published a new wealth management paper authored with IBM (NYSE: IBM), highlighting that wealth management firms must transform their client reporting systems to satisfy the demands of a new, investment and web-savvy breed of clients. Banks must respond by delivering a compelling, sophisticated, Google-like client reporting experience to satisfy clients, drive loyalty and increase their competitiveness.

The paper entitled “Next Generation Wealth Management – Exceeding Expectations through Responsive, Dynamic Client Reporting”, was jointly authored by wealth management experts from Actuate and IBM and gives valuable and timely insight into how the wealth management industry is adapting its products and services suites to accommodate a new generation of wealth creators.

The industry is still growing, and fast. Citing research from the IBM Wealth Management Survey, Celent and the Boston College Social Welfare Research Institute, the paper explains that the size of the market is expanding along multiple lines. The wealth of high-net-worth individuals is expected to grow by six percent annually, while over the next 15 years those older than 65 with investible assets of more than $1 million are expected to increase sevenfold. In addition, this vast wealth is being passed on with a staggering $41 trillion expected to be transferred between generations over the next 50 years. At the same time, client demands have now changed considerably. Investors expect not only the more ‘traditional’ wealth management services - wealth preservation products and estate planning - but also a level of sophisticated asset allocation. This trend is being championed by a new breed of millionaires who are more business-savvy than some of their more traditional counterparts as well as the younger generations coming into transferred wealth.

The paper also outlines and addresses some of the challenges faced by Wealth Managers; what do they do when clients expect on-demand, real-time, single-view reporting on a diverse range of assets and allocations - which their systems are simply not equipped to deal with? Client expectations of service experience are increasing because of their own experience of the power and usability of the Internet as a tool to track their business and the markets they invest in; giving them real-time information at their fingertips. As these clients continue to seek accurate online access to performance information with dynamic tools for self-analysis, the Relationship Manager needs access to an even higher level of information manageability – so that he can tailor, contextualise and drive the value of the information and service he provides to the client.

“Banks must address several key issues to ensure client reporting can be leveraged as a brand differentiator. Although easy to identify, these requirements present some tough technical demands,” said Todd Paoletti, director of Customer Self Service Solutions at Actuate and one of the papers’ authors. “These technical demands include pulling together reliable, accurate information from multiple sources to present a holistic, customised view of the performance of a range of products; and ideally delivering that information in real time, using the latest Web 2.0/Rich Internet Application (RIA) technology, to offer the most sophisticated and dynamic interactive web experience. This paper gives valuable insight into the drivers and challenges that wealth providers face to satisfy the appetite of this new generation of web-savvy clients. ”

“Delivering this next generation of rich, dynamic and holistic client reporting tools across the myriad of new investment products offers Wealth Managers clear competitive advantage, while ensuring that critical regulatory considerations are met,” added Rohitha Perera, Partner, IBM Global Business Services and a contributing author to this paper. “IBM’s experience in business consulting, integration and software coupled with Actuate’s sophisticated and dynamic client reporting technology, offer a compelling, integrated business solution for client reporting - ensuring Wealth Managers proactively service a growing client need that directly impacts revenue generation.”