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Financial Advisors to Cash in on New Release of WealthManager

Wealth Management firms to benefit from enhanced client reporting and data aggregation

Temenos, the market leading provider of banking software, today showcases the latest version of WealthManager, an industry leading front-office platform designed to deliver a holistic approach to wealth management.

Increasingly, banks are integrating private banking service offerings to span multiple business lines, driving the need for data aggregation across several sources.
WealthManager consolidates all portfolio and client data through interfaces with back-office systems, broker, custodian and external services. Today, cost pressures are driving the need for reduced total cost of ownership (TCO); banks require front office applications with interfaces to back office systems that deliver a single customer view whilst lowering implementation time, TCO and maintenance costs. The new release of WealthManager has been developed with this mind; for example, it now features new standard interfaces with leading US back-office system providers as well as enhancements for cleaning and mapping multiple sources to a single, client-centric view.

Wealth management firms also benefit from more out-of-the-box reports for portfolio valuation, investment performance and investment policy statements. These give advisors a complete, flexible report catalogue for easy report generation. WealthManager now also features a powerful workflow engine and designer to automate processes such as client on-boarding to ensure that compliance rules, documentation and agreement policies are applied efficiently and cost effectively. Enhancements in portfolio analysis, performance calculation, proposal generation and client management deliver an improved 360 degree customer view.

Isabella Fonseca, Research Director Wealth Management, Securities and Investments, Celent comments: "During the last few years, governments have introduced many new regulations to protect consumers and regulate cross-border activities. These place large administrative overheads on wealth management firms and are driving investment in new technology to automate client on-boarding so regulatory requirements are applied in an automated, more efficient manner."

Jean-Michel Hilsenkopf, Managing Director, Temenos Private Wealth Management comments:
"These new features in WealthManager reflect customer requirements for increased functional richness and faster deployment. Today, banks need improved efficiency and agility to adapt quickly to changing market demands. In response, we have improved the packaging of WealthManager by adding more detailed documentation and pre-defined configurations for faster implementation, configuration and maintenance and a lower total cost of ownership. Enhanced packaging of business functionality and processes gives customers choice, enabling them to rapidly exploit the benefits of flexible, modern and functionally rich solutions for a superior, value added service."