According to the report, financial planning will become a more important part of financial advisors' value proposition as regulators in key financial markets draft legislation that requires financial advisors to act as fiduciaries with all clients, and wealth management firms seek to differentiate financial advisors' offerings from those of online brokerages. The report evaluates advisor-directed financial planning solutions from 11 vendors, which were divided into three groups: Group 1, focusing on providing deep financial planning capabilities; Group 2, offering financial planning solutions that integrate other wealth management capabilities such as portfolio construction and monitoring; and Group 3, having traditional strength in investment management technology and services and added financial planning capabilities through an acquisition or internal development.
Sophie Schmitt, senior analyst at Aite Group, said, âSunGardâs WealthStation includes all of the wealth management workflow components on one platform, including portfolio management and reporting. In addition, the solution includes comprehensive financial planning capabilities through 60 different modules that range from calculators to integrated, cash-flow-based analyses. These attributes make it an excellent choice in the Group 2 category, for firms or wealth management groups with a banking or wealth management background that aim to integrate their financial planning offering into a broader wealth management and/or banking solution.â
Blaine Maxfield, executive vice president of SunGardâs wealth management business, said, âThe growing importance of financial planning is leading to greater adoption of technology to help advisors increase service to clients. WealthStation is constantly evolving to meet changing needs of advisors by providing further platform consolidation, expanding Web Services, meeting new regulatory compliance requirements, and improving efficiencies in advisor workflow.â
SunGard is a leading provider of wealth management solutions that help banks, trust companies, brokerage firms, insurance firms, benefit administrators and independent advisors acquire, service and grow their client relationships.