Let’s Get Digital Already: Gearing Up for the Next Stage of Client Reporting Enhancements

by Isabella Fonseca, September 2, 2015
Industry Trends
North America

Abstract

Celent explores how client reporting fits into the evolving wealth management delivery channels. Client reporting remains a priority and is viewed predominantly as a means to improving quality of service to clients in both full-service advisory and self-directed service models.

In the report Let’s Get Digital Already: Gearing Up for the Next Stage of Client Reporting Enhancements, Celent presents the evolution of client reporting in the past two years. 

Main findings of the report include:

  • Digitization has allowed client reporting technology to lend itself to delivery through self-service, hybrid, and full-service advisory.
  • Client reporting fulfills wealth managers’ major technology priorities: data management and integrity, and improving the client experience.
  • The vendor market is extremely crowded, with a series of players offering various levels of functional coverage within the wealth management platform and client reporting processes.
  • Vendors are frequently seeking to differentiate based on their capacity to improve the client experience and on their data management capabilities.
  • Digital delivery — interactive client portal and tools that allow advisors to deliver interactive, real-time reports on the fly — are a “must have” for wealth managers to truly harness power of client reporting tools.

“Previously client reporting was seen as a discrete module of a wealth management platform,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and author of the report. “Today we see client reporting as a distinct and separate module that underlies much of the front to middle and back office functions.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

The Evolution of Client Reporting

2

 

Can We Define Client Reporting?

2

 

Key Research Questions

2

 

Moving from Discrete Module to Integrated Process

3

 

The Importance of Digital in Client Reporting

3

Market Trends

5

 

Adoption

7

 

Technology Trends

7

 

Need to Have Technology

9

Vendor Landscape

12

 

Differentiating Oneself in a Crowded Market

13

Conclusion

16

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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