The TV critic of the NY Times, James Poniewozik, described Netflix as “breathtakingly broad and microscopically niche at the same time” and this is the essence of its success. How do you achieve this in Wealth Management?
As a “Netflix” Wealth Manager you must have a way to have all the “content” in one accessible place, that can then be combined and delivered in a way that makes sense to the client. In the wealth world content=transactions, ones that can be grouped, consolidated, analyzed and reported on. You need the transaction information at the most granular level because various elements of it drive functionality around analysis, tax, financial planning, etc. A “Netflix” Wealth Manager must also have access to tools that can transform and deliver the transaction content to the client in any way (such as interactive reports, projections, etc.) or channel (browser, phone, etc.).
Like Netflix, content is the key to success for the wealth manager. In the wealth world the more sophisticated the client is, the broader the content a wealth manager needs to meet their expectations. For the Ultra High Net Worth (UHNW) client it’s not enough to gather data from Custodians and Banks about the outcome of transactions. These sophisticated clients also have transactions that are being created through hedge funds, private equity, real estate and other investments. These generate transactions such as capital calls, disbursements, bill-pay and the like and typically these are recorded in both an investment ledger and a general ledger.
A “Netflix” Wealth Manager, especially for the UHNW, needs an operational platform that has capability that is “breathtakingly broad and microscopically niche at the same time”. Broad enough to be able to provide aggregation to a Net Worth Statement, yet granular enough to allow drill-down from that consolidated view to the underlying transactions that make-up any line item.
When you take into consideration the range of possible transactions in the wealth management space it is no wonder that up until now wealth management technology vendors have focused on particular functions and their associated transactions (such as portfolio reporting, CRM, etc.).
Netflix has several proprietary elements, like it’s recommendation algorithm, that set it apart. When you look at Eton Solutions, it is things like the underlying data model that allow it to be both “broad” and “niche” at the same time.
- Integrated enterprise management system for wealth management
- Full suite of CRM, data aggregation, trade capture, investment ledger, general ledger, performance reporting, partnership accounting/reporting, trust accounting/reporting, cash management, risk management, compliance, document management, client reporting, client portal, payment processing and transaction initiation
- Proprietary process and role-based workflow functionality
- Cradle-to-grave transactional processing without touching the data
Eton Solutions is the premier Wealth Management Platform for the 21st Century.