Top 5 Software that are essential in every WealthTech Organization’s Repertoire

The WealthTech sector, these days, is witnessing an impressively lengthy list of revolutionary software. This piece intends to familiarize its users with five such software along with their objectives and capabilities. The readers will also be familiarized with trade order management systems, portfolio management systems, performance reporting systems, billing systems, and CRM. So, read on! 

Trade Order Management System: An Overview 

Let us start with the basics. What is trade order management system (OMS)? It is a platform responsible for the management of the trade orders in the securities market. Who uses OMS? It is used by the traders, investment firms, and the financial institutions. OMS enables the users to place buy or sell orders into the system. The orders can be placed manually as well as automatically with the help of integration. This integration requires an algorithm or another trading platform. 

The Best Trade Order Management Software: Charles River IMS (Investment Management System) is trusted by investment firms, wealth managers, and asset managers across the globe for the generation, execution, and allocation of orders across several asset classes. Real-time trade execution and seamless settlements are ensured through the effortless integration of Charles River IMS with the custodians, execution platforms, and market data providers. 

Portfolio Management System: What is it? 

What is Portfolio Management System (PMS)? It is a platform responsible for managing the portfolios of the investors. Who uses portfolio management system? It is used by investors and financial professionals. PMS facilitates tracking and analyzing the portfolios. It also plays a vital role in performance management, risk assessment, and reporting. Investors rely on PMS for making rational decisions. PMS can be manual as well as automated. 

The Best Portfolio Management Software: Orion Portfolio Solutions is trusted by Registered Investment Advisors (RIAs), asset managers, and wealth managers across the globe for portfolio management and reporting. Retaining customers becomes easy through personalized proposals. Based on individual financial goals, risk tolerance, and investment preferences, bespoke client portfolios are easily constructed from scratch. 

Orion Portfolio Solutions can easily be integrated with many third-party applications and systems. This integration helps in streamlining operations and maximizing efficiency. Decision-making is facilitated through engaging and relevant charts, customizable dashboards, and elucidated performance reports. 

Performance Reporting System: The Basics 

What is Performance Reporting System? It is a platform responsible for analyzing the performance of investment portfolios and assets. Who uses Performance Reporting System? It is used by the investors and the stakeholders. The performance of the investment is assessed based on metrics like benchmarks, returns, and risk measures. Investors derive fruitful insights from the reports generated by Performance Reporting System in the form of tables, charts, and graphs. 

The Best Performance Reporting Software: Morningstar Direct is trusted by wealth managers, financial advisors, and institutional investors across the globe for performance reporting, benchmarking, and risk assessment across several classes. Morningstar Direct features personalized dashboards and an intuitive user interface to facilitate the generation of performance reports that are extremely insightful. Extensive research on mutual funds and ETFs can easily be carried out with the help of Morningstar Direct. 

Billing System: The Highlights 

What is a billing system? It is a key component responsible for managing the fees and charges associated with availing wealth management services. Who uses a billing system? It is used by investment managers, financial advisors, and wealth management firms. Most of the billing systems, these days, are automated. Therefore, they are capable of handling fee structures regardless of their complexity. 

The Best Billing Software: Black Diamond Wealth Platform is trusted by wealth management firms and individual financial advisors for creating personalized invoices. The invoicing process that involves fee calculation followed by invoice generation and ends with invoice distribution, is streamlined with the help of customizable workflows and intuitive interface offered by Black Diamond Wealth Platform. Automated billing saves a lot of time and effort. 

CRM: In a Nutshell 

What is Customer Relationship Management (CRM)? It is a system that intends to enhance customer satisfaction through excellent service and bespoke solutions. CRM centralizes and organizes every piece of information pertaining to the clients. Who uses CRM? CRM systems are used by investment managers, financial advisors, and wealth management firms. Tracking the progress of the clients’ financial targets becomes extremely easy with the help of a CRM. 

The Best CRM Software: Salesforce Financial Services Cloud (FSC) is trusted by financial services firms and wealth management organizations for managing client relationships, tracking financial objectives, and ensuring compliance with all the regulatory requirements. The delivery of personalized experience becomes easy for the financial advisors by thoroughly analyzing the profiles of the clients and regularly monitoring their interactions across all the channels. Consequently, the advisors are rewarded with long-term clients. 

Salesforce FSC is extremely customizable and flexible. The data fields, workflows, and user interfaces can be created as per the requirements and in the minimum possible time. Salesforce FSC can also be easily integrated with a good number of third-party applications. This integration helps organizations in ensuring a seamless flow of data. 

Salesforce FSC is equipped with features like audit trail, data encryption, and role-based access control (RBAC) to ensure compliance with all the regulations and protect sensitive client data. Financial advisors have the freedom to access Salesforce FSC from anywhere and at any time because of its compatibility with the mobile devices along with the web browsers.  

Hexaview Technologies is a digital transformation organization that has been providing WealthTech services to a rich number of established clients for over a decade now. Hexaview is equipped with a team of experienced WealthTech professionals who have always exceeded the expectations of all the clients. The long-term persistence of many of these clients with Hexaview testifies that superlative quality is always bundled with every project. 

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