Launching Your Own Digital Wealth Advice or Robo-Advice Platform: Embracing the Latest Advancements

As the wealth management industry continues to evolve, a growing number of firms are looking to launch their own digital wealth advice or robo-advice platforms. Automated investing and financial planning solutions have become increasingly popular, delivering tailored guidance based on clients’ individual circumstances and financial goals.

To remain competitive, firms must shift from a product-focused mindset to a client-centric approach, providing automated and digital solutions. This trend is expected to become the standard for retail-focused financial services firms in the future. Here are some ways your firm can successfully launch its own client-centric robo-advisor:

  1. Building Solutions In-house

Some firms, like Charles Schwab and Vanguard, have developed their own robo-advisory platforms in-house. However, this approach can be time-consuming and fraught with operational risks. In many cases, internal processes can hinder innovation and slow down the development of digital products.

  1. Acquiring Innovative Start-ups

Acquiring a fintech start-up can help larger institutions leverage new technologies and enter new markets more quickly. For example, Invesco acquired Jemstep, and Blackrock acquired FutureAdvisor. These acquisitions allowed these firms to deliver innovative, client-centric advice. However, mergers and acquisitions can be capital-intensive and may lead to challenges in integrating the start-up’s culture of innovation within the larger organisation.

  1. Collaborating with B2B Fintech Start-ups

Forming partnerships with agile, innovative B2B fintech start-ups can help firms launch digital wealth management solutions faster and more cost-effectively. By leveraging the capabilities and technologies offered by fintech firms, financial institutions can gain a competitive advantage, stay relevant, and grow across different market segments. API-driven propositions enable firms to create superior online offerings quickly, enhancing their ability to serve and retain clients.

At WealthObjects, we believe that collaborating with B2B fintech firms and building on each other’s strengths is the best approach for long-term success. As the financial services sector undergoes significant changes, the need for collaboration between established institutions and innovative start-ups is greater than ever.

Let’s start collaborating and create more value together!

– Team WealthObjects

Tags :

digital wealth advice, robo-advice, robo-advisor, wealth management, fintech, collaboration, innovation, financial planning, WealthObjects, B2B fintech start-ups

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