Wealth management is about trust. It is about giving an advisor control of your financial health and security and depending upon that advisor to make or recommend decisions that help you meet your financial goals. When we, as vendors, focus on features that give our products an edge, we always focus on how specific features can help advisors build more trust. This is what makes relationship hierarchies so important.
In terms of technology, there are minor differences between relationship hierarchies for corporate and investment banking and wealth management. The big differentiator is the intent. Corporate and investment banks track multiple hierarchies for the same corporations, such as risk relationships versus legal relationships. This allows bankers to get a holistic view of what makes the most business sense for a client. Wealth management needs a single hierarchy because they focus on single households and extended households. So, how exactly do you make a hierarchy that specifically speaks to the needs of an advisor?
Leave a Reply