Digital Transformation has come for the Wealth Management industry and no firm will be left untouched. The Great Wealth Transfer is looming. Massive client behavior changes have already started. Intensifying competition and new start ups are putting the pressure on. Firms have a lot of work to do. 

Wealth Management organizations gain a competitive advantage when they place clients, advisors, and employees at the center of their business. Digital transformation projects must provide measurable results for the business. The following are three real world examples (plus a bonus!) of Wealth Management customers that built new solutions that improved experiences for different key audiences which all significantly impacted their ability to win new clients, improve existing client experiences, or operate more efficiently.

Websites

A Website That Drives Inquiries and AUM

 

Customer Notes

• Multinational financial services firm 
• Provides services in retail banking, commercial banking, and wealth management
• Project completed for US-based wealth management subsidiary 
• $80-90 billion USD  in regional AUM

Project Benefits 

• Estimated 30% reduction in IT tickets from advisors, 5x increase in traffic,  and 15% increase in prospect inquiries 
• Quickly created a robust marketing website with anonymous experiences for prospects and logged in experiences for clients using out of the box features which reduces internal IT effort
• Easy to create and maintain templated advisor sites which makes advisors more self-sufficient
• Prospective clients are able to effortlessly find advisors and content that fit their needs which drives more inquiries

This wealth management firm needed to update an aging marketing website that was predominantly a difficult to update digital brochure. They wanted a modern web experience for anonymous prospects as well as a login for clients to access proprietary research and insights. They were able to use out of the box functionality to create a wide breadth of page types including company details, services, product overviews, blogs, advisor bios, and resource library. Prospects can search for advisors by specialities and clients can access gated thought-leadership content and research. 

Liferay DXP has made content management less costly to keep up-to-date, especially for high maintenance advisor websites with bios, investment philosophies, resource libraries, and contact forms. All of these are now templated sites that maintain brand consistency and quality with ease, reducing IT and Marketing support costs, and improving experiences for prospects and clients. Further, other business units like private banking, commercial banking, and regional subsidiaries are able to utilize the same corporate and advisor templates bringing additional value from the investment. 

 

Advisor Portals

 

Advisors Save an Hour-a-Day

 

Customer Notes

• Multinational financial services firm 
• Provides services in private banking and wealth management
• Project at Asia Pacific wealth management subsidiary 
• $140-150 billion USD in regional AUM

Benefits

• Advisors save an estimated 1 hour a day
• 1 hour a day x 240 work days per year x 1,700 advisors = 408,000 hours saved per year
• Hours gained in productivity gives advisors more time to focus on high value tasks such as recruiting new clients and keeping existing ones happy

If each of us had the option to save an hour-a-day, it would be a no brainer. So, for this wealth management firm, finding a way to save their advisors an hour-a-day meant big gains when they multiplied that hour saved across the 240 work days per year for their 1,700 Asia Pacific wealth advisors. 

Using Liferay to create their vision of an advisor portal, they were able to integrate multiple backend systems bringing crucial client information into one unified view. The advisor portal has features such as client portfolio tracking, portfolio performance, tracking against goals, alerts, security reports, orders, account statements, call reports, cash management, etc. 

Combining client information from different applications into one application makes it easier for advisors to quickly review client accounts prior to client meetings, saving them on average an hour a day, and making every interaction more valuable for the client. It also means more time for advisors to recruit new clients as well as keeping existing ones happy. 

 

Client Portals

Retain and Grow AUM in the Next Generation of Wealth

 

Customer Notes

• North American financial firm 
• Provides services in retail banking, commercial banking, private banking, and wealth management
• $3-5 billion USD in revenue and $80-90 billion USD in assets

Benefits

• Provides a modern digital experience to couple with the white glove wealth advisor service for the next generation of clients
• Reduced client support costs while improving their experience, retaining AUM that would have left for more modern experiences
• Existing project was easily duplicated and repurposed for the Wealth Management audience
• Created consistency of experience between products making cross-selling easier

This large regional bank recognized the need to create better digital experiences to complement the service that their wealth management advisors provide to their clients. They weren’t looking to replace the white glove experience, rather, couple it with a modern application that allows clients to visualize assets and cash flow, review goal oriented portfolio performance, read investment research, or schedule time to meet with their advisor. 

What makes this project an even better value is the fact that they were able to utilize the development done for their SMB client portal, also built on Liferay DXP, set up new integrations, and adapt the UI to the Wealth Management audience. 

That's 3 specific Liferay customer examples for digital transformation in Wealth Management. But there are others and having a digital experience platform to build on positions firms to be able to meet market demands much more quickly than the past.

Hence, the next example is of a customer using Liferay to build a suite of various experiences across their business as the needs arose. This is a bonus fourth use case of multiple uses cases. 

 

Digital Operations

 

A Platform for Rapidly Creating Bespoke Solutions

 

Customer Notes

• Global top 10 bank (ranked by assets)
• Services include retail banking, commercial banking, and wealth management

Benefits

• Created a suite of solutions on Liferay DXP, maximizing investment in software and development experience, solving multiple business problems with one vendor
• One of their solutions is an official knowledge portal for proprietary investment research and strategies
• This knowledge portal gets all of the institutional investors on the same page, aligns strategy, and reduces risk
• Knowledge portal is also available to client investors who are interested in insights and education

This financial firm found it impossible to keep their thousands of institutional investors and financial advisors on the same page with investment strategies. To address this across the enterprise, they implemented a knowledge portal that consolidates all their proprietary investment research into one authenticated site for use by their employees and privileged clients. Fast, sophisticated, and secure, this portal keeps investors and advisors aligned on key strategies and maximizes ROI for clients while minimizing loss for the company. 

But it doesn’t end there. One successful project begets others and this firm has implemented multiple internal solutions and external products on Liferay DXP, allowing them to gain economies of scale on their DXP investment. This firm found Liferay DXP especially suitable for their enterprise’s complex requirements and business. 

Set the Pace In a Rapidly Changing Industry

Liferay’s financial services customers include 160+ banking and investment firms along with 120+ customers in the adjacent insurance sector. Companies with complex regulatory environments and challenging requirements have gravitated towards using Liferay DXP to execute their solution visions. 

Within wealth management, there are four specific use cases that Liferay DXP is particularly well suited for: Websites, Advisor Portals, Client Portals, and a variety of Digital Operations. 

Learn more about Liferay's financial services and wealth management solutions.