What to consider when choosing a wealth management tool?

Digital wealth management tools have become increasingly popular in recent years, offering individuals access to professional investment services at a fraction of the cost of traditional wealth management services. However, with so many options available in the market, choosing the right digital wealth management tool can be a daunting task. Here are some important factors to consider when making your choice regarding wealth managements.

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All-in-one tools for wealth managers

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Firstly, it's essential to understand what wealth management entails. Wealth management is a comprehensive approach to managing wealth that includes investment management, financial planning, and other financial services. When choosing a digital wealth management tool, you must consider the range of services offered by the platform. Some platforms offer only investment management services, while others provide a more comprehensive range of services. Consider what services you require and choose a platform that meets your needs.

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All about safety - the compliance

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Secondly, consider the compliance functionalities of this tool. Make sure that the platform you would like to purchase is compliant with financial service acts of the country of your domicile. For Swiss wealth managers, Switzerland's Financial Services Act (FIDLEG) is a comprehensive set of regulations governing financial services providers in the country. As a result, Swiss wealth managers should consider purchasing a wealth management tool that is FIDLEG compliant to ensure that they are operating within the boundaries of the law, build trust with their clients, and improve their operational efficiency. The regulations under FIDLEG are designed to protect investors and ensure that financial services providers act in a responsible and ethical manner, and by using a FIDLEG compliant wealth management tool, Swiss wealth managers can demonstrate their commitment to compliance and provide the best possible service to their clients.

When checking compliance, functionalities of digital management tool anti-money laundering (AML) capabilities can’t be overlooked. AML transactions refer to transactions that involve the transfer of funds that have been obtained through illegal activities, such as money laundering or terrorist financing. Digital wealth management platforms must comply with AML regulations to prevent these activities. Choose a platform that has robust AML procedures in place to ensure the security of your investments.

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All about flexibility - make your wealth management tool tailor-made

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Thirdly, you should take into consideration flexibility and customization options of the system you would like to use. Wealth managers work with a wide range of clients and have different strategies and approaches to managing their clients' portfolios. Therefore, a wealth management tool that can be customized based on their needs is essential. Customized wealth management tools can help wealth managers provide tailored services to their clients, improve their operational efficiency, and help wealth managers differentiate themselves in a crowded market. Options to configure your own asset tree, fees methodology or AML thresholds can be a great help for your everyday work.

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All about users - the friendly digital platform to manage wealth

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Fourthly, the user experience of a digital wealth management platform is also an important factor. Some platforms may have intuitive interfaces and easy-to-use tools, while others may be more complex and difficult to navigate. Additionally, some platforms may offer more personalized support and guidance than others, which can be especially important for novice investors.

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All about support

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Finally, customer service is an important consideration when choosing a digital wealth management tool. Look for platforms that offer responsive customer service, whether it’s through phone, email, or online chat. Additionally, some platforms may offer more personalized support, such as access to dedicated customer success managers, who will make sure that the whole communication will be tailored to your needs.

Choosing the right digital wealth management tool is essential for managing your wealth effectively. When selecting a platform, consider the range of services offered, compliance functionalities, its flexibility, user experience and customer service. By considering these factors, you can choose a platform that meets your needs and helps you achieve your investment goals.

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It is always good to talk to professionals! Get in touch with our top advisors to discuss all the functionalities of WealthArc platform!