All About New Age Wealth Management

As they say, change is the only universal constant, and this fact remains valid for wealth management’s development over time.

The wealth management sector has evolved over the past decade and continue to do so at a faster pace. This implies that to stay afloat in this sector, wealth management firms need to adopt newer technologies.

Further ahead, we will explore the various nuances within wealth management industry.

The Concept of Modern Wealth Management

There are many developments taking place in the wealth management sector. These modifications will unavoidably make it easier for individuals of all ages to make investments and achieve their financial objectives.

However, certain aspects never change, such as agility, adjusting to new demands, and ensuring that client-centricity, trust, and openness are not jeopardized.

Many industries now see digitally driven solutions as the standard, instead of being a competitive edge. Thanks to the COVID-19 pandemic, this adoption has accelerated across industries.

Businesses may be transformed by technology, which can also improve interactions, user experience and produce specialized solutions that add significant value to satisfy customers.

In order to gather and use data, wealth management firms are now considering solutions driven by artificial intelligence and machine learning solutions. This facilitates the development of customized solutions for customers by wealth managers.

The Different Kinds of Wealth Management

Wealth management, for the majority of financial advisers, is about establishing a long-lasting connection with their customers and giving them peace of mind knowing that competent wealth professionals in the wealth sector are looking after their assets.

A knowledgeable financial adviser can assist you with the various kinds of wealth management.

Let’s examine each of them more closely.

1. Financial Planning & Asset Allocation

This kind of wealth management is centered on giving you financial advice depending on your financial situation in order for you to accomplish both your short-term and long-term financial objectives.

Financial consultants will specifically assist you with budgeting, investing, retirement savings, tax preparation, and other tasks.

Choosing the right kind of assets is of utmost importance and a knowledgeable wealth manager will assist in managing risks and profits while varying the number of investments.

2. Tax Accounting

Tax payments and returns are the main emphasis of this branch of wealth management. Tax accountants may assist you with your taxes, which may be challenging because of investments you have made, by helping you determine what deductions you can make so that you pay less during the tax season.

3. Asset Management

As the name suggests, managing your money is the main focus of this kind of wealth management. By assisting you in purchasing stocks, bonds, funds and then keeping track of them for you, asset managers help you achieve your financial objectives.

Asset allocation and asset management are distinct from each another because asset allocation places a greater emphasis on high-risk, high-reward assets.

4. Estate Planning

Establishing a strategy for handling your estate in the event of your incapacity or passing is the main goal of this sort of wealth management. Works in conjunction with tax planning vertical as well since passing on the wealth invokes wealth tax in most geographies.

How Wealth Management Benefits You

The fundamental benefit of wealth management is that it combines various elements of money management and financial planning into a holistic solution centered on your individual requirements and goals.

Also, you get to have peace of mind with your finances as a personal wealth manager will be assigned to you irrespective of your needs. They will design and manage a custom investment strategy for you by using their expert expertise and in-depth understanding of your future aspirations.

These needs could range from structuring or transferring wealth to planning your rent payment structure.

Below are some ways in which you can benefit from modern wealth management.

  • You get offers of impartial wealth planning guidance for all facets of your money.
  • Direct communication with your wealth manager, which fosters trust and accountability.
  • You get to have regular updates on the performance of your investments from your wealth manager.
  • Access to a portfolio of investments tailored to your needs, risk tolerance, and stage of life.
  • You have experts looking after your money, saving you time and trouble.
  • Suitable investment possibilities have been sourced globally.

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What it Takes to Be a Modern Wealth Manager

1. Certifications

Although qualifications may differ amongst Wealth Management organizations, a bachelor’s degree is the minimum certification needed in the industry. Additionally, if you want to stand out in the market, you should get certain qualifications in a discipline that is linked to money, like accounting.

2. Versatility

Modern wealth managers need to be versatile because the sector constantly evolves. Also, they have to be knowledgeable in areas of sustainable investments, be emotionally attuned to customers of all ages, and knowledgeable about intricate financial and economic concepts. They must also follow the regulations and bring in money.

In other words, a wealth manager of today must be a “Renaissance Person”.

 Advisors should take the initiative to keep their skills in tune with the current market demands. That way, they won’t rely solely on what their firms provide. This is known as continuing professional development (CPD).

Therefore, modern wealth managers and private bankers must ensure they are not left behind in terms of their professional development which is expected to be continuous.

3. Tech-savvy Abilities

Technology is undoubtedly the core of new age wealth management. Today’s wealth managers must embrace diversity and be tech-savvy.

Private banking is no longer only about men conversing with clients in rooms; instead, it has undergone significant transformation. In that regard, the industry has evolved in step with changes in other sectors.

Digital technology definitely plays a significant role in other skill sets, considerably more so than just knowing how to use Teams or Zoom to communicate with clients or fill out online forms.

Digital Transformation In Wealth Management

Better Customer Relationship and Improved Portfolio Management

Technologies like Advanced Analytics, AI & ML can transform personal data into more tailored insights for customers. It helps wealth managers to provide holistic advice to their customers and connect better with the new generation.

Enhanced Flexibility and Scalability

Like any other industry adopting to cloud provides scalability and flexibility to assets and clients being managed. It helps the firms to save on data storage hardware and maintenance costs. For better security and compliance, cloud is proving to be the best way forward for the industry.

Improved Compliance and Digital Documentation

Intelligent Automation can improve efficiency and accuracy in data migration and asset management compliance. Optical character recognition (OCR) and Intelligent character recognition (ICR) are being used for error-free and quick identification and transfer of data from paper to digital systems.


Today, a lot of digital technologies are being employed to improve customer interactions, reporting, and analysis. If technology is properly used, it may significantly improve how people connect with one another.

And how can Indium help in this area?

  • Automate wealth management workflow thus integrating front office, middle office, sales, and back-office functions.
  • Our award winning can be used to extract insights from various sources, thereby helping financial institutions create customized products and services and focused promotions to improve conversions and enhance overall customer experience.
  • By leveraging our cloud solutions financial institutions can modernize their infrastructure, meet rapidly changing customer behaviours and expectations, and drive business growth.

Author: Prashant Gala
Prashant has over 15 years of experience in BFSI Industry having worked with custodian banks, commercial banks, investment banks, asset managers, research firms and financial services firms. His expertise lies in multiple products and markets like equities, fixed income instruments, derivatives, mutual funds, hedge funds, ESG/SRI ratings, passive investment market etc. At Indium, Prashant is an integral part of pre-sales consulting team and has strengthened client relationships, domain knowledge for the team, and guides the success of high-performing teams.