FutureVault appoints Clifton Schaller as Chief Growth Officer to lead the company’s corporate strategy and innovative growth.
TORONTO, October 9, 2023 — FutureVault Inc. (“FutureVault”), an industry-leader in secure document exchange and digital vault solutions pioneering the Personal Life Management Vault™ for financial services and wealth management organizations, announced earlier today the appointment of Clifton Schaller as the company’s Chief Growth Officer.
“We could not be more pleased to introduce Clifton Schaller as our Chief Growth Officer, whose strategic vision and expertise in driving business expansion will be instrumental in our company’s success,” commented Daniel Kenny, Chief Executive Officer at FutureVault. “With a proven track record in developing innovative growth strategies at well-known organizations, Clifton brings a wealth of industry experience and expertise to our executive team.”
Clifton holds an extensive professional background in North American Wealth Management and WealthTech (Wealth Technology), having previously served in key leadership roles at prominent organizations, including Capital One, Morningstar, and Nitrogen Wealth (formerly Riskalyze). Clifton also serves as an advisory board member for the rising startup, Smart KX.
Clifton has a passion for customer-driven insights, striving to identify the biggest trends, pain points, and opportunities for innovation across the entire financial services ecosystem, and then looking for people or technology best positioned to address them. With an impressive background spanning corporate development, product management, and strategic partnerships. As the company’s Chief Growth Officer, Clifton will be responsible for managing multiple departments and driving FutureVault’s corporate strategy.
“I’m thrilled to announce my new role here at FutureVault as the company’s Chief Growth Officer and I look forward to accelerating product-led growth with an incredibly talented executive team and strong company culture”, commented Clifton Schaller.
FutureVault Co-founder and Executive Chair, G Scott Paterson, commented, “Clifton is a world-class product, growth, and technology leader who brings deep strategic experience and corporate development expertise that will position FutureVault to grow, scale, and become an industry leader in digital vaults and Personal Life Management.”
For media inquiries, additional information about FutureVault’s patented, industry-leading Digital Vault technology, and demo requests, please fill out the form below to get in touch with our team.
Last week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier.
Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.
CHECKLIST IMPROVEMENTS
Individual Document Filing Locations
Vault Administrators and Representatives now have the ability to select and assign the filing location per individual checklist item.
When creating a new Checklist Template, Admins and Reps will still need to assign a Default filing location for the checklist. Depending on the Checklist itself or the type(s) of documents being requested, Admins and Reps may need to file these documents in different folders for better organization. This is where being able to override the Default location by selecting and assigning the individual filing location comes into play.
Watch the video below of how Admins and Reps can select and assign an individual filing location.
Checklist UI Improvements
Along with the above improvement, the overall design and interface of the Checklist functionality has been improved to create more consistency across all areas of the Vault. Stay tuned for more improvements, updates, and enhancements coming to Checklists in the near future!
UI & UX IMPROVEMENTS FOR ADMINS & VAULTHOLDERS
Administrative UI and UX Improvements
Several enhancements and improvements have been made for Admin and Rep users, providing a better overall experience when navigating through the vault and managing user/client lists, co-owners, Trusted Advisors, folders, documents, and more.
Unassign Co-owners.
Accepting French characters on Client names.
Vaultholder UI and UX Improvements
Several enhancements and improvements have been made for clients and Vaultholders to create a more seamless and frictionless experience when uploading/managing documents, managing contacts and Trusted Advisors, and more.
Allow commas, #, and apostrophes on document and folder names.
Bug Fixes
Maintain document labels when moving documents from the unfiled section.
Vaultholders can successfully edit subfolders they have created within company folders.
Display accurate Co-owner account status.
Resolved spacing issue on reference numbers.
Ensure all Admin users receive upload notifications if enabled.
Last week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier.
Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.
V4.6 NEW FEATURES AND UPGRADES
Quick access Help Widget on the login page
All login pages now come equipped with an easy-to-access Help Widget providing additional support for your staff and importantly for your clients and members.
Effortlessly resolve account access issues, access helpful platform tips, follow step-by-step guides, and gain insights from experts, all conveniently accessible directly from the login page.
Feature improvements for Administrators
Version 4.6 of the FutureVault platform brings more functionality and enhancements for Administrative Users. Admins can now quickly export user and client lists, add and manage client notes, and further customize the overall folder and document management experience with icons.
Easily export client lists in a .csv format
With just a few clicks, Administrators can export client lists, downloading details such as first name, last name, email address, status, and last login dates.
Here’s how:
1. Select the users (clients) you want to export;
2. Select the ‘Actions’ button;
3. Click ‘Export’ to download the list as a CSV file.
Add internal notes under Client Details
Administrators and Representatives can now create, add, and manage internal notes on the Client Details page. Clients cannot view or access these notes as these are on the Administrative view only, however, Trusted Advisors (Collaborators) with access to Client Vaults may have access to viewing these notes.
Add custom folder icons in folder template management
Administrators with access to the folder Template Management tool will now be able to add custom icons to level 1 and level 2 folders, further customizing the overall user experience.
ADDITIONAL V4.6 ENHANCEMENTS
Below is a list of additional enhancements, in addition to the new features and enhancements mentioned above, that have been made to the overall experience of the FutureVault platform:
➜ Administrators and Vault Holders can now choose custom folder icons from an expanded icon list
➜ More platform customizations when naming and labeling menu items
➜ Improvements to the Audit Trail and tracking changes to Labels
➜ Entity Management improvement when selecting the first Entity by default
➜ Several additional enhancements to the overall look and feel of the platform for Admins, Advisors, Reps, and Clients
Earlier this week, our team released several new updates and enhancements to the FutureVault platform to make managing your everyday workflow much easier.
Below are some major highlights from this release including what’s new and improved, and additional platform enhancements and upgrades. Continue scrolling to learn more about how this release can benefit your firm, your advisors, and your clients.
V4.5 NEW FEATURES AND UPGRADES
ENHANCED SEARCH EXPERIENCE
In this platform update (Version 4.5), we are excited to introduce an enhanced search experience, bringing more efficiency to navigating and searching for information within the Vault.
Dedicated Search Page
When searching for documents, folders, or contacts in the top search box, you now have the option of clicking on ‘View All’ to open a dedicated search page. In this newly designed and dedicated search page, users have access to view all of the search results related to the search query and can easily apply additional filters such as sorting by label and dates, and explore further information, making it a seamless and powerful search experience.
Search within the History Tab
This update also introduces a search enhancement to the document audit trail maintained under the History option. Whether searching for specific users, actions taken on documents (such as downloading, sharing, or viewing), or simply organizing audit trail data more efficiently, this improvement makes it easy to view and retrieve the audit trail.
ENHANCED TRUSTED ADVISOR PERMISSION MANAGEMENT
The experience of managing Trusted Advisor (trusted collaborator) permissions has just been significantly improved. Below are some of the enhancements to the overall Trusted Advisor experience and functionality:
Enhanced view and management experience of Trusted Advisors
The overall layout and experience of viewing and managing Trusted Advisor permissions have improved, bringing everything onto a single page. Vaultholders and Administrators can now update folder and entity permissions from the Trusted Advisor contact details page.
Add expiration time to trusted collaborator permissions
This new feature enhancement now allows Vaultholders and Administrative users to assign collaborators, such as accountants, brokers, insurance agents, and lawyers, with time-bound access to specific folders and sub-folders within Vaults. With this enhanced control, setting an expiration date for Trusted Advisors is easy and efficient, and improves the overall level of security with respect to accessing information and documents.
View time-stamped account status
Vaultholders and Administrators can now conveniently view the time and date of when activation emails were sent and/or when accounts have been activated by the Trusted Advisor.
ADMIN MANAGEMENT IMPROVEMENTS
The latest platform release brings several feature enhancements for Administrative Users. Admins can now efficiently manage client representative access to enhance control and overall security.
From the newly designed Representative ‘Details’ page, an Administrator can now:
1. Effortlessly view the Rep’s assigned list of Vaults (Advisors and/or Clients) under the ‘Access’ tab.
2. Easily assign new Vaults (Advisor or Client Vaults) to Representatives from the ‘Assign’ button by selecting the desired Vaults from the available pool and assigning them with a single click.
ADDITIONAL V4.5 ENHANCEMENTS
Below is a list of additional enhancements, in addition to the new features and enhancements mentioned above, that have been made to the overall experience of the FutureVault platform:
➜ Administrators and Vault Holders can customize new level 3 (and beyond) company folders, while Vault Holders can further customize their Personal folders by adding custom icons to the folders
➜ The use of special characters is now supported for Vault names
➜ Click on email addresses within the Contact Page to open up a new email window for Outlook users
➜ Allow for the use of commas when adding new folders and when using Template Management
➜ Quickly print documents, including password-protected ones, from the Actions tab using the ‘Print’ option that is now available
➜ Several additional enhancements to the overall look and feel of the platform for Admins, Advisors, Reps, and Clients (resizing pop-up windows, previewing long file names, modal consistency updates, introducing better contrast and font formats, etc)
Here at FutureVault, our team regularly gets asked about how our platform offers solutions to address the numerous challenges standing in the way of advisors and firms.
To respond to this question, we compiled a list of ten (10) of the most common use cases we’re seeing today with respect to how wealth management firms and wealth professionals are using the platform, showing the value and the utility of FutureVault as the industry standard of Digital Vault solutions.
Leveraging FutureVault to Meet Books and Records Regulation
FutureVault’s platform is widely adopted to help firms and institutions confidently meet digital books and records regulation, including data residency, document retention, accessibility, and data redundancy requirements. FutureVault satisfies recordkeeping requirements provisioned by IIROC (now CIRO), FINRA, and the SEC, including SEC Rule 17a4 requirements, in addition to several others.
Automating the Delivery of Statements
One of the most time-saving and efficiency-gaining use cases is the platform’s ability to automate the secure delivery of client-facing documents. Dozens of firms and institutions we work with leverage integrations (via APIs) and Bulk Uploads (via SFTPs) to automatically deliver important documents, which commonly include the following:
Monthly Account Statements (Multi-Custodial)
Account Opening and Onboarding Documents
Quarterly and Annual Reports
Tax Slips
Several of our Broker-Dealer (Investment Dealer) customers are also leveraging APIs and SFTPs to automate the delivery of documentation directly to their Advisors, which includes monthly commission fee statements.
Securely Exchange Documents with Clients
Communicating and exchanging critical information and documents with clients and their family members is a fundamental component of financial services. FutureVault makes this process both efficient and secure by offering tools and features like secure document checklists and encrypted document handling to ensure that the information you request, receive, access, and exchange with your clients is safe, secure, and compliant.
Improving the Management of Client Files
For many of our Family Office and Wealth Management clients, including Registered Investment Advisors (RIAs), FutureVault serves as the secure single source of truth of all client documents. For firms looking to improve the way client documents and files are stored, accessed, and managed, FutureVault can be easily implemented as an efficient digital filing cabinet, or as some of our customers refer to it, as the digital Personal Financial Organizer (dPFO) for their clients.
By leveraging our platform, and leveraging the ability to create multiple standardized folder structures for different client segments (ex, UHNW clients, insurance-only clients, estate planning clients, etc.) and by also leveraging the different types of folders available within the platform (Essential, Private, In Review, Global, etc), your firm can materially improve the way you are organizing and accessing your clients’ most critical information and documents.
FutureVault helps to simplify and streamline internal and external audits by leveraging structured organization of folders and files across a large segment of end clients, along with other key tools and functionality including digital audit trails, Optical Character Recognition (OCR), and our patented permissioning model. One of the primary use cases with respect to Vault permissions includes Back Office or Advisory teams providing access to regulators, such as an SEC Auditor, where these individuals can access real-time information and the evidenced documentation within one spot, in real-time and on-demand as required.
Drive Advisor-Client Engagement
By having a centralized place to access and exchange critical documents and information, Advisors (and firms altogether) can drive more engagement with their clients. Additionally, the Personal Life Management Vault™ is a unique way to build more trust and create more value for clients by not only offering a client-facing portal, but by offering a secure platform for your clients to now store, access, and manage their legal, estate, business, and personal documentation, while being able to share this information and provide access to their family members and the next generation.
Scale Trusted Collaborator Access to Information
Collaborating and working with trusted third parties where information and documents are often shared, accessed, and exchanged, is not only inevitable, it’s traditionally challenging. FutureVault’s patented Trusted Advisor permissioning functionality allows for Vaultholders and administrative users to easily provide secure Vault access to specific areas within one or many Vaults.
We see this feature being used in numerous ways and especially during tax season where both clients and firms are providing Vault permissions to accountants who can then access, retrieve, upload, and exchange information and documents required to file personal and business taxes.
Family members of clients are also very commonly given permission to access and manage entire Vaults or specific areas of Vaults that relate to any critical information they may need to have access to such as financial information, insurance policies, and estate-related information.
Family Legacy Planning
Intergenerational continuity planning and family legacy matters continue to grow in terms of the attention it receives, largely influenced by The Great Wealth Transfer. We’re continuing to witness advisors and clients leverage the Vault as a secure way to encourage participation in family matters with additional members of the family, and notably, with the next generation.
Improve Enterprise and Advisor Governance
One of the biggest challenges that we often see with the firms we engage with is that there are disparate systems being used, in many different ways with multiple stakeholders, for the different levels of the organization.
With FutureVault, we’ve been able to help our customers take their information governance to the next level by providing a single source of truth for all documents of permanence for enterprise/compliance, advisor, and client documentation.
In many cases with our implementations, the Home Office has access to a Corporate Vault and any additional types of operational Vaults. The Front Office and Advisors would have their own Business Vault. And lastly, clients and households would have access to a client-facing Vault, where essential information shared between the firm, advisor, and client is accessible to all parties.
Automate eSignature-Driven Processes
FutureVault integrates with eSignature platforms, such as DocuSign, to automate document filing and reduce post-onboarding administrative burdens. When documents are signed multiple actions can automatically take place:
New client Vaults can be created during the onboarding process;
Any and all e-signed documents can get deposited into mapped folders and sub-folder locations with notifications being sent to relevant parties;
Data can be extracted from forms and templates to send to downstream systems
Conclusion
FutureVault extends well beyond simple document management to provide material value across multiple stakeholders, and importantly to help firms deliver a unique value proposition to their clients and the next generation.
In the words of our own partners and customers: Not all digital vaults are created equal.
To effectively manage their unique and complex needs, Family Offices require a secure and structured Digital Vault to protect, store, access, share, and manage sensitive information, data, and documents across multiple entities, geographies, and generations. Single and Multi-Family Offices that cater to High Net Worth (HNW) and Ultra-High Net Worth (UHNW) families are tasked with an […]
The 9th Annual WealthManagement.com Awards, known as the “Wealthies”, has officially named FutureVault as a Finalist in the Technology Providers of the Year – Document Management category for the second year in a row.
TORONTO, ON, June 01, 2022 — WealthManagement.com officially announces the 2023 Wealthies Finalists in the 9th annual Wealth Management Industry Awards. FutureVault, an industry-leading provider of secure document exchange and Digital Vault solutions for financial services and wealth management organizations was officially named a Wealthies Finalist in the Technology Providers – Document Management category for a second year in a row.
The Wealthies honor outstanding achievements by companies, organizations and individuals that support financial advisor success.
The Wealth Management Industry Awards received a record-breaking number of nominations this year compared to previous years, with the judges shortlisting and recognizing 253 organizations for their outstanding support of financial advisor success from more than 1,000 nominations.
“We’re proud to continue playing a pivotal role in supporting wealth management firms and advisors by providing technology that supports compliance requirements, improves efficiency with automation, and importantly, that delivers massive value to their clients and family members with the Personal Life Management Vault™”, commented Kristian Borghesan, Chief Marketing Officer at FutureVault. “We remain committed to helping firms and their advisors drive efficiency to ultimately scale their business; this recognition is a testament to the work, effort, and capabilities of our platform and better yet, our team.”
According to Managing Director, Mark Bruno, the Industry Awards program is another example of WealthManagement.com’s commitment to showcasing the industry’s finest and championing advisor success while shaping the future of financial services. “We are thrilled to unveil the finalists for our ninth annual industry awards, which recognize the exceptional achievements of organizations and individuals who play a crucial role in the daily activities of financial advisors. These two initiatives, though distinct, share a common goal: empowering advisors and driving innovation and growth in the ever-evolving financial services community. Together, they equip wealth advisors and planners with the necessary tools, knowledge, and innovation to build world-class wealth management firms and gain access to top-tier product and service providers in the industry.”
FutureVault was recently named a 2023 Excellence Awardee for WealthTech Provider of the Year by Wealth Professional Canada, along with previously being named and recognized as a Top 100 global WealthTech Provider by FinTech Global.
The annual Wealth Management Industry Awards ceremony will be held in person in New York City on Sept. 7th where the winners of each category will officially be announced.
About FutureVault
FutureVault is an industry-leader in secure document exchange and Digital Vault solutions for financial services and wealth management organizations, changing the paradigm of document and information management with the Personal Life Management Vault™ and Business Life Management Vault™. FutureVault’s multi-tiered platform is transforming enterprise, advisor, and client value propositions by significantly improving the way documents, data, and information are managed within a secure, audit-ready, single source of truth.
FutureVault’s white-labeled platform and mobile applications help firms meet books and records compliance, improve data privacy, drive front and back-office efficiency with automation and open APIs, and deliver an enhanced digital client experience to better engage with households and the next generation. Data extraction and AI-driven patterns to gain additional efficiency and insight are available for enterprise customers.
FutureVault is recognized as a 5-star WealthTech provider and a top 100 most innovative global WealthTech solution provider.
BlueShore Financial becomes the first Canadian Credit Union to launch a digital vault solution where client experience, information security, compliance, and workflow efficiency are at the forefront.
VANCOUVER, British Columbia–BlueShore Financial, a full-service boutique financial institution, today announces the launch of the BlueShore Digital Vault in collaboration with FutureVault, an industry-leading provider of secure document exchange and digital vault solutions.
With this offering, BlueShore Financial will further deliver on its commitment to providing a premium, world-class digital client experience. As the first mover amongst credit unions in Canada to deliver a secure user-friendly digital vault solution for its clients, the BlueShore Digital Vault effectively improves the collaboration between BlueShore’s trusted advisors and their clients allowing them to manage information and documents digitally on an encrypted platform. In particular, BlueShore Financial clients will be able to securely and efficiently receive, upload and share critical financial, personal, and business documents, leading to significant time savings and the added convenience of collaborating in real-time.
In addition to the web-based platform delivered to Advisors and clients, the BlueShore Digital Vault mobile application will soon be made available to clients, providing them with the convenience of security, efficiency, and peace of mind anytime, anywhere.
“Introducing the BlueShore Digital Vault and providing this premium offering to our clients will provide more value, time savings and peace of mind while safeguarding their most important financial, business, and personal documents,” said Fred Cook, Chief Information Officer, BlueShore Financial. “We have long prided ourselves in our ability to deliver premium client service, expert financial advice, and seamless technology.”
Notable features and benefits of the BlueShore Digital Vault include:
➜ Enterprise-grade information security and compliance features
➜ Secure and efficient document exchange tools and features
➜ Downloadable mobile applications (iOS and Android) will be available for clients to access financial and personal documents anytime, anywhere easily and securely
➜ Structured taxonomy to securely and efficiently store, manage, and access enterprise and client documents
“We are extremely excited to launch this innovative initiative with BlueShore Financial and the innovative team behind the project,” commented Daniel Kenny, FutureVault Chief Executive Officer. “They have been incredible partners in building and launching this best-in-class platform for their advisors and clients. Their attention to detail, expertise and thought leadership evidently demonstrates their commitment to delivering a premium client experience, and the prestigious reputation they continue to receive.”
About BlueShore Financial Credit Union BlueShore Financial is a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $6.9 billion in Assets Under Administration and is consistently ranked among the top 10 financial planning firms in Metro Vancouver.
BlueShore Financial is an Imagine Canada Caring Company, contributing at least 1% of pre-tax profits annually to charities and not-for-profit organizations within the communities it serves. BlueShore Financial is the operating name of BlueShore Financial Credit Union.
About FutureVault FutureVault is a market-leading provider of secure document exchange and Personal Life ManagementDigital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows, integrations, and open APIs. FutureVault’s platform supports multiple languages including English, French, and Spanish. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider.
Powerful digital vault technology enables an optimized workflow experience and a well-designed compliance program for investment professionals
NEW YORK, April 19, 2023 /PRNewswire/ — Zephyr, a subsidiary of Informa plc (LSE: INF), and a recognized leader in financial services software for investment professionals via their Zephyr investment management platform has entered into a strategic partnership with FutureVault, an industry-leading provider of SEC and FINRA-compliant digital document vault solutions. FutureVault has been at the forefront of developing software to address crucial compliance requirements.
In March of this year, the U.S. Department of Justice (DOJ) released the Evaluation of Corporate Compliance Programs, providing revised guidance requirements for corporate compliance. At issue according to the document: 1. Is the corporation’s compliance program well designed? 2. Is the program being applied earnestly and in good faith? In other words, is the program adequately resourced and empowered to function effectively? 3. Does the corporation’s compliance program work in practice?
We see numerous applications for FutureVault’s Personal Life Management Vault™
Chris Volpe, Head of Zephyr
FutureVault’s innovative technology provides seamless digital document retention in a secure, organized environment. Its secure document exchange enables the automated delivery of statements and reports to clients and institutions.
“The new remote workplace for both investors and advisors has ushered in more forms of digital communication,” says Chris Volpe, head of Informa’s Zephyr business. “FutureVault technology automates the transfer of digital documents into a secure digital vault, which we believe satisfies the DOJ’s requirement of a well-designed compliance program.”
FutureVault also offers expanded benefits for advisors through the company’s Personal Life Management Vault™. These individual digital vaults can be assigned to clients to house their investment documents. In addition, other important documents can also be uploaded. The client manages access to their vault via entitlements.
“We see numerous applications for FutureVault’s Personal Life Management Vault™. It serves to ensure firms, advisors, and clients have seamless access to critical information, data, and documents on demand. It also expands the client-advisor relationship, creating a unique engagement model for generational services,” adds Volpe.
“We know all too well that firms and advisors are faced with a considerable amount of workflow challenges with respect to technology, making it difficult for them to properly scale,” says Daniel Kenny, Chief Executive Officer at FutureVault. “Partnering with Chris Volpe and the exceptional team at Zephyr positions us to continue delivering a best-of-breed ecosystem of solutions for our clients that addresses industry challenges and elevates the experience for both clients and advisors across the board.”
The Zephyr and FutureVault integration is scheduled for late Q2 2023.
Zephyr provides investment professionals access to timely information, exclusive research and comprehensive data to keep their clients’ clients engaged and informed. Zephyr’s wealth and asset management software consistently scores high among users for its ease of use, custom client presentation options, portfolio proposal generation, portfolio performance, asset allocation and ESG analysis tools. The Zephyr team is committed to ensuring their customers possess all the necessary resources to exceed their client’s expectations.
About Zephyr Zephyr’s financial services solution enables wealth managers and advisors to fully manage client investment goals with communication tools to create custom, professional proposals and presentations that convey advisor strategies and success. The platform consistently scores high among users for its ease of use with valuable tools including presentation center, portfolio proposal generation, performance measurement, asset allocation modeling, research, analytics and ESG ratings and reviews.
About FutureVault Inc. FutureVault is a market-leading provider of secure document exchange and Personal Life ManagementDigital Vault solutions purposely built for the financial services and wealth management industries. FutureVault’s innovative, multi-tiered platform enables firms, advisors, and clients/households to manage information better, together. FutureVault offers a powerful white-label solution that transforms the way organizations manage, store, and deliver documents and statements, meet information security and compliance requirements, and drive material operational efficiencies across front, middle, and back-office functions through automated workflows and integrations. FutureVault is recognized as a top 100 most innovative global WealthTech solution provider.
Statistics provide us with valuable insights into current challenges that exist across the financial services and wealth management industry, along with how firms (and technology providers) can look for ways to improve their future chances of success. By analyzing data and identifying trends, firms can make informed decisions about their products, services, marketing strategies, and notably, technology investments.
Below are five statistics that are quite telling with respect to many of the current challenges (and thus opportunities) along with what the future has in store when it comes to implementing and overcoming (wealth)tech challenges.
More importantly, the five statistics referenced below all point toward the significance of partnering with and implementing best-of-breed technology that delivers seamless integration, workflow, and experiences for your staff, advisors, and importantly, your clients.
1) Relationship Managers spend 60 to 70 percent of their time on non-revenue-generating activities
According to insight shared by McKinsey & Company based on conversations with industry professionals and experts, it is estimated that Relationship Managers spend 60 to 70 percent of their time on non-revenue-generating activities, amid rising regulatory and compliance obligations.
In other words, more than 2/3 (two-thirds) of modern professionals’ time is spent in areas outside of where they would like to be—and need to be—spending their time.
Wealth managers are unlikely to be able to serve their clients effectively without a digitized operating model that supports both advisory and non-advisory activities.
In a highly connected world, clients not only want but expect faster and more convenient offerings and a cutting-edge digital experience. Amid rising competition, established wealth managers need to keep pace with new offerings as they retain the values that set them apart.
Source: McKinsey
2) 94% of practice management professionals find limited technology integration creates productivity challenges
According to recent research from Cerulli & Associates, 94% of practice management professionals have reported that limited technology integration creates productivity challenges for their organizations.
The lack of integration between various technologies results in time-consuming manual data entry, duplication of efforts, and difficulty in accessing information across systems. This limitation ultimately hinders the productivity of the organization and prevents them from realizing their full potential. The study highlights the need for firms to invest in integrating their technologies to enhance productivity, streamline processes, and remain competitive in today’s digital landscape… all of which can be achieved by leveraging a best-of-breed ecosystem.
Source: InvestmentNews Research 2022 Adviser Technology Study
3) 57% of advisors say the lack of integration between their core applications is the most significant pain point with technology
Interoperability, in other words, the ability to seamlessly connect technology and workflow, is fundamental to driving business outcomes and creating a well-thought-out, seamless experience both across the enterprise and with clients.
By partnering with and rolling out best-of-breed solutions that have demonstrated interoperability with one another along with solid working relationships, firms, and institutions can significantly increase the success rate of their digital transformation initiatives with confidence.
True interoperability, however, goes far beyond its technological component. Interoperability is as much about connecting people and the vision as it is about providing an integrated experience and workflow between core applications.
Source: InvestmentNews Research 2022 Adviser Technology Study
4) More than 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth
According to Cerulli, more than 70% of heirs are likely to fire or change financial advisors after inheriting their parents’ wealth.
This disconnect can become a significant wrench in any estate, let alone for an advisor’s business continuity. Advisory practices that have not already done so will need to shift their mindset and strategically engage their clients’ spouses and children on a more regular basis.
“The looming wealth transfer presents a significant opportunity for advisory firms that can adapt to a shifting landscape and evolving wealth demographic… It remains critical for wealth management firms to have thorough discussions with clients and ensure they have well-designed and adaptable intergenerational plans in place.” (Chayce Horton, Analyst)
More than ever, it’s evident that advisors need to establish an intergenerational continuity plan that not only helps to retain assets, but also facilitates the transfer of knowledge, expertise, and critical information to family members.
Having a structured information management plan in place and providing family members with access to this information is a key component of any continuity and succession plan. This will help to ensure a smooth transition of assets and provide peace of mind for clients and their families.
One of the most effective ways firms and advisors can execute an intergenerational continuity plan is by implementing a secure digital vault for family legacy information and documents.
A well-structured digital vault can serve as a central repository for all of the important documents and information that clients and their families need to access in the event of a change in circumstances, such as the passing of a family member or the retirement of an advisor.
Source: Cerulli & Associates
5) 51% of financial advisors are thinking about leaving for an organization with better tech tools
According to recent research from Deloitte, 51% of financial advisors are thinking about leaving for an organization with better tech tools.
The alarming reality here is that 50% of your staff and advisors could hand in their resignation tomorrow all because they do not have access to the best technology, tools, and resources.
Technology matters.
To your Back Office.
To your Advisors.
To your clients.
To the next generation.
Investing in best-of-breed solutions isn’t just a “technology” investment — it’s a people, culture, and overall strategic business investment for today and for the future.
