Refinitiv launches Wealth Practice 360 for firms to get integrated view of business
Refinitiv, a London Stock Exchange Group company, has announced the launch of Welath Practice 360, a solution integrated into its platform that gives better insights of the actual needs of the various customers of wealth managers.
The Wealth Management business has changed dramatically over the last few years and it is up to the wealth managers to come up with solutions and products that are customised to the specific needs of its customers and as long as they are able to do so, the investors are more than likely to continue to stay invested and welcome such plans. For this, the wealth managers would need to have streamlined information that aggregates data from various sources like CRM, back office systems, financial planning tools and social media activity and feeds this back to the wealth managers. These integrated workflows help to provide various wholesome insights about the clients to the wealth managers who can then design products and investments that are conducive for their clients and their specific likes and needs.
Sabrina Bailey, Global Head of Wealth Management at Refinitiv, said: “There is no denying that the wealth management industry is in the midst of a needed transformation, one that is driven by growing client needs, advanced technology solutions and increased competition. The launch of Wealth Practice 360 helps wealth firms and their advisors maximize efficiencies and improve the advisor and investor experience.”
Client data is combined with a firm’s proprietary data and Refinitiv’s market data to generate insights and ideas that advisors can take proactively to their clients.The Wealth Practice 360 can be integrated into the wealth platforms of companies which can then use this to connect their different wealth managers and provide them with customised views and dashboards for the investments that they are managing.
Christopher Sparke, Head of Advisory Solutions, Wealth at Refinitiv, said: “Delivering truly personalised advice sits at the core of what advisors do. With the launch of Wealth Practice 360, we are helping advisors get a single view of an account faster and more efficiently. This new capability tackles that challenge by combining market data such as event driven data with customer preferences and proprietary data, all resulting into actionable recommendations that an advisor can deliver in real time.”
The company hopes that this product would help the wealth managers to get to understand their clients in a better manner