The Client is a private investment firm based in the US, working with high net worth individuals, investment firms, pension, and profit-sharing plans, charitable organizations, and corporations. The Client employs financial advisors that provide expensive specialty services through a turn-key asset management platform (TAMP). With almost $40 billion in assets, the advisor-strategists build customers’ financial portfolios based on their risk tolerance and personal preference. They also assist in managing funds and investments.
Challenge
The Client used to provide advisors with a third-party off-the-shelf solution for portfolio management. This meant recurring licensing fees and incapability to enhance the software with the Client’s tailored features to fine-tune custom portfolios. It implied the digital transformation of business processes, which was impossible with the off-the-shelf product.
The Client decided to get a proprietary custom financial software capable of providing advisors with the best customer engagement experience. Advisors demanded a business tool for a full cycle of operation with portfolios and a customizable interface layout. Through a proprietary solution, the Client also wanted to eliminate the license expenses and increase their business capitalization with a new valuable intangible asset.
Solution
The Client chose UBS due to their experience in the development of tailored wealth management solutions and a previous record of successfully delivered FinTech projects. UBS developed both the front- and back-end of a new portfolio management solution, which incorporated the following features required by advisors:
• Compilation and on-the-fly adjustment of custom portfolios
• Comparison of solution’s portfolios with external accounts (held at any financial institution)
• Configuration of UI layout for the variability of portfolio visuals – intelligent customer engagement through the capability to shift and change portfolio information based on advisor’s demands
On top of these features, the new proprietary portfolio management solution also provides:
• Cutting costs on the key software for their business by eliminating license fees
• Elaborate information with the risk-return ratio for portfolio returns evaluation based not solely on investment returns
• Implementing a portfolio management solution customizable for business requirements
• Providing the best service to advisors, the key customers of the Client
• The fulfillment of customer demands according to short- and long-term investments – demonstration how different investment decisions and market conditions impact customers’ goals
Additionally, the new software provides advisers with instruments that optimize their day-to-day business activities. They comprise of initial customer conversation, ongoing financial planning discussions, performance, compliance and tax reporting, and billing.
