Why is Wealth Management Technology So Important?

It is time-consuming to switch from one wealth management tool to another. However, today, you have the option to have a wealth management software solution perfect for your specific needs as a wealth manager, an advisor, or a simple investor.

In today’s competitive financial world, investors and wealth advisors have to be at a cutting edge in terms of technology. There are software solutions available that claim to provide intensive advice to their clients with less effort.

But with a software development firm with more than a decade of industry experience, developing wealth management software solutions is the name of the game for Hexaview Technologies.

Before we dive into some of the benefits of various technologies, let’s talk about the basics of wealth management and its related solutions.

Wealth Management Software Explained

A wealth management software is created on smart intelligence and a proven financial management platform. It provides financial advisors the ability to provide significant data insights and a more personalized, cost-effective experience to their clients.

Wealthtech (wealth and technology) is a subset of financial technology or fintech. Automation including artificial intelligence replaces human intervention to serve clients better. Human emotional judgment is removed in making an objective decision based on the client’s financial advisory needs.

According to Statista.com, most of the high net worth and mass affluent have acknowledged that technology has improved their investing experience, from cost-effective to decision-making aspects.

In a 2021 survey, 69% of wealth management clients agreed that technology has made investing cheaper and more efficient, and 57% confirmed that digital tools have improved investment decisions.

Wealth Management Software Tools

What are some of the tools and technology that can be found as part of a wealth management solution?

Let’s have a look at a few of them.

Online Marketplaces

Online product marketplaces give clients more options to put their funds in different assets with different providers. Marketplaces provide investors with the flexibility to come up with better and more diversified investment decisions and portfolios.


Robo-advisor tools provide wealth advisors with technology-based wealth management that automates customer services through an intelligent software operation. Robo-advisor usually has personalized money management features that work best for new clients exploring various wealth management options. Notably by automating much of the investing experience.


Some clients do not know what they want to do with their savings after retirement. Robo-retirement creates accurate wealth management results for better retirement plan options, even for beginners. It directs clients’ assets through smart intelligence and machine learning algorithms.

Algorithmic Trading

Online trading has come a long way and it has never been easier to deploy algorithmic trading strategiew using algorithms and machine learning. As part of wealth management software, algorithmic trading improves clients’ rea-time online trading selection at different time-frame. Real-time online trading tools are commonly divided into various modes: fixed-time trading, foreign exchange trading, and stock trading.

Social Trading

Social trading is another online trading option for investment. As part of wealth management tools, it gives clients the ability to follow the best investment strategies from seasoned investors. It also allows online traders to share their trading connected with selected social media platforms.

Analytics and Big Data Services

With enormous data stored in wealth management databanks, finding ways to interpret and give insights might confuse wealth advisors.

Analyzing large data can be reduced to chunks with the right analytics tools in place with the help of big data services. Technical support from the wealth management software development team would also be a great help in getting this kind of service.

Risk and Compliance Management

Risk and compliance tools are also substantial in wealth management, the same as a regulatory technology or regtech. It applies regulatory control and risk management to minimize the occurrences of fraud and theft. It also ensures all financial transactions follow regulatory compliance.

Why Using Wealth Management Software Solutions?

All wealth management software tools aim to render personalized and professional services to clients without compromising technical needs for better wealth management decision-making.

Wealthtech tools are complementary to the decades of experience that wealth advisors offer. Thus, there is a need to be on top of the wealth management sector.

If you are looking to develop a customized wealth management solution, you can reach out to a fintech software development firm like Hexaview Technologies, that have immense experience in providing customized wealth management solutions to the leading giants of banks and financial services industry.

Guest post by the team at digital transformation firm Hexaview Technologies.