A recent report by the firm found that 43 per cent of advisory clients need advice more now than they did a year ago.
Refinitiv, the market data and information provider, has launched another offering for wealth managers, adding to other recent services in the space.
The firm has rolled out Wealth Practice 360, a solution designed to provide an efficient workflow and better insights on demand for wealth advisors. The solution aggregates client information from various sources such as back-office systems, financial planning tools, held away assets, and social media activity to deliver a “360 view” of an advisor’s book of business.
Client data is combined with a firm’s proprietary data and Refinitiv’s market data and news to generate insights and ideas which advisors can show clients. A client data layer then powers single-screen user experiences.
The firm said that wealth managers must keep up with other business sectors in using technology to attract and keep clients. The turmoil of the past two years, added with disruptions to the global economy, has increased the need for timely, detailed data that clients can use.
A recent Refinitiv report entitled Advancing the Advisory Client Experience found that 43 per cent of advisory clients need advice more now than they did a year ago.
“Today, many wealth firms struggle with disparate data sources and lack of system integration. This disconnected and siloed workflow hinders the advisor’s ability to deliver timely, relevant, and personalised insights to clients in an engaging manner,” Refinitiv said.
Refinitiv Wealth Practice 360 can be accessed via Refinitiv® Workspace for Wealth Advisors or via application programming interfaces. (APIs allow different forms of software to communicate with each other.)
In June this year, the firm owned by the London Stock Exchange Group, launched Refinitiv Active Investor for wealth managers and their customers. In March this year, Refinitiv launched its new digital collaboration capability – Refinitiv Wealth Connect – which is designed to help wealth management firms and advisors cope with the ways in which technology is transforming the industry.