Unified Data Platform for Wealth Management Operations Optimization

The firm manages client accounts across multiple banking entities using disparate systems, leading to complex manual data reconciliation, operational inefficiencies, increased processing times, and higher risk of human errors. This hampers scalability and the ability to deliver comprehensive, timely insights to clients.

A mid-sized, innovative wealth management firm serving high-net-worth clients, seeking enhanced data centralization to streamline operations and improve client service.

• Implement a centralized, single source of truth for all client data to streamline operations.
• Automate data aggregation from multiple custodian systems, reducing manual effort.
• Enhance data security, ensuring encryption and minimizing sensitive data exposure.
• Improve operational efficiency by decreasing data processing time and reducing human errors.
• Enable real-time data synchronization across systems for accurate and up-to-date client information.
• Maintain scalability to support future growth and increased data volume.

• Centralized data repository for client information from various custodian systems.
• Bidirectional real-time data syncing with external custodians to ensure current information.
• Workflow automation for regular data updates and normalization.
• Data encryption during transit and at rest for sensitive personally identifiable information (PII).
• User access controls and audit logs for security and compliance.
• Intuitive dashboard for 360-degree client view and operational oversight.

• Third-party custodians (e.g., Fidelity, Schwab, Pershing) for data ingestion
• Secure data transfer protocols with encryption
• Internal systems for client management and reporting

• High scalability to support increasing data volume and number of clients
• Performance targets ensuring real-time updates with minimal latency
• Robust security measures, including data encryption and access controls
• Reliability and uptime of at least 99.9%
• Compliance with industry standards for data privacy and security

The implementation is anticipated to significantly elevate operational efficiency by automating data workflows, reducing manual efforts, and decreasing human errors. The system will provide a unified client view, enabling better decision-making and client service. Overall, this will enhance scalability and support growth, leading to faster processing times and reduced risks associated with data discrepancies.