What is Wealth Management Software?

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  • Written By: Jami Yontz
  • Edited By: Jenn Walker
  • Last Modified Date: 09 December 2019
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Wealth management software provides data, tools and storage for public and private banking institutions, trust and mutual fund organizations and wealth and asset advisors. By utilizing wealth management software, financial advisors are able to provide more custom reports and data to clients at any time, and it allows managers to view an individual client’s portfolio for better decision-making and customer satisfaction. Especially important for independent managers, asset management software allows a business to reduce many overhead costs and organize client data more efficiently. With the ever growing compliance and regulatory issues in the banking industry, advisors need to be as informed about all aspects of their client's assets and wealth to stay within regulations.

Keeping track of investment accounts; real estate; non-financial products, such as art or jewelry; insurance; and checking and savings accounts can become a complicated process for many organizations. With wealth management software, these records are easily tracked, updated and integrated into a complete financial portfolio. Risk management, cash transactions and allocation of resources is defined in the software as well. By compiling this data, advisors are able to fully see the diversity of a client’s wealth portfolio and are able to make more informed sales pitches to clients. These reports also help clients and advisors minimize or maximize portfolio risk.


Investment reports need to be accurate, reflect all current data and be customized for each client according to their interests and financial accounts. Wealth management software generates data on capital gains and losses, overall valuation, interest income, mutual fund performance and earnings. It also can create maturity alerts and alerts for when a premium is due.

Wealth management software handles many of the administrative tasks for managers. E-mails can be sent from the software, reports and forms can be stored in the database and the data can be downloaded as a comma separated values (CSV) file or text document. Many programs allow the organization to design reports for clients, or they have a system for generating a Web page to present the data. Some programs even send Short Message Service (SMS) alerts to clients to keep them up-to-date on their current financials. E-mail correspondence and client requests also can be filed in one location for collaboration between different departments of a financial institution, which helps to improve customer service and creates more informed asset managers.


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