Wealth in a Box can be referred to as a consolidation of digital services and tools that would help wealth managers and financial advisors make their processes smoother, more accurate, and more efficient. Wealth in a box uses technology like applications, Machine Learning, Cloud Computing, Data Analytics, and Artificial Intelligence to automate complicated and time-consuming tasks like investment analysis and wealth reporting.
Since the financial crisis of 2007-08, the wealth management and financial advisory sector has been in a state of existential crisis. Certain trends that followed the crisis - such as an increase in regulatory checks, increased competition due to easy entry into the industry, and the reluctance of investors to take risks - have reduced the ease of doing business in the wealth management sector drastically, resulting in a decreased profit margin.
Moreover, this crisis also resulted in people, particularly the millennial generation, realizing the importance of financial security and being educated on ways to make investments that compound their wealth. Many also felt the need to have financial planning for their retirement and for having enough wealth to guarantee the financial security of their children. Moreover, an increased clientele of young people meant an informed, tech-savvy clientele that demanded quality service. This made wealth management a more mainstream service
These sudden changes in the business environment of the sector created a scenario where wealth managers and financial advisors had to think of other ways to communicate their value offering. This, coupled with the rapid digitization across sectors, has made one thing clear - innovate, else sink. Wealth managers are no longer in a state where they can rely on just goodwill and customer loyalty to keep their practice afloat - they must aim to provide a valuable client experience. This meant that the services must be tailor-made and personalized for each client, with any room for error diminished. Wealth managers and financial advisors thus turned to technology to give accurate wealth, asset, and investment analysis and advice specific to each client. Therefore, Wealth in a box facilitates automated and 360-degree financial advisory, while increasing the productivity of wealth managers and increasing their revenue.
As stated earlier, wealth in a box provides is an all-in-one digital wealth management solution, that provides wealth, financial, and investment advisors all the tools they need to enhance the value of their service. With wealth in a box, advisors can provide clients with better financial advisory services through faster and more accurate predictions, real, actionable solutions for asset growth, and risk-free investment advice.
Here are some of the components integrated with wealth in a box:
Multi-asset aggregation, analytics, and reporting - With visualization widgets, wealth managers can gain actionable insights from various data points of the client’s wealth without spending too much time on analytics. The client can then focus on clients’ investment strategy and deliver an engaging client experience.
Goal-based Robo Advisory - Wealth managers get automated, goal-based, and portfolio-specific advisory through wealth in a box’s Robo capabilities, and can blend human judgment with the accuracy of artificial intelligence to provide a truly personalized wealth management advisory.
Seamless integration of various models and data points - Wealth in a box manages to integrate portfolio and investment data with in-house systems, custodian data, market data feeds, terminals, in-house/external research, and fundamental data, and data from multiple geographies and models with custom made indices to monitor their growth and status with a complete picture in mind.
With these components, wealth in a box brings forth a myriad of advantages to wealth managers and financial advisors, that would make their practice more valuable.
Firstly, the integrated nature of wealth in a box means that wealth managers do not have to invest in various solutions, but instead, get a comprehensive wealth management solution for their clients’ asset, investment, and portfolio needs.
A consolidated wealth management platform like wealth in a box would help wealth managers minimize risks in their clients’ investment portfolios to the barest minimum possible, by providing analyses from various data points, sources, and metrics, and suggesting the most profitable investments.
Wealth in a box assists digital wealth managers in assessing their clients' financial goals and risk tolerance to build an effective portfolio that properly meets their needs. They may quickly adjust the portfolio to generate a new efficient portfolio if any of the data changes.
Wealth in a box helps wealth managers make their clients focus prepare for the long-term fluctuations in the market and increase their returns in the long run.
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