External asset managers seeking to streamline operations and deliver exceptional services must select the right IT platform. After all, such tools have an extraordinary potential for boosting productivity, analyzing data, and automating internal processes. In this article, we look at the most critical features of such software, which characterize the best platforms for external asset managers. Hence, if you do not know what to look for, you will find the answers here.
Top 10 Features Characteristic of the Best IT Platform for External Asset Managers
So, what makes an IT solution the best platform for external asset managers? Below, you will find an overview of the most important features and traits.
1. Seamless Data Integration
The best platforms for external asset managers integrate data from various sources, offering a unified view of client portfolios. This functionality is crucial, as it:
- simplifies your view into client portfolios,
- creates a single source of truth,
- enables you to create more accurate reports.
2. Scalability
A platform designed for growth can accommodate increasing data volumes and user demands without compromising performance. This gives you scalability unachievable with traditional means like spreadsheets and manual data analysis.
3. Advanced Analytics Tools
Top-tier platforms provide robust analytics capabilities, enabling managers to assess portfolio performance, model risk scenarios, and forecast market trends. These tools facilitate informed decision-making, which is critical for maintaining a competitive advantage. What is more, many such platforms implement AI and ML for even better analytics, making them superior to traditional data analysis methods.
4. Customization Options
Flexibility is vital in tailoring the platform to meet unique operational needs. The best IT solutions offer customizable dashboards, workflows, and reporting features to align with specific business models.
5. User-Friendly Interface
A well-designed interface makes it easy to navigate through the app. This means less time spent on training and easier onboarding if you hire someone.
6. Comprehensive Compliance Features
The best platforms for external asset managers come with compliance-check features that flag legal issues, enabling you to solve them right away.
7. Robust Security Measures
Data security is paramount in wealth management. Any data breach results in lost customer trust, plus potential fines, not to mention the need to set up your IT infrastructure once again. Therefore, every good platform implements robust security measures, such as:
- multi-step authentication,
- complex encryption protocols,
- secure databases from reputable providers.
8. Real-Time Reporting Capabilities
Up-to-date information is crucial for asset managers to make timely decisions. Real-time reporting features ensure that managers and clients have access to the most current data, fostering transparency and trust.
9. Cost Efficiency
Affordability without compromising quality is a hallmark of a great platform. The finest solutions do not need to be expensive, so bear that in mind as, in the end, your goal is to increase your profits.
10. Excellent Vendor Support
Reliable customer support ensures smooth operations and quick issue resolution. Vendors offering dedicated support teams and regular system updates contribute to the platform’s long-term success.
The Takeaway
The above traits are characteristic of the best IT platforms for external asset managers. Therefore, look for them when selecting your solution and ensure that the proposed software checks all the boxes.