Article

The Universal Wealth Platform: The Flexibility to Master Diverse Client Needs

By Steve Leivent, SVP, Co-General Manager, SS&C Advent

Did you know more than 300 technology applications make up the WealthTech universe?¹ That's mind-boggling! They range from broad portfolio management platforms to narrowly focused, single-purpose niche products. So it's no wonder advisors are often puzzled as they try to figure out what they need.

This product proliferation has generated interest in the concept of a "universal wealth platform." This concept does not mean a single platform with all the functionality of 300 discrete products. Instead, a wealth management hub broadly addresses most firms' core needs – portfolio accounting and reporting, performance, rebalancing. The platform also can cover multiple client segments and integrate with specialized solutions appropriate to a firm's unique business needs.

 

¹Kitces, Michael, “The Latest In Financial #AdvisorTech,” May 3, 2021. https://www.kitces.com/blog/the-latest-in-financial-advisortech-may-2021/