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07 January 2021

Where Wealth Tech Is Headed

At SS&C Advent, we are constantly evaluating current trends, issues and developments, particularly as it relates to helping our clients continue to grow, compete, and succeed in an increasingly more complex, and competitive business environment.

When Celent, a leading technology consulting firm, releases its annual forecast for wealth management technology, we are ready to digest and articulate the predictions to our clients. In the latest report, Wealth Management Technology Forecast 2020-2023 Celent’s analysts naturally focus on the global pandemic impact – specifically noting the influence on wealth management technology and how the industry will continue to evolve.

Most notably, the wealth management industry saw a dramatic acceleration in emerging technology trends. Digital transformation initiatives such as chat features and document sharing exploded and were rapidly adopted. The Black Diamond Wealth Platform’s Relationship Timeline for example, saw a 307 percent increase in posts. As a mobile-friendly communication tool, it is an easy way for advisors and clients to connect virtually.

“At its core, wealth management is a relationship business, and firms that leverage and advance technology to stay relevant in their clients’ lives stand to move into 2021 in a stronger position,” noted SS&C Advent’s co-general managers Karen Geiger and Steve Leivent, in their opening comments to the report. 

Throughout the research, the Celent analysts provide a number of takeaways and recommendations for IT leaders in wealth management to consider:

  • Go Remote, Stay Remote – Bolster remote collaboration tools as business will continue to interact digitally post-pandemic.
  • Need for Speed – Prioritize remote communications and frictionless onboarding that clients have come to expect.
  • Bridge the Knowledge Gap – Invest in digital capabilities that focus on investor education as a form of client retention and satisfaction.
  • Moving Forward by Going Back – Remember that back office digitization is equally, if not more, important than front and middle office digitization.
  • Augment, Don’t Automate – Front-office technology, at its most fundamental level should be viewed as an “enabling tool” rather than a “replacement tool.”
  • Don’t Save for Savings Sake – While certain cost cutting measures may be required, firms that reallocate resources to reinforce their core offerings and expand products and services are positioned to gain market share.


Looking towards the future, Celent identifies a few key areas that have tremendous opportunities to further drive efficiencies, scale, operations, and enhance the client experience.  Chief among those is artificial intelligence (AI), particularly in the areas of automating client interactions and advisor decision-making.

A key takeaway for advisors is the case for a strong digital presence in clients’ lives. It’s a great way to deliver relevant, personalized information that reminds clients of their advisor’s value. Tools that give clients access to their strategies and allocations at a glance serve as reminders to stick with their long-term plans and goals. Just as important as the content of communications is the channel – communicating via a mobile app or push notifications stands out from the clutter of emails or texts, and reinforces the firm’s brand at each touchpoint. To learn more, please download a copy of the full Celent report today.

To learn more about how SS&C Advent products can support your business, request your personal demo, call 1-800-727-0605, or email