What is the digital advisory process in wealth management?

The digital advisory process is the end-to-end workflow that moves a client from prospect to long-term relationship using digital tools at every stage. This means replacing paper forms, manual data entry, and disconnected systems with a unified digital experience.

Most wealth firms have digitized pieces of this process. You might have a digital risk questionnaire but still require wet signatures. You might have a client app but manage portfolios in a separate spreadsheet. True digitization connects these isolated steps into one continuous flow.

The process covers five stages:

• Fact-find: You gather client data through digital forms or automated data pulls from external sources.

• Suitability and risk profiling: The system analyzes client answers and assigns a risk score automatically.

• Proposal generation: Using client data and risk scores, the system builds an investment proposal in minutes.

• Execution: Once the client accepts, the system executes trades and connects front office to back office.

• Monitoring and review: The system tracks portfolios against goals and alerts advisors when action is needed.

Digital wealth management applies this process at scale. You serve more clients with better advice by removing manual administrative work from every stage.

Why digitizing the advisory process matters now

Your clients compare your service to the best digital experiences in their lives. They use Amazon and Uber. They expect instant access and transparency. If they can track a pizza delivery in real time, they expect to see their portfolio performance the same way.

Advisors spend too much time on tasks that don't generate revenue. Administrative work and compliance paperwork consume hours that should go to relationship building, with less than 20% of advisor time actually spent meeting with current clients. You can't grow your book of business while buried in admin.

Fee compression is squeezing margins. Low-cost index funds and robo-advisors have driven down the price of basic portfolio management. You can't justify high fees for portfolio access alone. You must deliver higher value through holistic planning and personalized advice.

The Great Wealth Transfer is here. $124 trillion are moving from Baby Boomers to their heirs. These heirs are digital natives. They won't tolerate a paper-based onboarding process that takes weeks. If you can't serve them digitally, they'll take their inheritance elsewhere.

Best platforms to digitize the advisory process for wealth management

Choosing the right technology is the most critical decision you'll make. The market is crowded with point solutions that solve specific problems. You need a platform that unifies your operation instead of adding another disconnected tool.

The best wealth management technology platform connects your core banking system, your CRM, and your portfolio management tools. It creates a single ecosystem where data flows freely.

1. Backbase

Backbase provides an AI-powered Banking Platform that acts as a unified operating system for your bank. It sits on top of your existing core systems and unifies them into a single advisor and client experience.

Backbase doesn't force you to rip and replace your legacy infrastructure. It wraps around your existing systems to modernize them immediately. This approach reduces risk and speeds up time to value.

Main features:

• Unified advisor dashboard showing banking, lending, and wealth data in one place

• Omnichannel onboarding where clients start on mobile and finish with an advisor

• AI-powered insights that suggest the next best action for each client

Ideal for:

• Banks and wealth firms that want to modernize quickly without risky core replacement

• Firms that need to unify retail and wealth operations on a single platform

Pricing: Backbase operates on a subscription model based on users or assets under management.

2. Avaloq

Avaloq is a major player in the private banking space. They offer a comprehensive suite covering everything from core banking to front-end digital channels. They're known for strong back-office processing capabilities.

Avaloq often replaces the entire banking core, handling the ledger and transaction processing. They have strong support for cross-border regulatory requirements.

Pricing: Generally high, reflecting the scope of a core banking replacement.

3. Temenos

Temenos offers both core banking and digital front-end solutions. They have a massive global footprint and serve banks of all sizes. Their wealth solution is part of a broader banking suite.

The platform covers retail, corporate, and wealth banking. It's built to handle high transaction volumes for large institutions.

Pricing: Enterprise-level pricing that varies based on modules selected.

4. FIS

FIS dominates the US market for trust accounting and processing. Their wealth station is common on many advisor desktops. They focus on reliability of transaction processing and record-keeping.

They have deep capabilities for managing complex trust structures. They also offer business process outsourcing for back-office functions.

Pricing: Contract-based pricing tied to asset volume and transaction counts.

5. Finastra

Finastra takes an open platform approach. Their Fusion platform connects various third-party applications. They have strong roots in lending and capital markets.

The platform focuses on connectivity with fintech partners through open APIs. They have a strong presence in Europe and Asia.

Pricing: Modular pricing based on specific components and APIs used.

6. Salesforce Financial Services Cloud

Salesforce is the world's leading CRM. Their Financial Services Cloud is tailored for wealth management. It excels at managing relationship data but isn't a transaction processing system.

The platform visualizes client households and centers of influence. It has strong tools for automating tasks and reminders.

Pricing: Per-user monthly subscription fees that increase as you add features.

Virtual and hybrid wealth advice that still feels personal

Digitization doesn't mean removing the human from the loop. It means using technology to make human connections stronger. The goal is a hybrid model where routine tasks are automated and high-value interactions stay personal.

Video and screen sharing

You don't need to drag clients into the office for quarterly reviews. Secure video calls let you meet clients where they are. Screen sharing lets you walk them through portfolio performance visually. This saves travel time for everyone.

Co-browsing

Co-browsing lets you navigate a website or application together with the client. You can guide them through complex forms or show them how to use the client portal. You see what they see. You can highlight sections on their screen. This reduces frustration and abandonment during onboarding.

Secure messaging and digital vaults

Email isn't secure enough for wealth management. Digital wealth management software includes secure messaging within the client portal. Clients ask questions and get quick answers without scheduling calls.

A digital vault lets clients upload sensitive documents like tax returns and wills. This creates a sticky relationship because clients view your portal as the hub for their financial life.

E-signature

The days of printing, signing, scanning, and emailing are over. E-signature tools let clients sign documents instantly from their phones. This reduces account opening time from weeks to minutes. It also creates a digital audit trail for compliance.

Data strategy for personalized wealth advice and a single source of truth

You can't give great advice if you don't have the full picture. Most advisors only see the assets they manage. They're blind to held-away assets like 401(k)s at previous employers, real estate, or accounts at other banks.

Unified data is the foundation

A strong wealth management digital strategy starts with data aggregation. You need tools that pull in data from external sources to create a complete view of client wealth. When you see the whole picture, you can offer holistic advice on asset location, tax efficiency, and broader financial goals.

From data to insights

Once you have the data, you need to make sense of it. This is where AI comes in. An AI-native platform analyzes client behavior and financial data to generate next-best-action recommendations.

The system might notice a client has a large cash deposit in a low-interest account. It prompts the advisor to reach out with a higher-yield investment proposal. Or the system detects a life event based on spending patterns. It suggests the advisor discuss college savings plans.

Values-based investing

Data helps you align investments with client values. You can tag investments based on Environmental, Social, and Governance criteria. If a client wants a portfolio free of fossil fuels, your data strategy lets you screen holdings instantly and show the impact of their choices.

The single source of truth

Your advisor dashboard must be the single source of truth. Advisors shouldn't toggle between a CRM, a portfolio management system, and a custodial platform. All data must flow into one interface. This reduces errors and saves hours of data entry.

End-to-end digitization roadmap for the wealth advisory process

You can't transform your entire business overnight. Successful firms follow a phased roadmap. This minimizes risk and delivers value at each step.

Phase 1: Assess and prioritize

Start by mapping your current advisory process. Where are the bottlenecks? Where do clients drop off? For most firms, the biggest pain point is client onboarding. It's paper-heavy and slow. Prioritize fixing this first.

Phase 2: Select the platform

Choose a platform that lets you modernize progressively. Avoid big-bang replacements of core systems if possible. Look for a platform that can wrap around your existing legacy tech. This reduces total cost of ownership and speeds up time to market.

Phase 3: Run a pilot

Don't roll out to everyone at once. Pick a specific segment of clients or a specific team of advisors. Launch the new digital onboarding process with them. Gather feedback. Fix the bugs. Prove that it works.

Phase 4: Scale and integrate

Once the pilot succeeds, roll it out to the rest of the firm. Then move to the next priority. Maybe it's digitizing the quarterly review process. Maybe it's adding a self-service trading module for smaller accounts.

Phase 5: Continuous improvement

Digital transformation in wealth management is never finished, with experts estimating another five years of sustained technological investments needed to achieve a fully digitally enabled business model. Treat your platform as a living product. Use analytics to see how clients use the tools. Continuously add features and refine the experience.

Key takeaways

Digitizing your advisory process is how you'll compete in the years ahead.

• Define the lifecycle: Digital advisory is an end-to-end flow from fact-finding to ongoing review.

• Choose the right platform: Look for a solution that unifies your data and wraps around legacy systems.

• Keep it human: Use digital tools like video and co-browsing to enhance relationships.

• Build a single source of truth: Aggregate data to see the full client picture and drive proactive advice.

• Follow a roadmap: Start with high-impact areas like onboarding and scale progressively.

FAQ

How does digital onboarding reduce compliance risk for wealth advisors?

Digital onboarding creates automatic audit trails for every step in the process. Every document, signature, and suitability assessment is timestamped and stored, making regulatory reviews faster and reducing the risk of missing paperwork.

Can wealth firms digitize advisory without replacing their core banking system?

Yes. Platforms like Backbase wrap around existing core systems instead of replacing them. You gain modern digital experiences immediately while your legacy infrastructure continues to run the ledger.

What digital tools help wealth advisors capture the next generation of clients?

Mobile-first client portals, secure messaging, video advisory, and self-service features appeal to younger clients. These tools meet them where they are instead of forcing them into traditional office visits.

How do wealth management platforms handle held-away asset data?

Most platforms use data aggregation services that connect to external accounts through secure APIs. This pulls in balances and transactions from accounts at other institutions, giving advisors a complete view of client wealth.