case study wealth management

At Morgan Stanley, we lead with exceptional ideas. Across all our businesses, we offer keen insight on today's most critical issues.

Personal Finance

Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals.

Market Trends

From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets.

Technology & Disruption

Whether it’s hardware, software or age-old businesses, everything today is ripe for disruption. Stay abreast of the latest trends and developments.

Sustainability

Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics.

Diversity & Inclusion

Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Hear their stories and learn about how they are redefining the terms of success.

Wealth Management

Investment Banking & Capital Markets

Sales & Trading

Investment Management

Morgan Stanley at Work

Sustainable Investing

Inclusive Ventures Group

Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals.

We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals.

We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments.

Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services.

We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions.

We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors.

We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology.

We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues.

From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success.

Core Values

Giving Back

Sponsorships

Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Underpinning all that we do are five core values.

Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back.

Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Our board of directors and senior executives hold the belief that capital can and should benefit all of society.

From our origins as a small Wall Street partnership to becoming a global firm of more than 80,000 employees today, Morgan Stanley has been committed to clients and communities for 87 years.

The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world.

Morgan Stanley is differentiated by the caliber of our diverse team. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients.

Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research.

At Morgan Stanley, giving back is a core value—a central part of our culture globally. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best asset—Morgan Stanley employees.

As a global financial services firm, Morgan Stanley is committed to technological innovation. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses.

At Morgan Stanley, we believe creating a more equitable society begins with investing in access, knowledge and resources to foster potential for all. We are committed to supporting the next generation of leaders and ensuring that they reflect the diversity of the world they inherit.

Why Morgan Stanley

How We Can Help

Building a Future We Believe In

Get Started

Stay in the Know

For 88 years, we’ve had a passion for what’s possible. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals.

At Morgan Stanley, we focus the expertise of the entire firm—our advice, data, strategies and insights—on creating solutions for our clients, large and small.

We have the experience and agility to partner with clients from individual investors to global CEOs. See how we can help you work toward your goals—even as they evolve over years or generations.

At Morgan Stanley, we put our beliefs to work. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give back—all to contribute to a future that benefits our clients and communities.

Meet one of our Financial Advisors and see how we can help you.

Get the latest insights, analyses and market trends in our newsletter, podcasts and videos.

• Opportunities
• Technology Professionals

Experienced Financial Advisors

We believe our greatest asset is our people. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Discover who we are and the right opportunity for you.

Students & Graduates

A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley.

Experienced Professionals

At Morgan Stanley, you’ll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. See how you can continue your career journey at Morgan Stanley.

At Morgan Stanley, our premier brand, robust resources and market leadership can offer you a new opportunity to grow your practice and continue to fulfill on your commitment to deliver tailored wealth management advice that helps your clients reach their financial goals.

Private Wealth Management Ideas & Insights

Gain fresh perspective on the complex investing, wealth planning, family governance and lifestyle issues that impact your life and legacy.

Leading Insights

Wealth and estate planning series.

• Case Studies

Wealth Education Series

Next Gen Leaders: Indra Nooyi Shares Ideas for Empowering Talent

Morgan Stanley sits down with Indra Nooyi, former Chairman and CEO of PepsiCo, to discuss how today's leaders can shape the leaders of tomorrow.

Enhancing Flexibility and Control with Directed Trusts

Discover how a directed trust can be a valuable tool in your estate plan.

Wealth Planning Principles for Art

Art offers many intangible benefits, and it can have implications for your overall wealth. Here’s how to balance passion and prudence.

Minimizing Your Digital Footprint

Your personal data is extremely valuable—and may be too readily available. Discover how to protect and manage your online assets.

Impact That Lasts: How To Get Involved in Policy Advocacy

Philanthropists can help achieve lasting change by considering policy advocacy. Here’s how to get started.

Women, Wealth and Investing—a Story of Evolution

Elizabeth Dennis, Head of Private Wealth Management, discusses what does it really mean to empower women investors.

What Philanthropic Approach is Right for You?

There are myriad ways to make a difference through philanthropy. Three strategies to consider.

What’s Your Relationship with Wealth?

Before engaging in family wealth-planning conversations, you may want to examine your own feelings and attitudes about wealth.

Case Studies and Strategies

These 5 Steps May Reduce Your Taxes

A key strategy for boosting long-term investment returns is being smart about tax efficiency.

Planning for the Expected and Unexpected

While many clients initially engage a Morgan Stanley Private Wealth Advisor to address a specific challenge, they often find value from services they never expected

We invite you to contact us to learn more.

Check the background of Our Firm and Investment Professionals on FINRA's Broker/Check .

Private Bankers are employees of Morgan Stanley Private Bank, National Association.

Morgan Stanley Smith Barney LLC and its affiliates and their employees (including Financial Advisors and Private Wealth Advisors) are not in the business of providing tax or legal advice. These materials and any statements contained herein should not be construed as tax or legal advice. Individuals should consult their personal tax advisor or attorney for matters involving taxation and tax planning and their attorney for matters involving personal trusts and estate planning.

Morgan Stanley Smith Barney LLC does not accept appointments nor will it act as a trustee but it will provide access to trust services through an appropriate third-party corporate trustee.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank.  Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

© 2024 Morgan Stanley Private Wealth Management, is a division of Morgan Stanley Smith Barney LLC. Member SIPC.

CRC # 2868916 (12/19)  

© 2024 Morgan Stanley Smith Barney LLC. Member SIPC . CRC # 6288615 (01/24)

• Germany (Deutsch)
• Japan (日本語)

Delighting customers and advisors with automation in wealth management

Who we worked with

A leading global financial services firm with trillions in wealth management client assets.

What the company needed

• To delight its customers and advisors with real-time information and analysis on the held away investment assets of its institutional and private banking clients

How we helped

• Using Cora LiveWealth, we enabled the company to extract, aggregate, normalize, and analyze data from a variety of sources and provide holistic, comprehensive, real-time reporting with analytics tailor-made for each client

What the company got

• Improved customer and advisor satisfaction
• Detailed, on-demand performance reporting
• An automated and holistic view of its clients' total assets under management
• A 75% improvement in operational efficiency

For wealth managers, performance reporting conveys the tangible results of the investment decisions they've made in cooperation with their clients and helps them provide the best possible advice in the next planning cycle. That's why timely, accurate, and comprehensive performance reports are vital to maintaining client communications and trust. This is easier said then done. But automation in wealth management makes it easier.

Data, data everywhere

Our client was managing 55,000 accounts across 300 different financial institutions. All of them had different data, formats, and architecture that didn't get along.

Without the technology to aggregate, extract, and process data from electronic and paper-based financial statements, the firm was forced to manually input data. That was expensive — and worse, it led to mistakes in billing and customer performance reporting. Data sources and formats of all kinds took a long time to process and analyze, too, which slowed down reporting.

To further complicate the process, four separate entities — two external partners, a team of internal analysts, and the financial advisors themselves — were working on fragmented architecture.

The firm's financial advisors weren't happy with the company's end-to-end performance reporting system—and neither were its customers. Data sourcing, aggregation, and performance calculations were sub-par, and multiple asset and transaction types added complexity.

Updating systems of record took far too long, and the team had little time to share insights. Financial advisors had to spend too much time covering for system and process gaps. That left little opportunity to engage with customers and provide value-added analysis, making it hard to maintain service levels and meet customer need.

Organize, synthesize, and normalize

The first step was to create a single platform with information on all customer segments that everyone could access. That way, the firm could tailor services and analytics to its own team—and to its customers.

In just 90 days, we rolled out the new aggregation and performance reporting tools. Cora LiveWealth, powered by the Genpact Cora AI-based platform, made this quick turnaround possible. Used by ses AI to transform wealth and asset management processes. It automatically gathers, extracts, and normalizes wealth management data analytics to improve the client and advisor experience for real-time reporting.

The product automated and streamlined three key areas: data extraction, data normalization, and data analysis. The result:

• Detailed on-demand performance reporting
• Enterprise dashboards across business lines
• The ability to aggregate consumer bureau information to isolate liabilities and build balance sheets
• Highly flexible asset classification schemas
• Personalized reports for management, financial advisors, and customers
• Operational efficiency improved by 75%

Take a copy for yourself

Figure 1: a schematic of the automated aggregation product developed on the genpact cora platform.

An orderly operation across the enterprise, more satisfied advisors, and happier customers

Other benefits the company—and its customers—enjoyed:

• Advisors got a 360-degree view of their clients’ total assets under management, including outside assets. Managers saw a complete view at the enterprise, advisor, and client level, including daily transaction data
• Dynamic custom reports meant the firm could regularly update and personalize reporting for advisors and customers
• Enterprise-wide aggregation and reporting made compliance easier and improved operational efficiency by 75%
• Clients got a personalized, on-demand, and complete portfolio view that included outside assets

Now that the company’s reporting is up to speed, it can take business to the next level.

Visit our commercial banking services page

Top 40 Most Popular Case Studies of 2021

Two cases about Hertz claimed top spots in 2021's Top 40 Most Popular Case Studies

Two cases on the uses of debt and equity at Hertz claimed top spots in the CRDT’s (Case Research and Development Team) 2021 top 40 review of cases.

Hertz (A) took the top spot. The case details the financial structure of the rental car company through the end of 2019. Hertz (B), which ranked third in CRDT’s list, describes the company’s struggles during the early part of the COVID pandemic and its eventual need to enter Chapter 11 bankruptcy. 

The success of the Hertz cases was unprecedented for the top 40 list. Usually, cases take a number of years to gain popularity, but the Hertz cases claimed top spots in their first year of release. Hertz (A) also became the first ‘cooked’ case to top the annual review, as all of the other winners had been web-based ‘raw’ cases.

Besides introducing students to the complicated financing required to maintain an enormous fleet of cars, the Hertz cases also expanded the diversity of case protagonists. Kathyrn Marinello was the CEO of Hertz during this period and the CFO, Jamere Jackson is black.

Sandwiched between the two Hertz cases, Coffee 2016, a perennial best seller, finished second. “Glory, Glory, Man United!” a case about an English football team’s IPO made a surprise move to number four.  Cases on search fund boards, the future of malls,  Norway’s Sovereign Wealth fund, Prodigy Finance, the Mayo Clinic, and Cadbury rounded out the top ten.

Other year-end data for 2021 showed:

• Online “raw” case usage remained steady as compared to 2020 with over 35K users from 170 countries and all 50 U.S. states interacting with 196 cases.
• Fifty four percent of raw case users came from outside the U.S..
• The Yale School of Management (SOM) case study directory pages received over 160K page views from 177 countries with approximately a third originating in India followed by the U.S. and the Philippines.
• Twenty-six of the cases in the list are raw cases.
• A third of the cases feature a woman protagonist.
• Orders for Yale SOM case studies increased by almost 50% compared to 2020.
• The top 40 cases were supervised by 19 different Yale SOM faculty members, several supervising multiple cases.

CRDT compiled the Top 40 list by combining data from its case store, Google Analytics, and other measures of interest and adoption.

All of this year’s Top 40 cases are available for purchase from the Yale Management Media store .

And the Top 40 cases studies of 2021 are:

1.   Hertz Global Holdings (A): Uses of Debt and Equity

2.   Coffee 2016

3.   Hertz Global Holdings (B): Uses of Debt and Equity 2020

4.   Glory, Glory Man United!

5.   Search Fund Company Boards: How CEOs Can Build Boards to Help Them Thrive

6.   The Future of Malls: Was Decline Inevitable?

7.   Strategy for Norway's Pension Fund Global

8.   Prodigy Finance

9.   Design at Mayo

10. Cadbury

11. City Hospital Emergency Room

13. Volkswagen

14. Marina Bay Sands

15. Shake Shack IPO

16. Mastercard

17. Netflix

18. Ant Financial

19. AXA: Creating the New CR Metrics

20. IBM Corporate Service Corps

21. Business Leadership in South Africa's 1994 Reforms

22. Alternative Meat Industry

23. Children's Premier

24. Khalil Tawil and Umi (A)

25. Palm Oil 2016

26. Teach For All: Designing a Global Network

27. What's Next? Search Fund Entrepreneurs Reflect on Life After Exit

28. Searching for a Search Fund Structure: A Student Takes a Tour of Various Options

30. Project Sammaan

31. Commonfund ESG

32. Polaroid

33. Connecticut Green Bank 2018: After the Raid

34. FieldFresh Foods

35. The Alibaba Group

36. 360 State Street: Real Options

37. Herman Miller

38. AgBiome

39. Nathan Cummings Foundation

40. Toyota 2010

US wealth management: A growth agenda for the coming decade

Wealth management is a growth industry, but it is experiencing a set of accelerating disruptions. While the pandemic challenged the performance of the US wealth management industry for much of 2020, the last 12 months have given rise to optimism that the conditions for a significant wave of innovation and experimentation across the wealth management ecosystem are in place. The conditions include rapid technological advancements, fast-evolving consumer needs and behaviors (accelerated by the pandemic), and an environment of economic stimulus.

About the authors

This article is a collaborative effort by Pooneh Baghai , Alex D’Amico , Vlad Golyk, Agostina Salvo, and Jill Zucker .

To thrive in this dynamic environment, firms must prioritize growth, adopt an innovation mindset, and be prepared to reallocate resources rapidly in response to the changing context. Finally, to free resources for strategic investment and prepare for any potential market downturn, firms can rethink their cost structures and improve the industry’s spotty record on cost management.

To guide these efforts, this paper offers a brief overview of the US wealth management industry’s present conditions and then presents four themes that define the new growth narrative we foresee. We recommend agenda items for wealth managers to address as they plan how to flourish in the changing ecosystem. Finally, we offer questions for organizational self-assessment.

Coming out of the crisis: Resilient but not unscathed

At face value, the US wealth management industry entered 2021 from a position of strength—record-high client assets, record growth in the number of self-directed and advised clients, and healthy pretax margins (Exhibit 1). However, beneath these strong headline numbers, the story was mixed, with the worst two-year revenue growth since 2010, as well as negative operating leverage. The depressed margins and profit pools that resulted were caused primarily by rock-bottom interest rates and uneven cost discipline (Exhibit 2).

Consequently, while the industry is now benefiting from vigorous market performance, it faces significant crosscurrents: equity-market and interest-rate uncertainty and industry-specific challenges including lack of cost discipline, increased competition from new entrants, and an aging and shrinking advisor force.

Despite this near-term uncertainty, US wealth management remains a growth industry, albeit with moderating revenue growth projections. McKinsey modeling suggests industry revenue pools will grow by about 5 percent per year over the next five years, 1 Long-term asset class forecast, Q2 2021 , State Street Global Advisors, April 22, 2021, ssga.com. driven by moderating market performance, moderate net flows, and the continued shift from brokerage to advisory (where revenue yields are typically higher). However, the growth will not be equally split among industry segments. We expect digital advice models, including robo- and hybrid advisory, to continue growing fastest, potentially even outperforming their historical revenue growth of more than 20 percent per year. Next in terms of growth will be registered investment advisors (roughly 10 percent projected annual growth rate), followed by national/regional broker–dealers (6 percent), direct brokerages (5 percent), wirehouses (2 percent), and other broker–dealers (independent, retail, and insurance owned) plus private banks (1 percent). If interest rates return to prepandemic levels, wirehouses and direct brokerages will disproportionately benefit, given their reliance on interest income from cash for profitability, with the overall growth rate for the industry reaching about 7 percent a year—similar to the growth that occurred between 2015 and 2018.

A growth agenda for the coming decade

Over the last 18 months, the industry has spurred a significant wave of innovation and experimentation. It is also facing long-standing demographic shifts that will redistribute wealth among subsegments. This combination of forces will shape growth trends for years to come. We see four key themes: fast-growth segments, new client needs, new products, and new business models (Exhibit 3).

Fast-growth segments offer new potential

Three investor segments are showing signs of significant and lasting growth: women, engaged first-time investors, and a segment we call hybrid affluent investors.

Women are taking center stage as investors over the next decade. Today, women control a third of total US household investable assets—approximately $12 trillion. Over the next decade, this share will grow. The biggest cause of this shift will be demographics: as baby boomer men die, many will cede control of assets to their female spouses, who tend to be both younger and longer lived. By 2030, American women are expected to control much of the $30 trillion in investable assets that baby boomers will possess—a potential wealth transfer that approaches the annual GDP of the United States. At the same time, younger affluent women are becoming more financially savvy; for example, 30 percent more married women are making financial and investment decisions than five years ago. 2 For more on these trends, see Pooneh Baghai, Olivia Howard, Lakshmi Prakash, and Jill Zucker, “ Women as the next wave of growth in US wealth management ,” July 29, 2020, McKinsey.com.

$3O trillion in investable assets will be possessed by baby boomers by 2030, much of it controlled by women

A new wave of engaged investors are opening accounts. The resurgence of the engaged-investor, or active-trader, segment has been one of the most headline-catching disruptions in the industry. Since the start of 2020, more than 25 million new direct brokerage accounts have been opened, a significant percentage by first-time investors. This growth resulted from a confluence of prepandemic market developments (for example, the elimination of online brokerage commissions, access to fractional share capabilities) and pandemic-related trends such as high savings rates (enabled by lower consumption).

While this segment’s exponential growth is likely not sustainable (for example, there was a sharp decline in trading app downloads and active daily users in the third quarter of 2021), it remains poised for accelerated growth over the next decade, given engaged investors’ relatively low median age of 35. 3 Schwab Generation Investor Study 2021, aboutschwab.com. The opportunity for wealth managers is to serve this segment by meeting their demand for direct brokerage-based investing and to build deeper relationships with them over time—for example, by recognizing that these new investors tend to express their personal values in their investment decisions.

40% increase in total direct brokerage accounts since the start of 2020—more than 25 million new accounts

Hybrid affluent investors are an opportunity to differentiate. While headlines have focused on the rise of first-time young investors with typically low assets, growth in the hybrid investor segment—those with at least one self-directed account and a traditional advisor—has been overlooked. In 2021, a third of affluent investors—households with more than $250,000 and less than $2 million in investable assets—were hybrid (Exhibit 4), a sharp increase of nine percentage points in just three years. The biggest beneficiaries of this trend have been incumbent and new direct brokerages, as well as some traditional wealth managers with sizable direct brokerage platforms.

The rapid growth of hybrid affluent investors is a result of two trends that are expected to persist: investors’ desire for human advice and the ease and affordability of direct investing. Therefore, to foster deep relationships with affluent clients and prevent them from investing with competitors, wealth managers of all types need to have both direct brokerage and advisor-led offerings with a seamlessly integrated experience across the two. Achieving this will not be easy; it will require careful management of channel conflicts and potential revenue cannibalization.

New customer needs provide an opening to differentiate

Investors are increasingly looking for institutions that can provide them with omnichannel access, integration of banking and wealth management services, and personalized offerings. As similar kinds of benefits become available from providers of other services, investors see them more as needs than as luxuries. In fact, fully 50 percent of high-net-worth (HNW) and affluent clients say their primary wealth manager should improve digital capabilities across the board.

Omnichannel access is no longer just ‘nice to have.’ One of the clearest disruptions triggered by the pandemic has been the sharp acceleration of digital adoption across consumer segments—including wealthier and older clients who were previously less digitally inclined with respect to financial advice. As a result, according to McKinsey’s latest Affluent and High-Net-Worth Consumer Insights Survey, digital is now the most preferred channel for clients, closely followed by remote (Exhibit 5).

This trend is even more pronounced for the HNW segment, which we define as households with more than $2 million in investable assets: roughly 40 percent of HNW clients say phone or video conferences are their preferred wealth management channels, and only 15 percent look forward to going back into branches or resuming in-person visits. Interestingly, the preference for digital and remote engagement among HNW clients is higher than for their affluent counterparts.

50% of clients think their primary wealth manager should improve their digital capabilities

Convergence of banking and investing has gone mainstream. Over the last three years, there has been a striking increase in clients’ preference to consolidate their banking and wealth relationships to achieve convenience and better relationship deals: the share with this preference has risen from 13 percent in 2018 to 22 percent in 2021. The trend applies to both wealthy and young households (Exhibit 6). In particular, 53 percent of those aged under 45 and about 30 percent of those with $5 million to $10 million in investable assets prefer to consolidate relationships.

Banks and wealth managers alike can benefit from this trend, but their starting position differs by client segment: HNW, ultra-HNW, 4 In this article we define HNW customers as those with between $2 million and $25 million in investable assets; ultra-HNW have more than $25 million in investablele assets. and older clients tend to consolidate banking with their primary wealth manager, whereas young investors are more likely to consolidate wealth management with their primary bank.

Clients’ reasons for consolidating with their primary bank or investment firm vary. High-yield deposits, lower management fees, and seamless transactions across accounts are the top three reasons for consolidation—and are basically table stakes. Beyond that, our research has found that banks generally win on convenience (for example, an existing relationship with the client, customer service tailored to younger clients), while investment firms win on products and reputation (for example, more expansive accounts or products such as securities-based lending, concierge-like customer service tailored to older clients, and recommendations).

The increased preference for consolidating banking and investing has been driven by a flurry of innovation. National banks are building wealth management capabilities and closely integrating experiences with traditional banking services, often in partnership with fintechs. Full-service wealth managers are upgrading their digital banking capabilities. And consumer-facing fintechs—with millions of users—are blurring the lines between investing and cash management.

Rise of personalized investing. Personalization matters. It is a key driver of client satisfaction and the number-three factor for clients selecting financial advisors. Wealth managers have responded to the demand to personalize investment management with customized, tax-efficient managed accounts. Because of their operational complexity, these products have typically been accessible only to the HNW and ultra-HNW segments. However, direct indexing, fractional share trading, and $0 online commissions are shifting the paradigm by enabling customized portfolios of securities at lower minimums.

Assets under management (AUM) in direct indexing tripled between 2018 to 2020, reaching $215 billion, or 17 percent of the retail separately managed account (SMA) market. We anticipate direct indexing volumes to triple through 2025, given how this new investing technology meets client needs, most notably the growing demand for tax-efficient investing and the desire of some retail investors, particularly younger clients, to ensure that their portfolio holdings reflect their personal values (Exhibit 7). The recent flurry of acquisitions of direct indexing providers by leading US wealth and asset managers will create further supply-side momentum in expanding the growth of the category.

Broader adoption among clients will require further innovation. For both self-directed and advisor-led models, offering direct indexing requires a careful consideration of the trade-offs associated with taxes and environmental, social, and governance (ESG) constraints. All this creates a need for intuitive interfaces and analytical tools, which need to be integrated into the advisor desktop and workflow.

New products expand ways to serve customers

Across industries, transformation arises from the introduction of new products. In wealth management, we see notable potential in two main categories of new products: investments in private markets and investments in digital assets.

Democratization of private markets. In the current lower-for-even-longer interest-rate environment, investors’ appetite for alternative investments is as high as ever, with the young leading the way: about 35 percent of 25-to-44-year-old investors indicate an increased demand for alternatives. Within alternatives, private markets (private equity, private debt, real estate, infrastructure, and natural resources), an asset class that was once the preserve of institutional investors, is making inroads to individual portfolios. Large private-markets firms are building out retail distribution capabilities and vehicles, and home offices make it easier for clients to access private-markets products, often with the help of fintech infrastructure providers. Increased client demand and innovations have potential to increase the share of assets allocated to private markets from about 2 percent in 2020 to 3 to 5 percent by 2025, representing asset growth of between $500 billion and $1.3 trillion. It is imperative for wealth managers to facilitate this growth by making it easier for their clients to access private markets.

Digital assets going mainstream. The arrival of an army of new retail investors has proven to be a boon to the growth of new asset classes that were incubated in the margins of the market. Nowhere is this phenomenon clearer than in the realm of digital assets, which have ballooned from a combined valuation of $100 billion in 2019 to a market capitalization of more than $2.5 trillion today. They span multiple digital asset classes, or “tokens,” beyond cryptocurrencies, including tokenized equities, bonds debt, stablecoins (typically pegged to conventional currencies), art, and collectibles. The motivations for investors in digital assets are diverse—experimentation, speculation, the search for inflation protection, or getting exposure to the building blocks of new technology that is increasingly cast as the next iteration of the internet (that is, Web3). Whatever the motivation, investors’ enthusiastic embrace of digital assets is very clear. For example, digital trading platform Coinbase has gathered a staggering 68 million verified users.

For wealth managers, digital assets present both an opportunity and a challenge. On the one hand, the cryptocurrency market has grown too large to ignore amid robust client demand; 11 percent of affluent clients and 8 percent of HNW clients invest in digital assets. On the other hand, three broad challenges are associated with offering cryptocurrencies. First, regulatory ambiguity—on asset classification and tax reporting, among other issues—has lingered, often creating uncomfortable levels of risk exposure for wealth managers. While it is still early days, the advent of crypto exchange-traded funds (ETFs) could help address some of these challenges. Second, the infrastructure required for offering digital assets, including custody services, differs from what is required for traditional investment products. Lastly, digital asset classes are not well understood by many advisors, so advising on the products is challenging for them.

Wealth managers face a choice: they can take a wait-and-see approach and accept the business risks associated with staying out of a rapidly growing market, or they can pursue the opportunity aggressively by leveraging partnerships with fintechs while addressing heightened regulatory risks. What remains for certain is that over the longer term, there is meaningful potential for a far broader class of digital assets to enter the investing mainstream and for the underlying technologies of blockchain-based decentralized finance (DeFi) to revolutionize the distribution of investment products, including the T+0 settlement cycle.

New business models position firms for growth

The last of our four contours of the new growth narrative is the introduction of new business models. Two such models are of importance: offering services to registered investment advisors (RIAs) and digitizing the delivery of advice.

Advisors’ desire for independence presents an opportunity to serve RIAs. The last decade has seen a migration of advisors to registered independent advisors, with 24 percent of all financial advisors being part of an RIA in 2020, compared with 16 percent in 2010. This shift is expected to continue apace, with the share of advisors affiliated with RIAs growing to 26 percent by 2025. Motivations for advisors’ migration to RIAs include the expectation of higher payouts plus two other factors: First, advisors are looking at the RIA channel as the best way to monetize their business, with RIA acquisition multiples for top advisors (those with books over $1 billion) two to three times higher than retire-in-place incentives at traditional wealth managers. Second, technology and services firms, working in conjunction with the major custodians, have lowered barriers for advisors to launch their own firms. Moreover, advisors believe they can procure technology and services that are similar to or better than what traditional wealth managers provide.

While this trend presents a challenge for wirehouses and broker–dealers, whose advisor force is expected to shrink by 3 percent over the next five years, there is a silver lining: RIAs’ reliance on third-party products and solutions creates an opportunity for participants in the wealth management ecosystem to seek a share of this fast-growing revenue and profit pool. Some ecosystem participants are viewing this segment in terms of a single product or service—lead generation, tech point solutions, custodial offerings, banking-as-a-service for advisors, asset management. Others, including turn key asset management providers (TAMPs), established custodians, and traditional wealth managers with attacker mindsets, are attempting to build a next-generation, wirehouse-quality platform for advisors.

Therefore, wealth managers, especially those who rely on advisor recruiting for growth, need to look beyond the competitive threat posed by the fast-growing RIA channel and explore new business models that would allow them to participate in this growing revenue and profit pool. Wealth managers seeking to serve the RIA segment will need to manage technology as a core competency, and those with large advisor forces will need to manage the advisor attrition risks associated with opening up the platform (even partially) to RIAs.

2X faster annual revenue growth projected over the next five years for RIA channel versus industry overall

The opportunity for digital advice models. Digital advice models, including robo-advisor and hybrid advisor models, have been around for more than a decade and have been the fastest-growing wealth management delivery model, with more than 20 percent annual revenue growth between 2015 and 2020. They still account for only about 1 percent of the market, but the growth prospects are high: the last three years—and last 18 months in particular—have marked a step increase in investor comfort levels with these offerings (Exhibit 8). In fact, the share of investors saying they are comfortable with remote advice grew from about 38 percent in 2018 to roughly 46 percent in 2021. Among clients younger than 45, the comfortable share grew from 43 percent to 59 percent. Similarly, while comfort with digital-only advice remains modest overall at about 15 percent, it has more than doubled since 2018 among investors under 45, to roughly half in 2021.

Unsurprisingly, the growing interest has motivated wealth managers to expand into and innovate in this channel. However, wealth managers should be aware that achieving a step change in adoption of digital advice offerings will require going beyond the lower-cost value proposition, privileged acquisition strategies, and brand equity. Among investors who do not express comfort with robo-advisor models, the main reasons they give are perceived lack of personalization, privacy concerns, and lack of motivation to explore the offering. Bringing more investors on board will require matching the advisor-like experience with personalized content and solutions.

60% increase in share of investors comfortable with digital-only models since 2018 and 21% increase in those comfortable with remote models

Embracing the new growth narrative: A four-part agenda

Clearly, wealth management remains an attractive industry with strong growth fundamentals and long-term margins. If anything, the disruptions we have discussed in this report expand the industry’s options and will shape the growth narrative for the next decade.

Given the pace of change, stasis is not a viable option. We recommend that wealth managers follow a four-part agenda for action: reposition, redesign, reimagine, and reallocate.

Reposition the firm for what’s next

Every wealth manager needs to take a hard look at the secular growth themes shaping the industry—fast-growth segments, banking, personalization, new product propositions, and new business models—and decide, based on the firm’s unique sources of competitive advantage, which of these updrafts it should ride. Where a firm lacks natural advantages in capitalizing on particular growth themes, M&A is a critical lever for accelerating the repositioning of individual wealth management franchises. The last 24 months have seen numerous high-profile transactions as firms seek scale and/or the acquisition of new capabilities to accelerate their strategy. We expect M&A to be a particularly important theme over the next 24 months as wealth managers reposition themselves for the postpandemic “next normal,” whenever it arrives.

Redesign offerings for new needs

Firms also should monitor and try to anticipate evolving client needs, using this information to redesign their offerings. Examples could include new value propositions (for instance, around tax efficiency, integration of wealth and banking, or specific high-growth segments), privileged access to new products (such as digital assets or private markets), or completely new business models (for example, light-guidance digital offerings).

Reimagine client engagement and experience

The third agenda item is to radically reimagine client engagement and experience. The pandemic has reset clients’ assumptions about how they want to be served, and the accelerated uptake of technology has created unprecedented degrees of freedom for wealth managers. Every wealth manager needs to ask, “What is the blueprint for a client experience model in a digital-first world?” and “How can such a model simultaneously deepen our relationships and broaden our reach?”

Reallocate resources to support the strategy

Finally, successful wealth management firms make a bold commitment to putting the money where the strategy is, and they make multiyear resource-reallocation decisions, including where firm’s top talent spends time, in favor of growth. Regular reallocation of resources is a critical but often neglected step that can close the loop between visionary strategic intent and successful implementation.

Our research across industries suggests that fortune favors the bold: the top third of companies, which have been the most dynamic resource reallocators, achieved 1.6 times higher total returns to shareholders than the bottom third (about 10 percent versus 6 percent annualized over 20 years). In the wealth management context, we estimate that top performers are making strategic resource reallocation decisions to the tune of 15 percent or more of operating expenses over five years, whereas those simply dabbling with subscale experiments in strategic growth areas will not see results. Simply put, firms should not aim to be all things to all clients.

Five questions for wealth management executives

Given the significance of the opportunity at hand, wealth management executives must consider their firm’s readiness to capitalize on it. To provoke a self-assessment, we offer five questions for executives to ponder and discuss with their teams:

• What are the three or four priority growth themes you are betting on for the next five years? While several growth avenues and disruptions are reshaping the wealth management landscape, the optimal recipe will differ depending on an individual firm’s starting position and its sources of competitive advantage. Clarifying priority growth themes and aligning with your executive team help lay a foundation for developing a winning growth strategy.
• Do you have the right team and operating model? To paraphrase Peter Drucker’s famous phrase, “Execution eats strategy for breakfast.” A prerequisite for successful execution is an effective leadership team that is brought together around critical behaviors. In the context of wealth management and the shifts the industry is going through, these behaviors for executive teams must include operating in an agile manner and developing connections across business units and functions. In addition, the team needs leaders who are not afraid to experiment and innovate and whose mandates are aligned with major growth themes that typically cut across business unit lines (for example, banking and wealth, segments, sustainability). 5 For more, see Natasha Bergeron, Aaron De Smet, and Liesje Meijknecht, “ Improve your leadership team’s effectiveness through key behaviors ,” January 2020, McKinsey.com.
• Does your ability to attract sought-after client-facing and technology talent match your ambition? Over the last 12 to 18 months, wealth managers of different sizes and business models have publicly announced ambitious hiring targets with an emphasis on client-facing and technology talent. However, these plans have been challenged by severe labor shortages across industries, as a result of what has been dubbed the Great Attrition: 40 percent of employees say they are at least somewhat likely to leave their current job in the next three to six months, and 54 percent of employees say they leave because they do not feel valued by their organizations. 6 Aaron De Smet, Bonnie Dowling, Marino Mugayar-Baldocchi, and Bill Schaninger, “ ‘Great Attrition’ or ‘Great Attraction’? The choice is yours ,” McKinsey Quarterly , September 8, 2021, McKinsey.com. Wealth management is no exception to this trend. While many of the levers for attracting and retaining talent remain effective, other factors have gained importance during COVID-19, with more than 80 percent of workers saying that a hybrid-office working model is the optimal route forward. In addition to rethinking their operating models to attract and retain talent, wealth managers need to take bolder and more creative approaches to attracting new-to-industry talent. These may include flexible working arrangements, alternative career paths (including new payout structures for client-facing roles and programs aimed at creating the next generation of advisor talent), and partnerships with various types of educational institutions.
• Are you reallocating a significant portion of your resources—spending and capital—toward priority growth areas, including M&A? Systematic and dynamic resource allocation is an essential part of a winning business strategy. Achieving industry-leading levels in this area involves several steps: conducting a critical review of the firm’s existing cost structure, introducing a culture that continuously reallocates resources from low- to high-value tasks, increasing transparency around returns of individual projects, and implementing governance processes to enable more dynamic resource allocation. Capital reallocation can be a powerful tool for acceleration of growth in high-priority areas, which requires a clear M&A blueprint consistent with the broader enterprise strategy. We expect three major M&A themes to shape wealth management deal making in the next 18 to 24 months: (a) transactions focused on platform synergies, mostly in the vibrant RIA market but also among the largest wealth managers; (b) transactions focused on entering adjacent revenue pools, such as asset management, banking, retirement, or payments; and (c) transactions to acquire capabilities that will be key for growth—for example, direct indexing, tax solutions, or wealth tech. While not all deals are accretive in value, the top 25 percent of deals achieve 8.5 percent excess TRS. Top acquirers are distinguished from the rest by two characteristics: the ability to embed M&A in their strategic planning process and a clear post-acquisition playbook, inclusive of an integration capability. Thinking through programmatic M&A in the context of business strategy is essential for making accretive deals that contribute to both top-line growth and business value.
• Do you have a partnership strategy rooted in your business strategy? When it comes to digital, data, and technology, it is impossible for any organization to stay ahead of the pack on every dimension, so a clear partnership strategy is crucial. In fact, many wealth management incumbents already rely on fintechs to gain access to better technology across the value chain—client acquisition, client front-end, portfolio management, point solutions on advisor desktops, cybersecurity, and cloud infrastructure, among others. Looking ahead, it is important for executives and their teams to be clear-eyed about which capabilities will be a source of sustainable competitive advantage and then to decide how to acquire those capabilities: build in-house, build in-house in partnerships with fintechs, or outsource.

Despite a modest dip in profits, the US wealth management industry has thus far come through the pandemic not only unscathed but with tailwinds from sustained demand for advice, potential upside of higher interest rates, the rise of new client segments, and the embrace of unprecedented levels and speed of innovation. As the industry moves toward the hoped-for postpandemic new normal, it faces near-term macroeconomic uncertainty but also meaningful opportunity.

Tomorrow’s successful managers will need to adapt their models to preempt the disruptions that lie ahead and adopt a new sense of purpose and innovation as they head into a period of growth.

Pooneh Baghai is a senior partner in McKinsey’s Toronto office; Alex D’Amico and Jill Zucker are senior partners in the New York office, where Agostina Salvo is an associate partner; and Vlad Golyk is a partner in the Southern California office.

Explore a career with us

Related articles.

Crossing the horizon: North American asset management in the 2020s

North American wealth management: Money in motion, but not always to the bottom line

The value of personal advice: Wealth management through the pandemic

• rbcwealthmanagement.com
• Important information

Case studies

Team Freeman

• Our services

• Sign in Important information

Small business owner – family. Succession plan

Small business owner and wife are nearing retirement. His daughter is taking over the business while is son is not interested in the business. The client couple have several objectives:

• Smoothly transition the business to the daughter while at the same time managing the dynamics of the son’s sale of his shares.
• Determine succession plan that pays him fair value for the business yet makes purchase possible for daughter. Considering a combination of cash, financing and gifting.
• Build onto their investment portfolio to create moderate growth and tax efficient income.
• Maximize their charitable ambitions, considering pros/cons of outright gifting, direct IRA distributions, Donor Advised Fund and Private Foundation.
• Contribute to grandchild college education plan through 529 funding.

Our process: We quarterbacked the meetings with client’s estate attorney and CPA to develop a successful succession strategy between all family members, with preliminary combination of cash, lending and gifting. We previously established a grantor trust in order for client to transfer his shares out of his estate and maximize future value. The client is invested in our Moderate Profile Portfolio allocated in multiple asset classes providing market participation through equities and tax exempt income through municipal bond ladder strategies. We continue to discuss charitable strategies and have set up 529 plans for the grandkids.

After returning from a 3 year European work assignment Client couple needed financing for multiple stages of the construction of their dream home. We helped client with a lending strategy that involved securing both an asset-backed credit line and also a traditional fixed mortgage that transitioned from a construction loan. Client continues to utilize asset backed lending through RBC and has locked in his preferred rate with a term that matched his specific needs. He also has a short term line that allows him the flexibility to manage cash flow more efficiently, while keeping his investments working.

Elderly client transition to senior living

Client spent several years fretting over a needed move to a Senior Living Community. There were concerns about leaving the home and neighborhood she loved. Along with this came concern over her retirement plan and changing cash flow and health care costs. We conducted many meetings with the client, and also met jointly with her daughter. By having a detailed Retirement Analysis in place, we were able to model different scenarios based on the various costs associated with the senior communities she was considering. We also counseled her on services available in the area that specialize in senior moves and sorting of their possessions. Client was able to find a community and make a successful transition. She and her family are very happy knowing she is well taken care of both in terms of care and finances.

Retiring executive

After 40 years at the same company, an executive is nearing retirement and needs detailed, high end planning, particularly around his stock options and company stock. After several meetings to fully understand the couple’s goals, tolerance for risk, income needs and estate plans, we modeled a plan encompassing investments, distribution schedules, cash flow and risk management. We developed a model to reduce the company stock concentration while managing the volatility and taxes. Client has retired and the couple have begun the next chapter knowing they have a tax-efficient cash flow plan that’s been stress tested to show a 97% probability-based outcome.

Career transition

After a successful career at one of the largest companies in the world a client wanted to follow his entrepreneur side and invest/buy a local small business. We helped the client navigate and plan for a potential purchase of a business. We put together an income strategy as well as lending solution so the client felt comfortable borrowing for the acquisition and would have a steady income stream while he transitions careers. We facilitated meetings throughout the process as the client interviewed numerous financing opportunities as well as helped review potential purchase options. We helped build a team of specialists to review potential deal terms, acquire financing and set up legal contracts.

Retiring couple

Client couple were beginning to consider their retirement date. The husband was in the process of selling his business and we worked with the couple to build a goals-based portfolio with the sale proceeds, providing a balance between growth and tax-exempt income. The wife was interested in retiring from her job so they could be together but her job provided the family’s health care benefits and Medicare was still several years off. We worked with both the husband and wife to build a comprehensive strategy to support their various retirement goals. We also built a probability-based retirement analysis that showed a high level of confidence that their goals could be achieved in retirement. Additionally the plan was stressed tested to allow for possible bear market scenarios. After several meetings involving in depth review of health care costs, cash flow projections and retirement modeling, the wife had gained the confidence that she could retire at any time. The couple are thankful and excited to have begun their retirement, supported by a comprehensive plan, a year earlier than they had planned.

These examples are for illustrative purposes and not intended to be representative of any specific investment vehicle or strategy. Past performance is not indicative of future results.

Academy of Finance

Corporate Finance Training for Busy Professionals

Wealth Management Case Studies: Outcomes Unveiled

Did you know that analyzing wealth management case studies can provide valuable insights into successful strategies and failures in managing wealth? These real-life examples offer a glimpse into the world of financial case studies , investment success stories , and wealth management lessons learned . By studying these cases, individuals can gain knowledge and understanding of best practices in portfolio management and wealth management.

Key Takeaways:

• Wealth management case studies offer real-life examples of successful strategies and failures in managing wealth.
• Studying these case studies can provide valuable insights and lessons learned in portfolio management and wealth management.
• Case studies highlight the importance of long-term planning, diversification, and personalized financial advice.
• By applying the lessons from these case studies, individuals can improve their financial decision-making and increase their chances of achieving their wealth management goals.
• Success stories in wealth management showcase effective portfolio management and long-term investment strategies .

The Impact of Conscientiousness on Financial Decision-making

Conscientiousness , a personality trait characterized by being hardworking and responsible, has a significant impact on financial decision-making and overall financial well-being . Studies have shown that individuals who possess conscientiousness tend to exhibit better financial habits , leading to long-term financial stability. Moreover, **conscientious** individuals are more likely to plan for the future, make sound financial choices, and achieve better **health outcomes**.

Research has consistently demonstrated a positive correlation between conscientiousness and financial well-being . It indicates that individuals with a high level of conscientiousness are more likely to engage in **prudent financial behaviors**, such as budgeting, saving, and investing wisely. They prioritize responsible money management and minimize impulsive or risky financial decisions, thus safeguarding their financial futures.

“Conscientiousness is a powerful predictor of financial success. It influences financial behaviors and attitudes, ultimately shaping financial outcomes.”

Personality Traits and Financial Habits

Studies have explored the intricate relationship between personality traits and financial habits , consistently highlighting the impact of conscientiousness. **Conscientious** individuals typically exhibit characteristics such as discipline, organization, perseverance, and self-control, which naturally translate into positive financial behaviors.

These individuals are more likely to establish and adhere to budgets, prioritize saving for the future, and engage in long-term financial planning. They are less inclined to succumb to immediate gratification and impulsive purchases, instead focusing on their financial goals and making choices aligned with their objectives.

Furthermore, **conscientiousness** extends beyond financial decision-making . Its influence permeates various aspects of an individual’s life, including career success, relationships, and overall well-being. By exhibiting conscientiousness in financial matters, individuals foster a sense of control over their financial futures and set themselves up for improved financial outcomes.

Financial Habits and Long-term Financial Stability

**Financial habits** cultivated by individuals with conscientiousness play a crucial role in achieving long-term financial stability. The consistent practice of responsible financial behaviors, such as saving regularly, investing wisely, and managing debt effectively, contributes to overall financial well-being .

By building a strong foundation of financial habits grounded in conscientiousness, individuals can withstand financial challenges and better manage unexpected expenses. Additionally, they are more likely to accumulate wealth over time, ensuring they have the resources to meet their financial goals and aspirations.

Conscientiousness plays a crucial role in shaping financial decision-making and overall financial well-being. Individuals who exhibit conscientiousness tend to adopt better financial habits, plan for the future, and make sound financial choices. By prioritizing responsible money management and long-term financial planning, these individuals secure their financial well-being and increase the likelihood of achieving their financial goals.

Case Study: The Financial Prudence of Conscientiousness

In a comparative financial case study , we analyzed the decisions of two individuals with different levels of conscientiousness . The case study shed light on how a conscientious approach, characterized by retirement planning and long-term growth , can lead to better financial outcomes.

Individuals who prioritize immediate gratification and lack future planning often face a significant retirement income gap . However, those who adopt a conscientious mindset can bridge this gap and achieve financial security in their later years.

The Role of Conscientiousness in Retirement Planning

Conscientiousness plays a crucial role in retirement planning . Individuals who possess this trait tend to value long-term financial stability over immediate gratification . They understand the importance of saving, investing, and creating a diversified portfolio to ensure a comfortable retirement.

A conscientious individual is more likely to set specific financial goals, create a budget, and stick to it. They consistently contribute to retirement accounts and carefully monitor their expenses. This disciplined approach sets them on the path to financial success.

Conscious individuals also exhibit a higher degree of financial literacy . They seek knowledge and information about various investment vehicles, understand the risks involved, and make informed decisions to maximize long-term growth .

A Tale of Two Approaches

To illustrate the impact of conscientiousness on financial outcomes, let’s examine the case study of two individuals: John and Sarah.

The case study clearly demonstrates how a conscientious approach to retirement planning leads to long-term success. Sarah’s conscientious approach, encompassing responsible financial habits and long-term growth strategies, allowed her to bridge the retirement income gap . Meanwhile, John’s lack of conscientiousness left him facing financial challenges in retirement.

By examining this case study, we can learn a valuable lesson: conscientiousness is a key characteristic for achieving financial security in retirement. It’s never too late to adopt conscientious financial habits and start planning for the future.

Success Story: Wealth Management for Early Retirement

A case study of a couple in their mid-40s highlighted the successful planning and management of wealth for early retirement. With the guidance of a wealth management firm, the couple was able to develop a diversified portfolio tailored to their risk tolerance and time horizon. They also implemented tax-saving strategies , coordinated their estate plan, and set up structured education funding for their children, ultimately achieving their goal of early retirement.

John and Mary Smith, a couple in their mid-40s, had always dreamt of retiring early and enjoying a life of financial independence. However, they were uncertain about how to navigate the complex world of wealth management and retirement planning. That’s when they decided to seek the expertise of Wealth Advisors Inc., a reputable wealth management firm known for its expertise in early retirement planning .

Under the guidance of their dedicated financial advisor, the Smiths began by discussing their long-term goals and aspirations. They expressed their desire to retire by the age of 55 and maintain a comfortable lifestyle without worrying about their financial security. With this information, the advisor created a personalized wealth management plan for the couple, ensuring it aligned with their risk tolerance and time horizon.

The first step in the plan was to develop a customized portfolio that would generate steady returns while minimizing risk. The couple’s advisor carefully selected a mix of diversified investments, including stocks, bonds, and real estate, to achieve their financial goals. By considering their risk tolerance, the advisor ensured that the portfolio was balanced, providing both growth potential and a degree of stability.

The Smiths’ wealth management plan also emphasized tax-saving strategies to maximize their retirement savings. Their advisor recommended various tax-efficient investment vehicles, such as individual retirement accounts (IRAs) and 401(k) plans, which provided significant tax advantages. By utilizing these tax-saving strategies , the couple could build their retirement nest egg more efficiently and reduce their tax burden.

In addition to portfolio management and tax-saving strategies, the Smiths’ comprehensive estate plan was given careful consideration. Their advisor worked closely with estate planning specialists to ensure their assets would be properly distributed according to their wishes in the future. This included establishing trusts and updating beneficiary designations to align with their wealth transfer goals.

Furthermore, the Smiths recognized the importance of education funding for their children. Their advisor helped them set up structured education savings accounts (ESAs) and provided advice on maximizing college savings through tax-advantaged investment options.

After several years of disciplined saving, strategic investing, and regular reviews with their advisor, the Smiths successfully achieved their goal of early retirement. By the age of 55, they were able to leave their careers behind and embark on a new chapter of their lives, confident in their financial future.

The success story of John and Mary Smith demonstrates the power of strategic wealth management for early retirement. By working with a knowledgeable advisor, developing customized portfolios , implementing tax-saving strategies, and coordinating a comprehensive estate plan , the Smiths were able to secure their financial future and realize their dream of retiring early.

Their journey serves as an inspiration for individuals who aspire to achieve financial independence and retire on their own terms. By taking proactive steps towards early retirement planning and seeking professional guidance, it is possible to overcome financial obstacles and achieve long-term goals.

Case Study: Retirement Plan Success in Heavy Manufacturing

A case study in the heavy manufacturing industry demonstrates the importance of retirement plan success beyond participation rates and investment performance. This case study examines how a company’s focused efforts on retirement readiness and comprehensive support services have led to significant improvements in retirement outcomes for its employees.

With an understanding of the unique challenges faced by employees in heavy manufacturing , the company implemented a range of initiatives to enhance retirement planning and financial preparedness. By prioritizing employee engagement and providing high-touch communication and advice services, the company aimed to empower its workforce to make informed decisions and secure their financial futures.

One of the key strategies employed to improve retirement plan success was increasing participation rates . The company implemented targeted employee education campaigns to emphasize the long-term benefits of retirement planning and the necessity of starting early. Through these initiatives, they successfully engaged employees at all levels and encouraged them to take advantage of the retirement plan offerings.

Additionally, the company recognized the importance of optimizing deferral rates to ensure employees were setting aside an adequate portion of their income for retirement. They offered personalized guidance and financial planning consultations, helping employees understand the potential impact of different deferral rates on their retirement outcomes . This approach resulted in improved average deferral rates , further bolstering retirement plan success .

The company also focused on providing customized target-date funds to employees, ensuring that investment strategies aligned with individual retirement goals and risk tolerances. By tailoring these funds to meet specific employee needs, the company aimed to maximize long-term growth and minimize risk. Moreover, they provided on-site consultations, enabling employees to receive personalized advice and guidance based on their unique financial circumstances.

By combining these efforts to enhance retirement readiness, increase participation rates , improve deferral rates, and offer customized investment options, the company has achieved remarkable retirement plan success in the heavy manufacturing industry. Employees now have the tools and resources necessary to navigate their retirement journeys with confidence, helping to bridge the retirement income gap and secure a financially stable future.

Investing in retirement readiness and providing comprehensive support services can significantly improve retirement outcomes for employees in the heavy manufacturing industry.

Lessons Learned from Wealth Management Case Studies

Wealth management case studies provide valuable insights and lessons for individuals and financial professionals alike. By examining real-life examples, we can uncover successful wealth strategies , financial planning best practices , and practical wealth management examples that can inform our own financial decisions. Let’s delve into some of the key lessons learned from these case studies:

1. Importance of Long-Term Planning

One common theme that emerges from wealth management case studies is the significance of long-term planning. Successful individuals and businesses prioritize setting long-term financial goals and mapping out a strategic plan to achieve them. This approach allows for consistent growth, optimized asset allocation, and the ability to weather market fluctuations. By having a clear long-term vision, investors can make informed decisions and successfully navigate the complexities of wealth management.

2. The Power of Diversification

Diversification is a critical aspect of wealth management, as demonstrated by numerous case studies. Spreading investments across different asset classes helps mitigate risk and maximize returns. By diversifying their portfolios, investors can avoid overexposure to specific market sectors and benefit from the potential growth opportunities offered by a variety of investments. Successful wealth management strategies often prioritize diversification as a means to build and preserve wealth over time.

3. Utilizing Tax-Saving Strategies

Wealth management case studies also underscore the importance of implementing tax-saving strategies. By leveraging tax-efficient investment vehicles, maximizing tax-advantaged accounts, and employing effective tax planning methods, individuals can optimize their after-tax returns and minimize their tax liabilities. These strategies can contribute significantly to long-term wealth accumulation and help investors achieve their financial goals.

“Tax efficiency should never be an afterthought. It should be a fundamental part of any sound financial plan. By incorporating tax-saving strategies, individuals can minimize their tax burdens and accelerate their wealth accumulation.”

4. Seeking Personalized Financial Advice

Case studies consistently highlight the benefits of seeking personalized financial advice from trusted professionals. Wealth management is a complex field, and expert guidance can help individuals navigate the intricacies of investment management, retirement planning, estate planning , and other financial matters. Partnering with a knowledgeable wealth manager can provide access to tailored strategies and personalized solutions that align with specific financial goals and risk tolerance.

5. Learning from Others’ Mistakes

Wealth management case studies also shed light on the potential pitfalls of short-term thinking, lack of future planning, and impulsive financial decisions. By understanding the failures and missteps detailed in these studies, individuals can learn from others’ mistakes and avoid similar pitfalls. Learning from the experience of others will equip individuals with the knowledge and insights necessary to make sound financial decisions that contribute to long-term wealth creation and preservation.

In conclusion, wealth management case studies offer valuable lessons and insights that can enhance our understanding of successful wealth strategies , financial planning best practices , and wealth management examples . By embracing these lessons and applying them to our own financial situations, we can better navigate the intricacies of wealth management and optimize our financial well-being.

Case Study Analysis: Retirement Plan Outcomes

Analyzing retirement plan outcomes in various industries can provide valuable insights into successful retirement planning and help individuals and employers make informed decisions. Case studies offer a window into the impact of participant deferral rates , retirement income replacement , and average income gaps, highlighting areas for improvement and best practices.

Participant Deferral Rates

Participant deferral rates play a crucial role in retirement plan outcomes . These rates determine the percentage of an employee’s salary that is contributed to their retirement account. Higher deferral rates can lead to substantial retirement savings, reducing the average income gap and ensuring a more financially secure retirement.

Retirement Income Replacement

Retirement income replacement refers to the extent to which an individual’s retirement income can replace their pre-retirement income. A higher replacement rate indicates better retirement planning and financial preparedness. Case studies that examine retirement income replacement can provide valuable insights into the effectiveness of different retirement savings strategies and highlight the importance of optimizing savings rates and investment performance.

“Case studies reveal the impact of participant deferral rates , retirement income replacement, and average income gaps.”

Average Income Gap

The average income gap represents the difference between an individual’s income before retirement and their retirement income. Analyzing case studies that investigate average income gaps can help individuals and employers identify trends and patterns, uncovering potential areas for improvement in retirement planning strategies and investment choices. By addressing the average income gap , retirement plan participants can strive for a more secure retirement.

Retirement Plan Outcomes Case Study

To illustrate the importance of retirement plan outcomes analysis, consider the case study of a manufacturing company. The study evaluated the retirement plans of employees and assessed the impact of participant deferral rates, retirement income replacement, and average income gaps.

In this case, employees with low deferral rates experienced a retirement income replacement of 70% and an average income gap of $20,000. On the other hand, employees with high deferral rates achieved a retirement income replacement of 85% and an average income gap of only $5,000. This comparison emphasizes the significance of participant deferral rates in achieving better retirement outcomes.

By studying retirement plan outcomes and incorporating best practices, individuals and employers can make informed decisions, optimize retirement savings, and work towards closing the average income gap. Implementing strategies that focus on increasing participant deferral rates, improving retirement income replacement, and addressing income gaps can lead to more secure and fulfilling retirements.

Real-life Investment Success Stories

Real-life investment success stories provide valuable insights into strategies and approaches that have resulted in significant wealth creation . These stories showcase the power of smart investment decisions, effective portfolio management, and a long-term thinking mindset. By studying these success stories, individuals can gain valuable insights into successful investment strategies and potentially replicate their achievements.

One such success story is the journey of Warren Buffett, the renowned investor and CEO of Berkshire Hathaway. Buffett’s investment philosophy and disciplined approach to portfolio management have made him one of the wealthiest individuals in the world.

“My approach to investing is straightforward: Focus on finding great businesses run by talented managers, invest for the long term, and stay within my circle of competence.”

Buffett’s long-term investment strategy, often referred to as value investing, involves identifying undervalued companies with strong fundamentals and holding them for an extended period. His philosophy resonates with many investors seeking wealth creation through informed decision-making and patience.

Successful Investment Strategies That Led to Wealth Creation

• **Diversification:** Successful investors understand the importance of diversifying their portfolios to manage risk and capture growth opportunities across different asset classes.
• **Research and Analysis:** Thorough research and analysis of potential investment opportunities are essential for identifying quality assets with solid growth potential.
• **Balancing Risk and Return:** Striking the right balance between high-risk/high-return investments and more conservative options is crucial for long-term wealth creation.

Real-life investment success stories serve as inspiration for individuals looking to build their wealth. They highlight the power of wise investment decisions, effective portfolio management, and strategic planning. By studying these success stories and adopting proven investment strategies, investors can increase their chances of achieving their financial goals.

Case Studies Review: Wealth Management Best Practices

When it comes to wealth management, learning from real-life experiences can be invaluable. Reviewing a collection of wealth management case studies allows individuals to identify best practices and gain insights into successful strategies . These case studies encompass various aspects of wealth management, including financial planning strategies , risk management techniques, estate planning , and the integration of tax-saving strategies.

By studying these best practices, individuals can find valuable guidance to incorporate into their own financial plans. Let’s take a closer look at some key areas where wealth management best practices are often observed:

1. Financial Planning Strategies

Effective financial planning is the foundation of wealth management. It involves setting clear financial goals, creating robust budgets, and establishing investment strategies aligned with individual needs and risk tolerance. Wealth management case studies provide insights into successful financial planning strategies adopted by individuals or organizations, empowering others to adopt similar approaches.

2. Risk Management Techniques

Risk management is a critical aspect of wealth management to protect against unforeseen events. Case studies shed light on risk management techniques such as diversification, asset allocation, insurance coverage, and contingency planning. Analyzing these case studies helps individuals understand how to navigate different risk environments and build resilient portfolios.

3. Successful Estate Planning

Estate planning encompasses the management and distribution of assets during one’s lifetime and after. Wealth management case studies often highlight effective estate planning strategies, including the creation of wills, trusts, and philanthropic endeavors. Individuals can gain insights into how others have successfully preserved and passed on their wealth.

4. Integration of Tax-Saving Strategies

Tax planning is an integral part of wealth management. Case studies provide examples of tax-saving strategies that have helped individuals or businesses optimize their tax liabilities. This may involve utilizing tax-saving investment accounts, taking advantage of tax deductions and credits, and implementing strategic tax planning initiatives.

“Wealth management case studies are like roadmaps, showing us which paths lead to success. By reviewing these best practices, individuals can make more informed financial decisions and apply proven strategies to their own wealth management journeys.”

By incorporating wealth management best practices , individuals can increase the likelihood of achieving their financial goals, building a strong foundation for long-term wealth creation and preservation.

Reviewing these wealth management best practices and implementing them effectively can help individuals navigate the complexities of managing their wealth and improve their overall financial well-being.

Applying Lessons from Wealth Management Case Studies

Applying the lessons learned from wealth management case studies is crucial for achieving successful outcomes . By incorporating the best practices and strategies highlighted in these case studies, individuals can make informed financial decisions, develop personalized strategies , and improve their overall financial well-being. The application of these lessons can lead to better financial habits, increased wealth creation, and long-term financial stability.

One key lesson that emerges from wealth management case studies is the importance of thoughtful financial decision-making. These case studies reveal the significant impact that well-informed choices can have on wealth accumulation and preservation. By carefully analyzing investment opportunities, considering risk factors, and seeking expert advice, individuals can navigate the complexities of the financial landscape and optimize their investment returns.

Another critical lesson from wealth management case studies is the value of personalized strategies . Rather than adopting a one-size-fits-all approach, these studies emphasize the need for tailored financial plans that align with individual goals, risk tolerances, and time horizons. Customized portfolios designed to meet specific objectives provide a strong foundation for long-term wealth growth and preservation.

“The key to successful wealth management lies in understanding one’s unique financial circumstances and adopting strategies that reflect those circumstances.” – John Davis, Wealth Manager

Furthermore, wealth management case studies underscore the importance of successful outcomes . These studies shed light on the potential pitfalls of insufficient planning and reactive decision-making. By learning from both the successes and failures of others, individuals can make better choices, avoid common pitfalls, and strive for successful outcomes in their own financial journeys.

Benefits of Applying Wealth Management Lessons

By applying the lessons from wealth management case studies, individuals can realize several benefits:

• Improved financial decision-making
• Enhanced understanding of personalized strategies
• Increased wealth creation
• Long-term financial stability

The application of these lessons empowers individuals to take control of their financial futures and make informed choices that align with their goals. It enables them to navigate the intricacies of the financial landscape, capitalize on opportunities, and mitigate risks. Ultimately, applying wealth management lessons leads to successful outcomes and a greater sense of financial well-being.

Wealth management case studies provide valuable insights into the analysis of successful strategies and failures in managing wealth. Through these case studies, individuals can gain a deep understanding of the outcomes and lessons learned in wealth management. One important lesson is the impact of conscientiousness on financial decision-making. Research has shown that individuals who exhibit conscientious traits tend to make more prudent choices and practice better financial habits, leading to financial well-being.

Furthermore, these case studies emphasize the significance of long-term planning and personalized strategies in achieving financial goals. Successful wealth management requires careful consideration of individual circumstances, risk tolerance, and financial objectives. Planning for the future and adopting sustainable investment strategies are key factors in building and preserving wealth over time.

Conversely, the case studies also highlight the potential failures in wealth management , particularly the dangers of short-term thinking and impulsive financial decisions. It is vital to avoid succumbing to immediate gratification and instead focus on long-term wealth preservation and growth. By studying these case studies and internalizing the lessons learned, individuals can enhance their own wealth management practices and increase their chances of attaining financial success.

Source Links

• https://www.linkedin.com/pulse/unveiling-impact-conscientiousness-financial-planning-leon-morales-ci9vc
• https://argentwm.com/individuals-families.html
• https://www.intellicents.com/case-studies

The AcademyFlex Finance Consultants team brings decades of experience from the trenches of Fortune 500 finance. Having honed their skills at institutions like Citibank, Bank of America, and BNY Mellon, they've transitioned their expertise into a powerful consulting, training, and coaching practice. Now, through AcademyFlex, they share their insights and practical knowledge to empower financial professionals to achieve peak performance.

View all posts

Similar Posts

Wealth Management Certifications & Career Growth

Elevate your career with top Wealth Management Certifications and Professional Development paths tailored for financial success.

Optimizing Asset Allocation Models by Life Stage

Discover how to tailor Asset Allocation Models for Different Life Stages to maximize your investments and secure your financial future.

Financial Planning for Healthcare & Long-Term Care

Explore key strategies for Financial Planning for Healthcare & Long-Term Care to secure your future. Learn about costs, insurance, and saving tips.

Navigating International Wealth Management & Offshore Banking

Explore expert strategies in International Wealth Management & Offshore Banking for secure global investments and wealth preservation.

Wealth Management Trends Post-COVID-19 Insights

Explore the evolving landscape of wealth management post-COVID-19, focusing on digital innovation, investment shifts, and strategies for financial resilience.

Financial Planning for Special Needs Families Guide

Explore tailored strategies and resources with our guide to Financial Planning for Special Needs Families, ensuring secure futures.

CLIENT SUCCESS STORY

1 JUNE 2023

Ritholtz wealth management uses vrgl to drive growth and enhance processes.

DOWNLOAD PDF

Executive Summary

While formally onboarding VRGL, the Ritholtz Wealth Management ("RWM") team was approached by a prospective client with 100+ pages of statements and an approximately $17 million-dollar portfolio. Given the number of pages, size, and complexity of the prospect's portfolio, RWM saw this as an opportunity to test VRGL's Client Acquisition and Proposal Management solution. After leveraging VRGL successfully to accelerate and support the entire prospective client investment mandate, VRGL has become a core component of RWM's client acquisition process, providing the team with the knowledge they need to demonstrate why a wealth transition to RWM makes sense. Since implementing VRGL, RWM has accelerated the speed and effectiveness of prospect meetings and presentations, leading to a 50% reduction in time to onboard a new client.

A Client Win

As wealth management "influencers," with senior team members hosting podcasts and making regular appearances on CNBC, RWM experiences numerous prospective client inbounds a month and needed a way to identify opportunities and areas where they felt they could add value. On the day VRGL was onboarded, a $17 million-dollar prospect approached RWM looking for a fresh perspective of their investments. Concerned that it would take the team days to manually extract and analyze all 105 pages of statement data, the team relied on VRGL to deliver a quick analysis and breakdown of the portfolio.

In less than 45 minutes, VRGL automatically extracted all positions, transactions, tax lots, estimated realized gain/loss, and approximate fees associated with the 105 pages of statements and validated the relevant information against VRGL's security master. In the same timeframe, VRGL ran its 5 Pillar Analytics - performance, risk, diversification, taxes, and fees. Based on the extracted data and analytics VRGL provided, RWM was able to uncover that a bulge bracket advisor had been buying and selling structured notes to the tune of 30% of their portfolio and maintained a heavy concentration in technology. This allocation caused higher than normal fees and commissions, impacting the prospect's investment returns. Moreover, the prospect was unaware the structured notes represented as significant of an allocation as they did, exposing the breakdown in communication between the client and their former advisor.

Over the next few days, the prospect began the process of transitioning the entire portfolio to RWM.

Sean Russo, Research Associate at RWM and power user of VRGL on behalf of 20+ advisors, continues to leverage VRGL to process and analyze complex portfolios. Stating that, "VRGL just makes things more concrete," Sean attributes an increase in RWM's prospect-to-client conversion rate to the accurate and holistic assessment VRGL provides with a 50% reduction in decision time frames by those clients.

"Being able to point out where things could be better, makes having the conversation with prospects easier and advisors feel more like a fiduciary than a salesperson." - Sean Russo

Creating Confident Conversations

For RWM, VRGL didn't replace any tool(s) in their tech stack, rather it has enabled them to improve the identification of opportunities, resulting in more complete conversations in their prospecting process. Before VRGL, Sean and RWM's team of advisors relied heavily on Excel to assess a prospect's portfolio, consuming significant time, resources, and creating chance for human error.

"Because of VRGL, advisors are having better conversations when discussing a prospect's current allocation, allowing them to easily identify where to facilitate conversations and convey differentiation," says Sean Russo. Additionally, VRGL has enhanced the effectiveness of other tools leveraged in the RWM technology stack because the information feeding into those solutions is now automated rather than manually entered. RWM views VRGL not only as a platform that streamlines operations, but one that significantly enhances processes and accelerates account analyses.

Visuals that Educate & Differentiate

VRGL's primary value for Sean and his teammates is that it helps consolidate and reflect the client's entire investment world more efficiently and expeditiously. Presenting a left side/right side comparison of the current portfolio allocation vs. the proposed allocation makes it simple for advisors to gain an education, recognize opportunities, provide actionable advice, and convey clear differentiation.

And for clients, the Illustrations VRGL produces eliminates the need for complex explanations creating an easy-to-understand plan that demonstrates a better outcome. It is a first for many prospective clients to be able to see a clear picture of their current portfolio alongside an advisor's differentiation, especially across VRGL's 5 Pillars.

"Clients really haven't been shown their portfolio in this way. They see statements or excel files, but the actual visuals VRGL provides such as the allocation donuts and tables… it just makes it easier for clients to understand." - Sean Russo

Return on Investment

Within one month of onboarding VRGL, Ritholtz Wealth Management was able to attribute a substantial return on the investment in the platform due to the time savings in conducting client legacy holding analyses. Closing in on ten months of leveraging the platform, RWM has seen increased use of VRGL resulting in more streamlined processes, and time savings from what had historically been a manual, bespoke process. Since implementing VRGL in their prospecting process, RWM has experienced an acceleration in the decision-making process for more and more clients. Simply put, the firm has been able to deliver high quality results to more prospects in a shorter period of time.

If you are interested in learning more about how VRGL can help accelerate revenue for your firm while reducing time and resources, please reach out to sales@vrglwealth.com or connect with us by visiting www.vrglwealth.com/contact .

*Ritholtz Wealth Management is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Ritholtz Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Ritholtz Wealth Management unless a client service agreement is in place.

Research Associate, RWM 

Sean Russo has been a Research Associate at Ritholtz Wealth Management since January 2022, supporting RWM with data research, business development, portfolio construction, and portfolio management strategy.

ABOUT RITHOLTZ WEALTH MANAGEMENT

Ritholtz Wealth Management ("RWM") is a $2.9 Billion-dollar registered investment advisory (RIA) firm focused on providing financial planning and wealth management services to clients. RWM leverages technology and planning expertise to enable investors to achieve specific life and retirement goals. In addition to the services they provide, RWM has a large social media podcast, blog, and CNBC contributor personalities reaching millions monthly.

READY TO ADD A "WOW" TO YOUR WINE & DINE?

Case Study: Waterway Wealth Management

How Waterway Wealth Management Uses Behavioral Finance Systematically to Effectively Communicate with Clients.

About Waterway

Waterway Wealth Management, founded in 2012, is an independent financial planning firm that provides comprehensive financial planning and asset management services with $400M+ in AUM. Based in The Woodlands, Texas, and Albuquerque, New Mexico, Waterway takes pride in its close relationships with clients to empower clients to live a full life right now.

Meet Jack Cowling, Portfolio Manager at Waterway, who joined the firm in 2019. Cowling partnered with the financial planning team to upgrade their risk tolerance assessments. Cowling and the Waterway team recognized a need to revamp their client onboarding process to make it more efficient and more appealing to clients, particularly the risk tolerance questionnaire. They were also looking to use behavioral finance systematically to get to know clients more deeply. “Before teaming up with Andes Wealth, we had a paper risk tolerance questionnaire that probably belonged in the Smithsonian,” Cowling now laughs looking back. “There was an overwhelming consensus within the group that we needed to modernize the questionnaire process through technology.” “As we searched for a solution, we knew we needed to offer a streamlined risk tolerance assessment, but we wanted to go much further than that,” Cowling said. “We needed something that would help us systematically identify the investor types and behavioral biases for our clients and prospects.”

“I met Helen Yang, Founder and CEO of Andes Wealth, during the technology vetting process and learned she had worked closely with Dr. Andrew Lo from MIT. When building the Andes Wealth Platform, Helen incorporated Dr. Lo’s research on investor types and behavioral biases. This stood out as a unique way to not only help us better understand our clients and prospects, but also help our advisors better understand themselves so they could better relate to clients.”

To the Waterway team, this meant finding a way to incorporate behavioral finance concepts into the risk assessment. Waterway came up with a rubric with exactly what they were looking for: userfriendly, scalable, and with a behavioral component. “At the end of the day, Andes Wealth Technologies was really the true standout,” Cowling said.

An Above and Beyond Implementation

After getting positive feedback from the internal team, Waterway rolled out the Andes platform to select clients to get direct client feedback.

“Throughout the entire process—and still today, Helen Yang has been very accessible and very receptive to feedback from her user groups, which I think is unique in this industry. She’s always focused on identifying new ways to enhance the user experience.”

“It was very collaborative in terms of the feedback. We were able to take the feedback to the Andes Wealth development team and get the help needed to adapt to our needs,” Cowling said. “Based on the feedback from clients, we knew this will help us move the practice forward in a meaningful way.”

As time went on and the tool was being used more everyday by Waterway’s advisors, the team collected the data and started to see the patterns forming that would ultimately help them realize if their investment philosophy and how they view risk was a good fit for potential clients.

“We have used the tool to have some of those tough conversations with clients which I think has been good because it has allowed us to step back a bit and look at things more objectively,” Cowling said. “We have had some honest, genuine conversations about how there might be some gaps.”

Providing access to the Andes Wealth tool has become a common theme with the Waterway team because it allows them to give their clients better-informed advice and help generate conversations to get them more fully invested towards what the true risk target is.

“I think in the past there has been some negative connotation around risk tolerance questionnaires and just checking it off the box – fill it and then forget about it,” Cowling said. “I think the positive surprise has been that advisors have seen that this tool can be very generative in terms of the conversations they are having with clients. Clients are very receptive to doing it and learning about it.”

Cowling believes it has very much been a useful tool to guide the conversation as opposed to viewing it as a chore for compliance reasons. “When you marry the technology and the theoretical side of it, particularly the behavioral finance component, it can really add value to some of the conversations we are having with clients,” Cowling said.

Waterway believes their experience with Andes Wealth has been unmatched. From receiving timely responses to making product enhancements to meet their needs, the Andes Wealth team has provided a collaborative process not seen with competitors.

“It’s a great platform but it’s more than that. It’s about working with Andes Wealth and understanding how this is being used and the openness to the feedback,” Cowling said.

“We have been having a great experience integrating the Andes Wealth platform into our workflow. It has really helped us scale the risk tolerance assessment and client profiling to make it more efficient. The team behind their technology has been able to deliver a solution and experience that is unique in the marketplace.”

About Andes Wealth Technologies

Andes Wealth Technologies is the first company to combine behavioral finance with risk visualization to provide a new way to deliver wealth management. Helen Yang, CFA, founder and CEO, is a winner of the prestigious Harry Markowitz Award in 2011.

For inquiries, email [email protected].

To learn more, visit www.andeswealth.com.

Share This Article

Related posts.

J Murphy: Switching to Andes Platform

Case Study: INVST

Home Risk Tolerance Assessment Proposal & Portfolio Analysis Investment Policy Statement Behavioral Finance

Model Management Lead Generation Pricing For Investment Distribution

Resource Center About Us Request Demo Login Privacy Policy

Where Behavioral Finance Meets Analytics

Subscribe to our newsletter

©2024 Andes Wealth Technologies. All Rights Reserved,

Case Studies

Newly Alone

Dealing with the reality of your financial situation on your own, whether as a result of a divorce or death.

Sandwich Generation

Juggling the competing needs of caring for aging parents, raising children and saving for your own future

Retirement Considerations

Are you prepared for retirement? Understanding the impact of inflation and longevity on your accumulated savings

Early Retirement Package

Weighing the benefit of a severance package against the costs of early retirement

Busy Professionals

Busy professionals managing career goals and growing family with competing demands on finances

Senior Housing Decisions

Beth and Bill are senior clients who are beginning to experience declining health issues. Their children all live in other states and have begun to pressure their parents to make a move to a retirement community close to the children. Beth and Bill are resistant to the pressure from their children but know they need to make decisions about their future.

Asking the better questions that unlock new answers to the working world's most complex issues.

Trending topics

AI insights

EY podcasts

EY webcasts

Operations leaders

Technology leaders

Marketing and growth leaders

Cybersecurity and privacy leaders

Risk leaders

EY Center for Board Matters

EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.

Artificial Intelligence (AI)

Strategy, transaction and transformation consulting

Technology transformation

Tax function operations

Climate change and sustainability services

EY Ecosystems

Supply chain and operations

EY Partner Ecosystem

Explore Services

We bring together extraordinary people, like you, to build a better working world.

Experienced professionals

MBA and advanced-degree students

Student and entry level programs

Contract workers

EY-Parthenon careers

Discover how EY insights and services are helping to reframe the future of your industry.

Case studies

Energy and resources

How data analytics can strengthen supply chain performance

13-Jul-2023 Ben Williams

How Takeda harnessed the power of the metaverse for positive human impact

26-Jun-2023 Edwina Fitzmaurice

Banking and Capital Markets

How cutting back infused higher quality in transaction monitoring

11-Jul-2023 Ron V. Giammarco

At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.

EY is now carbon negative

19-Sep-2022 Carmine Di Sibio

Our commitment to audit quality

13-Nov-2023 Julie A. Boland

No results have been found

Recent Searches

BEPS 2.0: as policies evolve, engagement is key

It remains to be seen whether the US will align its tax law with the OECD/G20’s global BEPS 2.0 rules. MNEs will feel the impact in 2024. Learn more.

How GenAI strategy can transform innovation

Companies considering or investing in a transformative GenAI strategy should tie generative artificial intelligence use cases to revenue, cost and expense. Learn more

Top five private equity trends for 2024

Read about the five key trends private equity firms will emphasize in 2024 as they create value

Select your location

close expand_more

How data modernization can benefit advisors and clients

Creating a modern data architecture has enabled a wealth manager to provide a consistent digital experience. Learn more in this case study.

• 1. Better question
• 2. Better answer
• 3. Better working world

The better the question

How can modernizing data architecture drive customer satisfaction?

Advisors need to have data and insights at their fingertips to provide personalized services to clients.

A US-based global wealth management firm was facing a seemingly insurmountable challenge. If its advisors could use real-time portfolio updates to offer their customers products and services that were precisely tailored to their needs, it would transform the business — but this wasn’t possible with their current IT set-up. At the root of the problem was the accuracy, consistency, timeliness and accessibility of data.

Like every wealth management company, the firm has several key applications — covering financial planning, trading, reconciliation, reporting, custody and CRM, among other capabilities — that have been built on a range of platforms or acquired from third-party vendors over a number of years. As a result, these legacy systems often connect and communicate poorly with each other, and with new products and platforms. This makes the firms’s advisors less productive.

“This is an industry-wide problem,” says Sourav Moitra, FSO Consulting Wealth and Asset Management Managing Director, Ernst and Young LLP. “There is no consistency in the data, and the ultimate impact on the client is a poor experience where they can’t even get a straight answer from their advisor about how much their portfolio is worth.”

Moitra explains that an advisor at the wealth management company will frequently find themselves having to enter the same data multiple times in different applications, which is laborious and frustrating. And, because data processing and communications between platforms are slow, they don’t enable advisors to see and act on the latest data in real time. For example, a customer’s net worth may vary depending on which platform the advisor is using, as some will update more quickly than others. And when an account is created for a new customer, the advisor typically can’t see it until the following day. This is frustrating for both parties.

As a result of these data-related issues, the wealth manager was losing advisors — and in turn, those advisors’ clients and their associated assets under management. Moreover, it couldn’t be as nimble as competitors in offering clients improved products or services. The company knew that it urgently needed to modernize its data integration architecture to be agile; however, its inflexible architecture was expensive to upgrade and time-consuming to modernize.

The better the answer

Building a data platform for the future

Creating a standardized data structure is the first step in a larger digital transformation.

Link Area Header

Technology-enabled transformation

We help you effectively harness the power of technology to simplify, rationalize and centralize your firm’s operations, clearing the way to improve efficiency and extend product capabilities to attract new investments.

EY teams collaborated with the wealth management company on a solution that would provide a consistent user experience across multiple platforms and help enable advisors to leverage data in near real time. EY teams worked with the client’s technology team, led by the CIO and the head of architecture, to co-innovate solutions and build a data integration platform.

They began by addressing particular use cases. One of the most important was around customer account data, which didn’t update immediately because it was batch-based. The team built an event-driven architecture to help ensure account updates are reflected across applications in near real time, giving advisors confidence that any data they are viewing is now up to date. That means they can offer robust, up-to-the-minute advice and recommend product options that fit customers’ immediate needs.

Another key issue was the difficulty in getting different data platforms to communicate with each other. To address this problem, the team created an interoperability layer based on a canonical data model that aligns with a defined data taxonomy. This essentially means that any data flows, from whatever source and in whatever format, can be incorporated seamlessly without any disruption to operations, improving data quality and consistency. Again, this helps advisors provide timely and authoritative information and insights to customers — something that is essential for wealth management firms, helping to grow the business and retain advisors and their clients.

The EY team’s financial services knowledge was crucial in addressing these issues, as the teams carrying out the work had an in-depth understanding of the specific business needs the technology had to solve in the areas of data architecture and data flows, and the way these impact the experience of both advisors and customers.

The better the world works

Increasing the speed of transformation

The data modernization will help the client achieve further digital transformation more quickly and easily.

EY Nexus for Wealth and Asset Management

A platform to help wealth and asset managers harness data and technology to generate client- centric advice. Learn more.

Speed to market is essential in the highly competitive financial services sector; the first two phases of the project were completed in just nine months and the upgraded data architecture now enables the wealth manager to provide a seamless digital experience for advisors and customers alike, increasing their satisfaction with the organization. EY teams and the wealth management company are now working to define a larger scope of work that will expand on the components already built — and, crucially, form a scalable foundation that will make it easier and faster to innovate in the future, reducing complexity and risk.

As a result of innovations that EY teams developed with the client, its data architecture has become more agile and efficient, with a standardized data infrastructure in place. This has wider benefits for the wealth manager, which has an ambition to become a more product-oriented organization. The existing architecture did not support the accelerated development of new products, but the new data architecture will provide that much-needed agility.

“For any client, we want to help accelerate the time for implementation and transformation and reduce the cost,” says Moitra. “The solution we have built with this client tends to reduce the cost of overall transformation — and it is just the beginning; the components leveraged in this solution are part of a new business transformation platform we are developing, called EY Nexus for Wealth and Asset Management.”

Transforming financial services

EY Nexus is a business transformation platform that accelerates innovation and powers frictionless customer experiences.

Gurdeep Batra

Strategist. Transformation leader. Technologist. Innovator. Entrepreneur. Diversity, equity, and inclusion advocate. Husband. Father. Volunteer.

Sandeep Kumar

Deep experience in technology strategy, wealth platforms, and accelerating business growth. Supports business transformation and improves operational efficiencies.

Sourav Moitra

Passionate about new technologies, innovation, and creativity. Two decades of experience working with asset and wealth managers. Loves to travel. Passion for the outdoors and adventures with his dogs.

Related topics

• Connect with us
• Our locations
• Do Not Sell or Share My Personal Information
• Legal and privacy
• Accessibility
• Open Facebook profile
• Open X profile
• Open LinkedIn profile
• Open Youtube profile

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

• Search Icon
• Try Free Chevron Right Icon

Case Study: Wealth Management Dashboards Powered by SingleStore

Floyd Smith

Director, Content Marketing

In this case study, we describe how SingleStore powers wealth management dashboards – one of the most demanding financial services applications. SingleStore’s scalability and support for fast, SQL-based analytics, with high concurrency, mean that it’s well-suited to serve as the database behind these highly interactive tools.

Dashboards have become a hugely popular technique for monitoring and interacting with a range of disparate data. Like the dashboard in a car or an airplane, an effective dashboard consolidates data from many inputs into a consolidated, easy to understand display that responds instantly to both external conditions and user actions. SingleStore is widely used to power dashboards of many different kinds, including one of the most demanding: wealth management dashboards for families, individuals, and institutions.

Banks and other financial services companies work hard to meet the needs of these highly valuable customers. These users are highly desired as customers, and as such have high expectations and hold those who provide them services to a very high standard.

Data is the lifeblood of financial services companies. More than one bank has described themselves as “a technology company that happens to deal with money,” and many now employ more technology professionals than some large software companies. These financial institutions differentiate themselves on the basis of the breadth, depth, and speed of their information and trading support. So wealth management dashboards offer an important opportunity for these companies to provide the highest possible level of service and stand out from the competition.

the-wealth-management-opportunity The Wealth Management Opportunity

Technology allows wealth management divisions of financial services companies to offer a previously unheard-of level of high-touch, custom services to customers. Little more than a decade ago, much of the banking business was transacted by telephone and paper mail. Financial reporting, even for quite wealthy clients, was in the form of a quarterly statement, compiled and mailed several weeks after the close of a quarter.

The proliferation of digitized financial services has made the old way of doing things insufficient – and also offered an alternative. The financial options available to high net worth clients is almost unlimited, and the complexity of one well-off person’s or family’s portfolio may rival what was once considered normal for a medium-sized company.

Reporting and regulatory requirements have also exploded, especially since the financial crash of 2007-2009 – when the S&P 500, a broad and “safe” index of stocks, lost more than 50% of its value . Banks are responsible for everything they recommend to clients, as well as being held liable for some recommendations or warnings that they don’t offer. Some clients have successfully sued to recover a large portion of serious financial losses, if the financial institution(s) involved have made actionable mistakes or failures to disclose relevant information.

The size of both the opportunity, in terms of varied investment options, and the risk, from market losses, loss of customers, and legal and regulatory exposure, makes customers and those serving them both eager and anxious. Timely, accurate, and voluminous information helps both sides of this charged investment environment: providing accurate information to clients increases their opportunities for productive action and reduces the risk of misunderstandings and mistakes that can prove very expensive for all concerned.

Financial service providers combine “make” and “buy” approaches in delivering wealth management systems. At the “buy” end, companies like Private Wealth Systems deliver purpose-built wealth management systems. These can be provided to end clients directly or through white labeling under a financial institutions brand. The financial institution can endeavour to provide more or less added value on top of the third-party service.

At the “make” end, a financial services institution can create a service all its own – designing, architecting, building, and running it in-house. Such a service will have privileged access to a financial services company’s proprietary offerings, but must also provide information – if not trading capability – for externally controlled assets.

the-requirements-and-technical-architecture-of-portfolio-dashboard-platforms The Requirements and Technical Architecture of Portfolio Dashboard Platforms

Providing portfolio management opportunities to wealthy individuals occurs in two steps: the creation of a portfolio dashboard platform, and extending that platform to the individuals and families being served.

A portfolio dashboard solution can be thought of as a kind of command center for all the financial information flows available to anyone, anywhere in the world. A financial services company’s clients are likely, as a group, to be invested in nearly every possible kind of investment, in every country in the world. And their asset allocations are likely to shift continuously as they enact complex trading strategies to reduce risk and maximize reward.

So the platform itself must ingest all relevant financial data, with no lags or delays, and process it quickly. For instance, a customer may have purchased a financial services company’s index fund, made up of many individual investments. Calculations of the index’s current value and its risk exposures must be made accurately and instantly.

The platform must also serve its clients in multi-tenant fashion – the same software platform must support many customers at once, smoothly and efficiently, with no lags, delays, or barriers.

Traditional software architectures face many barriers in meeting demands of this kind. It’s become the norm, for example, for one system to bring data in – often in batch mode, imposing delays – and process it. An extract, transform, and load (ETL) process then “lifts and shifts” the data to a data warehouse system, which supports apps, business intelligence (BI) tools, and ad hoc queries. Note that the data warehouse is now separated from incoming data by a batch process and an ETL process – totalling many minutes, or even several hours, in a financial environment where competitive advantage is measured in fractions of a second.

the-challenges-of-operating-portfolio-dashboards-today The Challenges of Operating Portfolio Dashboards Today

The goal of a system serving portfolio dashboards is to provide end-to-end real-time decisioning. Streaming data powers this capability, requiring data streams from a very wide range of reporting sources. The data is processed as it arrives and is immediately made available to users. Traditional systems are inherently unable to meet these requirements.

The technical requirements for a portfolio dashboard include:

• Fast, lock-free transactions . There can be no delays in, or barriers to, bringing incoming data into the system, while also ensuring precision and accuracy of the data.
• Fast, scalable data processing . Data may be normalized, calculated, merged, or combined to create output data streams.
• Fast query response . Specific queries – whether generated by an app, a BI tool, or an ad hoc user query – must be answered in tens of milliseconds. The number of queries that can be answered per second gates the performance of apps, BI tools, and analysts.
• High concurrency . Concurrency is a key requirement for any multi-tenant system. Given the market demands placed on portfolio dashboards, when markets shift, dramatically increased utilization of the dashboard occurs. Given the importance of the insights provided by the system during fast-changing market events, as many customers as reasonably possible must be supported, with no delays.
• SQL-compliant . Custom apps, BI tools, and ad hoc queries from savvy individuals nearly all use SQL as a lingua franca for communication across the boundaries of messaging systems and data stores. Non-SQL systems impose delays and heavy development burdens on app developers, BI tool providers, and end users.

Underlying all of these changes is a step change in the characteristics of the user base. First, the number of people who are wealthy has increased sharply. In addition, more and more of them are “digital natives” – people who either grew up in an always-online environment, or who have adapted rapidly to the new digital reality. These users expect constant access and constant interaction, whenever they feel the need for it. As a result, even the wealth management divisions of banks, where the number of clients numbers in the thousands, rather than the millions, are facing what IT providers used to refer to as “webscale” problems.

In addition, all of these requirements are only growing more stringent as new query profiles arrive, driven by predictive analytics, machine learning, and AI. These algorithms differentiate themselves, and their providers, by running more times per second against more streams of data, and providing results faster – further straining the platform.

The additional workload can push response times up for all users of a system, whether their own requirements are simple or demanding. And slow ingest or slow data processing can mean the difference between an actionable insight and watching an asset’s value crash, long seconds behind other market actors.

the-case-of-the-single-slow-query The Case of the Single Slow Query

In one telling incident, a high net worth individual became accustomed to the fast data updates and sub-second response times that were reliably provided by their wealth management dashboard. But then one query went awry. It took six seconds for the customer to get a response. Six… long… seconds.

The customer complained. His bank scrambled to find out what happened. They pinned down the problem, fixed it, and showed the customer how such a delay would never darken their day again.

But it wasn’t enough. A rival promised the customer uninterrupted access to their portfolio, with sub-second response times – 24 hours a day, seven days a week, forever. The customer changed banks.

The key to solving these problems is in a reliable high performance data architecture, followed by relentless tuning and quality control.

how-to-improve-performance-reduce-latency-and-eliminate-complexity-with-new-sql How To Improve Performance, Reduce Latency, and Eliminate Complexity with NewSQL

Wealth management systems are only one example – if a somewhat extreme one – of the increasing demands on messaging, data processing, and query responsiveness, as needed to support modern applications. For wealth management systems, the challenges involved are highlighted by the demands of the clients that consume these services, But versions of these challenges have arisen – and, in many cases, not been met – for years, across a wide variety of use cases.

One crucial underlying problem is that traditional relational database systems are mostly single-core. That is, their core process can only run on one machine at a time. So they can scale up – that is, they get faster if the single machine they run on is replaced by a more powerful one. But they can’t efficiently scale out; that is, they can’t quickly and cost-effectively use the power of multiple servers, yoked together, to deliver faster performance or support more concurrent users.

NewSQL is a new class of databases that combines the scalability of NoSQL with the schema and SQL support of traditional databases. This kind of software is hard to create, and the category is still maturing. Some of the leading NewSQL offerings are limited to a specific cloud provider, for instance. SingleStore is the leading database of its kind: a platform-independent, fully scalable, relational solution that fully supports schema and ANSI SQL.

caching-as-a-limited-solution Caching as a Limited Solution

Wealth management dashboards are one of the most intense examples of a problem that has plagued the database world ever since relational databases standardized around SQL in the 1970s and 1980s. These databases were relational, and fast for small and medium-sized data loads. But they were not horizontally scalable; at the core, performance was restricted by the capabilities of the most robust single server that can be brought to bear on the problem.

The companies that offered these database systems were largely unable to work past them. (Oracle’s RAC offering is a brave, but expensive and fragile, attempt to do so.) What the industry tried to offer, instead of a scalable solution, is in-memory caches. RAC is an example of a database provider offering a caching-based solution. Numerous third parties also offered caches to bolt onto existing, single-core database solutions.

Unfortunately, such caches bring with them several problems:

• Unexpectedly slow performance . The increasing demands of users lead to increasing numbers of cache misses. A cache miss is more expensive than a direct read from disk, with no cache at all. It doesn’t take too many cache misses to render a cache counterproductive.
• Response delays . Even the suspicion of a cache becoming stale leads to the cache being dumped and reloaded. This process causes a delay for all processing, again in excess of the time required for a direct read.
• SQL breakage . SQL queries that produce an optimized response from a disk-based system, or an even faster response from an entirely in-memory system, produce long waits or even fail when some of the answer is in the cache and some isn’t.
• Incorrect results . Caching creators face a tough trade-off between allowing a relatively small number of potentially incorrect results and frequently jettisoning cache contents in favor of a cache reload. It’s all too easy for these design choices, or unanticipated conditions, to lead to some number of incorrect results.

The answer to these problems is a system – and, in particular, a query processor – built from the ground up to make smart decisions about in-memory, on-disk, and cached data. Legacy database providers have not made the investments required for this kind of holistic solution. It’s been left to new relational database providers, described by the label NewSQL, to find new ways to offer a relational database that supports SQL and works flexibly with disk and memory.

modernizing-wealth-management-dashboards-with-kafka-and-single-store Modernizing Wealth Management Dashboards with Kafka and SingleStore

A wealth management dashboard must incorporate many streams of data – structured data such as account records, time series data such as stock market updates, and unstructured data such as video feeds. And new feeds may need to be added at any time.

These requirements militate for a standardized messaging interface within the data architecture, and Kafka can provide this.

Kafka is now widely used as a messaging queue within data architectures, and it integrates well with SingleStore. SingleStore then interacts with a standardized input source, simplifying system design and reducing operational burdens.

Among the desirable attributes of Kafka that work well with SingleStore:

• Streaming data support . Kafka can be used in either asynchronous (batch) or synchronous (streaming) mode to accommodate stock position data, news, and valuable research data. SingleStore’s high performance supports both options well.
• Distributed . Like SingleStore, Kafka is distributed, so it’s scalable. As a result, Kafka can handle scale and bursts of data without incurring costly offline re-sharding or shuffling.
• Persistent . Kafka is resilient against data loss, with the ability to copy data into one or more stores before successful receipt of the data is acknowledged. SingleStore is also fully persistent, even for rowstore tables, making the “chain of custody” for data much easier to manage.
• Publish-subscribe model . Kafka can accommodate a wide range of data inputs (publishers) and data consumers (subscribers). SingleStore then sees a simplified range of inputs, as they’re mostly or entirely coming in through Kafka, and has a robust ability to support analytics outputs, due to its native support for SQL.
• Exactly-once semantics . Kafka can be used to guarantee that data is accepted into a Kafka pipeline once and only once, eliminating duplicates or incomplete data. SingleStore works with Kafka to help provide end to end exactly-once guarantees.
• “Source of truth.” Kafka’s attributes make it a good candidate as a source of truth for incoming data that may then be divided among other processes and data stores. SingleStore can ingest most, or all, of the data streams distributed in Kafka.

The wealth management use case is a good fit for SingleStore’s Pipelines feature . Data feeds from Kafka – or AWS S3, Hadoop/HDFS, and other sources – can be ingested with a simple Create Pipeline command. Ingest is scalable, distributed, and can be fed directly into a memory optimized rowstore, a disk optimized columnstore, or both at the same time, to deliver dramatic results in the millions of events per second.

The code to create a pipeline is quite simple. In this example, from a recent Kafka and SingleStore webinar , a pipeline is created to load tweets from Twitter into a table:

CREATE PIPELINE twitter_pipeline AS LOAD DATA KAFKA “public-kafka.memcompute.com:9092/tweets-json” INTO TABLE tweets WITH TRANSFORM (‘/path/to/executable’, ‘arg1’, ‘arg2’) (id, tweet);

START PIPELINE twitter_pipeline;

The combination of Kafka data pipelines and SingleStore’s Pipelines for data ingest make the architecture supporting the dashboard display very simple. (Even though the overall architecture of the system may be complex, with different data sources, each of which requires more or less processing.)

single-store-the-secret-ingredient-for-reliably-fast-wealth-management-dashboards SingleStore, The Secret Ingredient for Reliably Fast Wealth Management Dashboards

SingleStore, along with Kafka pipelines, has been selected and implemented to power wealth management dashboards at a Top 10 US financial institution – one of the five such institutions that have already adopted SingleStore.

As in other implementations, SingleStore is paired with Kafka as a kind of messaging bus. Because SingleStore can handle all the inputs, process them as needed, and support a very wide range of user demands – with high concurrency – the SingleStore customer is able to cost-effectively provide an outstanding level of service.

Requirements are strict – stricter in the private wealth management area that supports wealth management dashboards than in the general banking part of the business. In the private wealth management area only, the customer is willing to overprovision systems in order to give SingleStore all the resources it needs for optimal performance.

In this environment, SingleStore must reliably meet query service level agreements (SLAs) of less than a quarter of a second, and these must be met while simultaneously ingesting batch loads of new data while under heavy and variable load. The customer also demands low variance – no single query can take much longer than the SLA, even if the average query time stays low.

SingleStore has not only met these strict requirements for several years running, the company is expanding its footprint within this Top 10 institution. At the same time, SingleStore adoption is growing right across the financial services industry.

If you are providing wealth management dashboards, similar financial services, or implementing other kinds of dashboards, this case study may demonstrate that SingleStore can serve as an important part of your solution.

related-reading Related reading

Webinar: Modernizing Portfolio Analytics for Reduced Risk and Better Performance

Case Study: Customer Saves $60K per Month on Move from AWS RDS and Druid.io to SingleStore

SingleStore Offers Streaming Systems Download from O’Reilly

Webinar: How Kafka and Modern Databases Benefit Apps and Analytics

AI’s Secret Weapon: The Data Corpus

Turning Amazon S3 Into a Real-Time Analytics Pipeline

Start building with singlestore, explore more resources.

• Acumatica ERP
• CRM Consulting
• Cybersecurity
• Digital Transformation Consulting
• ERP Consulting
• Full Stack Digital Marketing Consulting
• Human Resources and Talent Management
• Process Optimization
• Procurement as a Service
• Supply Chain and Logistics
• Sustainability and Climate Change
• Third Party Vendor Management
• Robotic Process Automation
• Intelligent Document Processing
• Conversational AI
• Hyperautomation
• Managed Data Analytics
• Process and Task Mining
• Test Automation
• RPA Developers
• Data Analysts & Data Scientists
• Big Data Specialists
• Conversational AI Developers
• AI and Machine Learning Specialists
• Process Automation Specialists
• Fractional CFO Services
• Fractional CIO Services
• Fractional CTO Services
• Fractional COO Services
• Fractional CRO Services
• Fractional CMO Services
• Business Intelligence Analysts
• Database Administrator
• Full Stack Developers
• Digital Transformation Specialists
• Finance and Accounting
• Paraplanner and Virtual Assistant
• Project Managers
• Virtual Medical Assistants and Medical Scribes
• Zoho Developers
• Banking and Financial Services
• Manufacturing
• Retail and Consumer Packaged Goods
• Professional Services
• Real Estate and Property Management
• Transport, Supply Chain and Logistics
• Telecommunications
• About Valenta
• Testimonials
• Case Studies
• Proof of Concept
• The Insider Series
• White Papers

Case Study – Wealth Management

Client Profile

Organization operating in the Wealth Management Space based out in Ontario, Canada

Key Highlights

• Industry - Wealth Management
• Project Duration – Two Months

Scope of work

• Adoption of Zoho CRM
• Integration of Zoho CRM
• Books and Creator
• Development of Deed Of Purchase
• Supply chain

Service Offering

• Digital Transformation - Adoption of Zoho suite in order to enhance customer lifecycle management

Challenges / Requirements

• Enhance the user experience at the time of customer onboarding
• Development of Financial Need Analysis for each Client and to offer services or investments plans accordingly
• Automate the entire Client Lifecycle from Onboarding, setting up meetings on Zoho Meet, Financial Needs Analysis, Proposal of Offering, Client Acceptance, Execution and finally feedback using Zoho Survey

Our Solutions & offerings

Conducted a process walkthrough to gain an understanding of the customer lifecycle and t he various points of information capture

Developed the Financial Need Analysis (Creator) 1.Form as in Zoho Creator 2.Forwarding t he FNA to the client 3.Receipt of email by client 4.Responses and submission by client 5.Viewing client's responses to top sheet

Digitizing of Proposals & Recommendation, emailing of recommendations to client s, client acceptance and approval

Development of Zoho Survey to automatically send out surveys to customers and raising alerts in case of negative feedback

Provided automated notifications to customer and sales representative at every stage of the engagement lifecycle

• Create a seamless customer experience through the engagement lifecycle
• Auto population of data across Zoho Modules thereby reducing manual intervention
• Updation of CRM module with relevant customer information provided in the forms
• Creation of Financial Need Analysis, digitization of Proposal, recommendation and acceptance steps. Tracking and raising of alarms
• Developed Zoho Campaigns to attract new customers and Zoho Survey for existing customers

Download the Case study

Great, you have saved this article to you My Learn Profile page.

Clicking a link will open a new window.

4 things you may not know about 529 plans

Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some juristictions to falsely identify yourself in an email. All information you provide will be used solely for the purpose of sending the email on your behalf. The subject line of the email you send will be “Fidelity.com”.

Thanks for you sent email.

In the Know: April 15, 2024

Inflation has ticked-up, jeopardizing anticipated rate cuts

• March Consumer Price Index (CPI) readings were higher than expected. Inflation has risen 3.8% since this time last year. 1 While the rate of inflation has fallen significantly from its highs two years ago, progress appears to have stalled. The U.S. Federal Reserve (the Fed) is still far from its 2% inflation goal.

• How it started: In December 2023, the market expected roughly six interest rate cuts for 2024. 2 Investors seemed to be optimistic about the potential for rate cuts ahead and hopeful for continued growth in both corporate earnings and the overall economy.

• How it's going: In April 2024, after witnessing March's CPI, the market now expects only two cuts this year. 3 This shift has caused some volatility for stocks and bonds so far this year.

• How is higher inflation affecting companies? Higher inflation seems to be a story of "haves" and "have nots." Large companies have the pricing power to adjust their prices to cover higher costs. They have been able to keep their profits high, with large company stocks returning 9.4% year-to-date. 4 However, recent surveys reveal that small companies may not be faring as well. 5 Small company stocks are down 1.6% so far this year. 6

Institutional Portfolio Manager, Strategic Advisers LLC

"This marks three consecutive months in which core inflation has come in 0.1% over expectations. Our investment team believes this may support the idea that interest rates will stay higher for longer. If this is the case, there is a likelihood that the Fed will not cut rates in Q2."

Start a conversation

Already working 1-on-1 with us? Schedule an appointment Log In Required

More to explore

Explore wealth management, get the latest insights, subscribe to insights from fidelity wealth management ℠, looking for more ideas and insights, thanks for subscribing.

• Tell us the topics you want to learn more about
• View content you've saved for later
• Subscribe to our newsletters

We're on our way, but not quite there yet

Oh, hello again, thanks for subscribing to looking for more ideas and insights you might like these too:, looking for more ideas and insights you might like these too:, fidelity viewpoints ® timely news and insights from our pros on markets, investing, and personal finance. (debug tcm:2 ... decode crypto clarity on crypto every month. build your knowledge with education for all levels. fidelity smart money ℠ what the news means for your money, plus tips to help you spend, save, and invest. active investor our most advanced investment insights, strategies, and tools. insights from fidelity wealth management ℠ timely news, events, and wealth strategies from top fidelity thought leaders. women talk money real talk and helpful tips about money, investing, and careers. educational webinars and events free financial education from fidelity and other leading industry professionals. fidelity viewpoints ® timely news and insights from our pros on markets, investing, and personal finance. (debug tcm:2 ... decode crypto clarity on crypto every month. build your knowledge with education for all levels. fidelity smart money ℠ what the news means for your money, plus tips to help you spend, save, and invest. active investor our most advanced investment insights, strategies, and tools. insights from fidelity wealth management ℠ timely news, events, and wealth strategies from top fidelity thought leaders. women talk money real talk and helpful tips about money, investing, and careers. educational webinars and events free financial education from fidelity and other leading industry professionals. done add subscriptions no, thanks. 1. bureau of labor statistics, u.s. cpi less food and energy (year over year), released april 10, 2024. core inflation is the change in the costs of goods and services but does not include those from the food and energy sectors. 2. bloomberg, llp, world interest rate probability, december 29, 2023. 3. bloomberg, llp, world interest rate probability, april 10, 2024. 4. bloomberg, s&p 500 index, december 29, 2023 to april 11, 2024. 5. nfib small business optimism index fell to a 12-year low. released april 9, 2024. 6. bloomberg s&p smallcap 600 index, december 29, 2023 to april 11, 2024. investing involves risk, including risk of loss. past performance is no guarantee of future results. investments in smaller companies may involve greater risks than those in larger, more well known companies. indexes are unmanaged. it is not possible to invest directly in an index. s&p 500 index is a market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent us equity performance. the s&p smallcap 600 is designed to measure the performance of the 600 small-sized companies in the u.s., reflecting this market segment's distinctive risk and return characteristics. measuring a segment of the market that is typically known for less liquidity and potentially less financial stability than large caps, the index was constructed to be an efficient benchmark composed of small-cap companies that meet investability and financial viability criteria. the views expressed in the foregoing commentary were prepared by strategic advisers llc (strategic advisers), based on information obtained from sources believed to be reliable but not guaranteed. unless otherwise noted, the opinions provided are those of the authors and not necessarily those of fidelity investments. this commentary is for informational purposes only and is not intended to constitute a current or past recommendation, investment advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. the information and opinions presented are current only as of the date of writing, without regard to the date on which you may access this information. all opinions and estimates are subject to change at any time without notice. strategic advisers llc (strategic advisers) is a registered investment adviser and a fidelity investments company. fidelity brokerage services llc, member nyse, sipc , 900 salem street, smithfield, ri 02917 © 2024 fmr llc. all rights reserved. 1141963.1.0 mutual funds etfs fixed income bonds cds options active trader pro investor centers stocks online trading annuities life insurance & long term care small business retirement plans 529 plans iras retirement products retirement planning charitable giving fidsafe , (opens in a new window) finra's brokercheck , (opens in a new window) health savings account stay connected.

• News Releases
• About Fidelity
• International
• Terms of Use
• Accessibility
• Contact Us , (Opens in a new window)
• Disclosures , (Opens in a new window)

Simulation of the sulfide phase formation in a KhN60VT alloy

• Simulation of Metallurgical and Thermal Processes
• Published: 23 September 2017
• Volume 2017 , pages 447–453, ( 2017 )

Cite this article

• I. V. Kabanov 1 ,
• E. V. Butskii 1 ,
• K. V. Grigorovich 2 &
• A. M. Arsenkin 2  

33 Accesses

Explore all metrics

The conditions of the existence of sulfide phases in Fe–Ni–S alloys and four-component Fe–50 wt % Ni–0.001 wt % S– R ( R is an alloying or impurity element from the TCFE7 database) systems are studied using the Thermo-Calc software package and the TCFE7 database. The modification of nickel superalloys by calcium or magnesium is shown to increase their ductility due to partial desulfurization, the suppression of the formation of harmful sulfide phases, and the uniform formation of strong sulfides in the entire temperature range of metal solidification. The manufacturability of superalloys can decrease at a too high calcium or magnesium content because of the formation of intermetallics with a low melting temperature along grain boundaries.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price includes VAT (Russian Federation)

Instant access to the full article PDF.

Rent this article via DeepDyve

Institutional subscriptions

Similar content being viewed by others

Modeling Thermophysical Characteristics of Nickel-Based Superalloys

A. A. Glotka, S. V. Haiduk & V. Yu. Ol’shanetskii

Phase field modeling of solidification in multi-component alloys with a case study on the Inconel 718 alloy

Michael Fleck, Frank Querfurth & Uwe Glatzel

Phase-Field Simulation of Microstructural Evolution in Nickel-Based Superalloys During Creep and in Low Carbon Steels During Martensite Transformation

H.-P. Chen, R. K. Kalia, E. Kaxiras, G. Lu, A. Nakano, N. Kenichi, A.C.T. van Duin, P. Vashishta, and Z. Yuan, Physical Review Letters, No. 104, 155502 (2010).

Article   Google Scholar  

F. Kristofory, M. Mohila, D. Mikulas, and J. Vitec, Acta Metallurgica Slovacia 10 (3), 236–241 (2004).

Google Scholar  

J. Morscheiser, L. Thönnessen, and B. Friedrich, “Sulphur Control in Nickel-Based Superalloy Production,” in Proceedings of Conference on EMC (2011), pp. 1–15.

Software Package. Thermodynamic Calculations of Phase Diagrams for Multicomponent Systems . http://www.thermocalc.com.

Download references

Author information

Authors and affiliations.

OAO Metallurgical Plant Elektrostal’, Elektrostal’, Moscow oblast, Russia

I. V. Kabanov & E. V. Butskii

Baikov Institute of Metallurgy and Materials Science, Russian Academy of Sciences, Moscow, Russia

K. V. Grigorovich & A. M. Arsenkin

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to E. V. Butskii .

Additional information

On the Centenary of Plant “Elektrostal”

Original Russian Text © I.V. Kabanov, E.V. Butskii, K.V. Grigorovich, A.M. Arsenkin, 2017, published in Elektrometallurgiya, 2017, No. 3, pp. 13–21.

Rights and permissions

Reprints and permissions

About this article

Kabanov, I.V., Butskii, E.V., Grigorovich, K.V. et al. Simulation of the sulfide phase formation in a KhN60VT alloy. Russ. Metall. 2017 , 447–453 (2017). https://doi.org/10.1134/S0036029517060106

Download citation

Received : 21 November 2016

Published : 23 September 2017

Issue Date : June 2017

DOI : https://doi.org/10.1134/S0036029517060106

Share this article

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

• addition of calcium and magnesium
• strong sulfides
• grain boundaries
• intermetallics
• melting temperature
• Find a journal
• Publish with us
• Track your research

• Clinical Physics
• Translational Physics
• Proton Engineers
• Physics Residents
• Information Technology
• Past Members

Certification

Therapeutic Physics, American Board of Radiology

AAPM Jack Fowler Junior Investigators Award, 2004

Publications in Radiation Oncology and Medical Physics

Yan S, Lu HM, Flanz J, Adams J, Trofimov A, Bortfeld T. Reassessment of the necessity of the proton gantry:  analysis of beam orientations from 4332 treatments at the F.H. Burr proton center over the past 10 years. International Journal of Radiation Oncology Biology Physics 2016

Moteabbed M, Trofimov A, Sharp GC, Wang Y, Zietman AL, Efstathiou JA, Lu HM. A prospective comparison of the effects of interfractional variations on proton therapy and IMRT for prostate cancer. International Journal of Radiation Oncology Biology Physics 2016

Patel AV, Lane AM, Morrison MA, Trofimov AV, Shih HA, Gragoudas ES, Kim IK. Visual Outcomes after Proton Beam Irradiation for Choroidal Melanomas Involving the Fovea. Ophthalmology 2015 

M oteabbed M, Sharp GC, Wang Y, Trofimov A, Efstathiou JA, Lu HM. Validation of a deformable image registration technique for cone beam CT-based dose verification. Medical Physics 2015;42:196-205

Cheney MD, Chen YL, Lim R, Winrich BK, Grosu AL, Trofimov AV, Depauw N, Shih HA, Schwab JH, Hornicek FJ, DeLaney TF. 18F-FMISO PET/CT visualization of tumor hypoxia in patients with chordoma of the mobile and sacrococcygeal spine. International Journal of Radiation Oncology Biology Physics 2014

Safai S, Trofimov A, Adams JA, Engelsman M, Bortfeld T. The rationale for intensity-modulated proton therapy in geometrically challenging cases. Physics in Medicine and Biology 2013;58:6337-6353.

Giantsoudi D, Grassberger C, Craft D, Niemierko A, Trofimov A, Paganetti H. Linear energy transfer (LET)-Guided Optimization in intensity modulated proton therapy (IMPT): feasibility study and clinical potential. International Journal of Radiation Oncology Biology Physics 2013;87:216-222.

Wang. Y, Efstathiou JE, Lu H, Sharp GC, Trofimov A. Hypofractionated proton therapy for prostate cancer: dose delivery uncertainty due to inter-fractional motion. Medical Physics 2013;40:071714

Zeng C, Giantsoudi D, Grassberger C, Goldberg S, Niemierko A, Paganetti H, Efstathiou JA, Trofimov A.  Maximizing the biological effect of proton dose delivered with scanned beams via inhomogeneous daily dose distributions. Medical Physics 2013;40:051708.

De Amorim Bernstein K, Sethi R, Trofimov A, Zeng C, Fullerton B, Yeap BY, Ebb D, Tarbell NJ, Yock TI, Macdonald SM. Early clinical outcomes using proton radiation for children with central nervous system atypical teratoid rhabdoid tumors. International Journal of Radiation Oncology Biology Physics 2013;86:114-20.

Trofimov A, Unkelbach J, DeLaney TF, Bortfeld T. Visualization of a variety of possible dosimetric outcomes in radiation therapy using dose-volume histogram bands. Practical Radiation Oncology 2012;2:164-171. 

Chen W, Unkelbach J, Trofimov A, Madden T, Kooy H, Bortfeld T, Craft D. Including robustness in multi-criteria optimization for intensity-modulated proton therapy. Physics in Medicine and Biology 2012;57:591-608.

Wang Y, Efstathiou J, Sharp G, Lu HM, Ciernik IF, Trofimov A. Evaluation of the dosimetric impact of inter-fractional anatomical variations on prostate proton therapy using daily in-room CT images. Medical Physics 2011

Grassberger C, Trofimov A, Lomax A, Paganetti H. Variations in linear energy transfer within clinical proton therapy fields and the potential for biological treatment planning. International Journal of Radiation Oncology Biology Physics 2011

Trofimov A, NguyenPL, EfstathiouJA, Wang Y, LuHM, EngelsmanM, MerrickS, ChengCW, WongJR, ZietmanAL. Interfractional variations in the set-up of pelvic bony anatomy and soft tissue, and their implication on the delivery of proton therapy for localized prostate cancer. International Journal of Radiation Oncology Biology Physics 2011; 80:928-937.

Ding A, Gu J, Trofimov A, Xu XG.  Monte Carlo calculation of imaging doses from diagnostic multi-detector CT and kilovoltage cone-beam CT as part of prostate cancer treatment plans. Medical Physics 2010; 37:6199-6204.

MacDonald SM, Trofimov A, Safai S, Adams J, Fullerton B, Ebb D, Tarbell NJ, Yock T. Proton Radiotherapy for Pediatric Central Nervous System Germ Cell Tumors: Early Clinical Outcomes. International Journal of Radiation Oncology Biology Physics 2011; 79:121-129

Nguyen PL, Chen RC, Hoffman KE, Trofimov A, Efstathiou JA, Coen JJ, Shipley WU, Zietman AL, Talcott JA. Rectal Dose-Volume Histogram Parameters Are Associated with Long-Term Patient-Reported Gastrointestinal Quality of Life After Conventional and High-Dose Radiation for Prostate Cancer: A Subgroup Analysis of a Randomized Trial. International Journal of Radiation Oncology Biology Physics 2010; 78:1081-5

Suit H, Delaney T, Goldberg S, Paganetti H, Clasie B, Gerweck L, Niemierko A, Hall E, Flanz J, Hallman J, Trofimov A. Proton vs carbon ion beams in the definitive radiation treatment of cancer patients. Radiotherapy and Oncology 2010; 95:3-22.

Kooy HM, Clasie BM, Lu HM, Madden TM, Bentefour H, Depauw N, Adams JA, Trofimov AV, Demaret D, Delaney TF, Flanz JB. A case study in proton pencil-beam scanning delivery. International Journal of Radiation Oncology Biology Physics. 2010; 76:624-30.

Efstathiou JA, Trofimov AV, Zietman AL. Life, liberty, and the pursuit of protons: an evidence-based review of the role of particle therapy in the treatment of prostate cancer. Cancer J. 2009; 15:312-8.

Seco J, Robinson D, Trofimov A, Paganetti H. Breathing interplay effects during proton beam scanning: simulation and statistical analysis. Physics in Medicine and Biology 2009; 54:N283-294.

Vrancic C, Trofimov A, Chan TCY, Sharp G, Bortfeld T. Experimental evaluation of a robust optimization method for IMRT of moving targets. Physics in Medicine and Biology 2009; 54: 2901-2914.

Bortfeld T, Chan TCY, Trofimov A, Tsitsiklis JN. Robust management of motion uncertainty in intensity-modulated radiation therapy. Operations Research 2008; 56:1461-1473

Nguyen PL, Trofimov A, Zietman AL. Proton beam or intensity-modulated therapy in the treatment of prostate cancer? Oncology 2008; 22:748-754.

Trofimov A, Vrancic C, Chan TCY, Sharp GC, Bortfeld T. Tumor trailing startegy for intensity-modulated radiation therapy of moving targets. Medical Physics 2008; 35:1718-1733

MacDonald SM, Safai S, Trofimov A, Wolfgang J, Fullerton B, Yeap BY, Bortfeld T, Tarbell NJ, Yock T. Proton radiotherapy for childhood ependymoma: initial clinical outcomes and dose comparisons. International Journal of Radiation Oncology Biology Physics 2008; 71:979-987

Suit H, Kooy H,Trofimov A, Farr J, Munzenrider J, DeLaney T, Loeffler J, Clasie B, Safai S, Paganetti H. Should positive phase III clinical trial data be required before proton beam therapy is more widely adopted? No. Radiotherapy and Oncology 2008; 86:148-153.

Trofimov A, Nguyen PL, Coen JJ, Doppke KP, Schneider RJ, Adams JA, Bortfeld TR, Zietman AL, DeLaney TF, Shipley WU. Radiotherapy treatment of early stage prostate cancer with IMRT and protons: a treatment planning comparsion. International Journal of Radiation Oncology Biology Physics 2007; 69:444-453 (follow-up: Letter to the Editor. In reply to Ms.Albertini et al. International Journal of Radiation Oncology Biology Physics 2007; 69:1334-1335)

Sharp GC, Lu HM, Trofimov A, Tang X, Jiang SB, Turcotte J, Gierga DP, Chen GTY, Hong TS. Assessing residual motion for gated proton-beam radiotherapy.Journal of Radiation Research 2007; 48:A55-59.

Censor Y, Bortfeld T, Martin B, Trofimov A. A unified approach for inversion problems in intensity-modulated radiation therapy. Physics in Medicine and Biology 2006; 51:2353-65.

Trofimov A, Rietzel E, Lu H, Martin B, Jiang S, Chen G, Bortfeld T. Temporo-spatial IMRT optimization: Concepts, implementation and initial results. Physics in Medicine and Biology 2005; 50:2779-98.

Paganetti H, Jiang H, Trofimov A. 4D Monte Carlo simulation of proton beam scanning: modeling of variations in time and space to study the interplay between scanning pattern and time-dependent patient geometry. Physics in Medicine and Biology 2005; 50:983-90.

DeLaney TF, Trofimov AV, Engelsman M, Suit HD. Advanced-technology radiation therapy in the management of bone and soft tissue sarcomas. Cancer Control 2005; 12:27-35

Weber DC, Trofimov AV, Delaney TF, Bortfeld T. A treatment planning comparison of intensity modulated photon and proton therapy for paraspinal sarcomas. International Journal of Radiation Oncology Biology Physics 2004; 58:1596-606.

Suit H, Goldberg S, Niemierko A, Trofimov A, Adams J, Paganetti H, Chen GTY, Bortfeld T, Rosenthal S, Loeffler J, DeLaney T. Protons to Replace Photon Beams in Radical Dose Treatments. Acta Oncologica 2003; 42:800-8.

Trofimov A, Bortfeld T. Optimization of beam parameters and treatment planning for intensity modulated proton therapy. Technology in Cancer Research and Treatment 2003; 2:437-44.

Trofimov A, Bortfeld T. Beam delivery sequencing for intensity modulated proton therapy. Physics in Medicine and Biology 2003; 48:1321-31.

Publications in High-Energy Physics (with g-2 Collaboration, Brookhaven National Laboratory)

Bennett GW, et al. Improved limit on the muon electric dipole moment. Physical Review D 2009; 80:052008.

Bennett GW et al. Search for Lorentz and CPT violation effects in muon spin precession. Physical Review Letters 2008; 100:091602.

Bennett GW et al Statistical equations and methods applied to the precision muon (g-2) experiment at BNL. Nuclear Instruments and Methods in Physics Research A 2007; 579:1096-1116.

Bennett GW et al. Final report of the E821 muon anomalous magnetic moment measurement at BNL. Physical Review D 2006; 73:072003.

Bennett GW et al. Measurement of the negative muon anomalous moment to 0.7 ppm. Physical Review Letters 2004; 92:161802.

Bennett GW et al. Measurement of the positive muon anomalous moment to 0.7 ppm. Physical Review Letters 2002; 89:101804.

Brown HN et al. Precise measurement of the positive muon anomalous magnetic moment. Physical Review Letters 2001; 86:2227-31.

Sedykh SA et al. Electromagnetic calorimeters for the BNL muon (g-2) experiment. Nuclear Instruments and Methods A 2000; 455:346-60.

Brown HN et al. Improved measurement of the positive muon anomalous magnetic moment. Physical Review D 2000; 62:091101.

Carey RM et al. New measurement of the anomalous magnetic moment of the positive muon. Physical Review Letters 1999; 82:1632-35.