In the last five years, the digital wealth management environment has changed the way high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), as well as their family offices and wealth advisers, manage wealth.
The introduction of modern technologies and protocols like open banking, APIs, and machine learning, as well as rising client and wealth manager adoption of digital tools, have had a substantial influence on the sector.
Digital wealth management has progressed from a helpful, value-added feature to a must in today’s digitally sophisticated culture, providing several advantages over traditional wealth management systems.
Digital-only wealth management systems, robo-advisors, and customized customer portals that give real-time insights, asset consolidation, and more efficient reporting capabilities are on the rise in the business.
Benefits of Digital Wealth Management Platforms
HNW and UHNW digital wealth management platforms offer a higher degree of personalization, enabling wealth owners to access investment insights based on real-time data and analytics. They also make the process of consolidating and managing multiple assets, including exotic ones, far more efficient and accurate. In the long term, these digital solutions will democratize access to wealth management, making it more affordable
and accessible for affluent private individuals, single-family offices, smaller private banks, and independent asset managers.
“HNWIs and UHNWIs are increasingly embracing digital wealth management for its convenience, efficiency, transparency, and personalization,” says Cosimo Violati, Head of Business Development at Swiss-based fintech Altoo, which is a provider of the Altoo Digital Wealth Management Platform.
According to Violati, digital wealth management solutions allow these clients to manage their money with real-time updates and detailed reporting. These software solutions may handle many assets, even exotic ones, consolidate wealth, and make intelligent decisions based on real-time data. “They also offer HNWIs and UHNWIs more control and visibility over their wealth, as well as the capacity to work with their stakeholders more efficiently,” he explains.
In A Nutshell: What Are The Benefits Of Digital Wealth Management Platforms?
- Convenient access to financial data and investment management at any given time
- Real-time financial overview and updates
- Real-time financial overview and updates
- Portfolio tracking and analysis
- Goal setting and financial planning
- Risk management
- Tax optimization
- Estate planning
- Collaboration and accessibility tools
Source: Altoo AG
Altoo: The Digital Wealth Management Platform
One such example is Altoo, a sophisticated digital wealth management platform designed
to deliver “simplicity for complex wealth”.
Founded in 2017, this Zug-based wealth-tech company has been recognized as one of the best Digital Family Office Software in 2022 according to Forbes Magazine and a Top 5 “Growth Start-up” at the Swiss Fintech Awards 2023. With a client base that now spans over 20 nations, Altoo empowers affluent individuals and their wealth managers to consolidate, understand, and interact with their accumulated assets in an intuitive and secure way.
The Altoo Wealth Management Platform has a dynamic dashboard, which many of its clients laud for its individualized and user-friendly interface. Its users get a comprehensive view of their diverse portfolio of assets, including both bankable assets such as stocks and bonds, and non-bankable assets such as real estate or valuable collectibles.
The dashboard design not only promotes ease of use but also helps users make informed decisions with access to real-time data that paints an accurate and comprehensive picture of their financial health.
Altoo’s innovative software goes beyond data visualization. The platform has the ability to connect to multiple bank accounts and investment portfolios. This unique feature offers
a streamlined approach to wealth management, allowing users to keep track of all their investment activities under a single virtual roof.
Moreover and more than just a portfolio overview tool, Altoo’s platform is dedicated to unraveling the intricate aspects of global wealth management. It aims to save users considerable time and effort in understanding their asset allocation and making consequential decisions.
The backbone of Altoo’s solution is security and confidentiality. This commitment to privacy, combined with an easy-to-use design and insightful real-time data, provides Altoo users with the peace of mind they need to manage and protect their wealth.
While understanding and managing wealth is a complex endeavor, Altoo´s mission is to simplify it and put the power back in the hands of the user. Its comprehensive features, secure infrastructure, and user-focused design make it a promising tool for modern, tech-savvy, and security-conscious investors of any type.
The Future of Digitization in Wealth Management
Digital wealth management is set to become even more integral to the sector. Technological advancements will continue to shape the landscape, with innovations like AI and machine learning offering the potential for further automation, personalization, and security enhancements.
“The integration of digital wealth management with other financial services through open banking and APIs is another likely trend,” explains Violati.
“With the rise of a tech-savvy generation, the demand for digital, on-demand, personalized wealth management services, like Altoo, is set to increase. Lastly, the trend of ‘bionic advice’ combining human advisors with digital tools for an optimal blend of personal touch and technological efficiency, will continue to grow, ” he adds.
Anyone who wants to understand larger bankable or non-bankable assets or simply protect the financial legacy for future generations will find a modern and professional solution through digital asset management. Digitization and digital transformation remain two of the most important drivers of change within wealth management. Without an intelligent solution, no type of wealth manager or private individual will be able to survive in the long run because the automation of processes is unavoidable in today’s digital landscape.
While Altoo’s platform brings unprecedented transparency and simplicity to the digital experience within wealth management, it’s not designed to replace wealth managers. Instead, the platform complements these traditional entities by serving as an easy-to-use and intuitive conduit between wealth owners and their financial advisors. Its comprehensive features, secure infrastructure, and user-focused design make it a promising tool for the modern, tech-savvy, and security-conscious investor of any type now and in the digitized future.