Wealth Management Platform Market is driven by increasing demand for efficient wealth management
The wealth management platform market refers to software solutions that allow wealth managers and financial advisors to manage their clients' portfolios in one centralized system. Key features of wealth management platforms include portfolio management, financial planning tools, client management, performance reporting, billing and invoicing. These platforms enable advisors to analyze, monitor and rebalance client portfolios efficiently based on their goals and risk tolerance. They also offer seamless integration capabilities with other systems like accounting and billing systems.
The global wealth management platform market is estimated to be valued at US$ 5.84 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the wealth management platform market are Avaloq Group AG, Backbase, Broadridge Financial Solutions, Inc., Comarch SA, Dorsum Limited, FIS, Fiserv Inc., InvestCloud, InvestEdge, Inc., Profile Software, Prometeia, SEI Investments Company, SS & C Technologies, Inc., Tata Consultancy Services, and Temenos Headquarters SA.
The increasing high net worth individuals and growing Wealth Management Platform Market Demand for efficient wealth management are major factors fueling the demand for wealth management platforms globally. According to Capgemini, global HNWI population grew by 6.3% to reach 23.4 million in 2021 while their total wealth grew by 8.4% to $82 trillion year-on-year.
Wealth management platform providers are expanding their global footprint by establishing partnerships with local players and acquiring regional providers. For instance, in 2022, Avaloq partnered with Bank of Singapore to provide unified digital wealth management solutions across Asia Pacific.
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