PRESS RELEASE: Kidbrooke Announces New Customer: HAYAH Insurance
Kidbrooke®, a leading provider of financial analytics APIs, confirmed the signing of its newest client, HAYAH Insurance. Kidbrooke will be providing HAYAH Insurance with OutRank®, its financial simulation engine driving the ALM functionality for self-service goals-based investment journeys.
One small step: How making incremental improvements to your wealth technology can boost advisor revenue
“One small step for man, one giant leap for mankind,” said astronaut Neil Armstrong when he walked on the moon. With regards to wealth technology, taking small steps can deliver big changes, and adopting a mindset of incremental improvement can deliver value over time. Being a provider of a portfolio management system (PMS) that powers wealth manage-ment firms requires a commitment to investing in wealth technology. Delivery needs to be better, faster, cheaper than the competition. So how can you escape this conundrum?
Top Trends to Watch in WealthTech during 2023
Global consultancy firm Bain & Company released a new study predicting that customer demand for wealth management services will double over the next eight years, growing to more than $500 billion by 2030. Moreover, with total global financial wealth in 2021 reaching $250tn, 12% of UK adults are using at least one investment app as of July 2021, proving that the industry is only to get stronger. But with inflation roaring again, will the explosion in retail investing built around bull markets take a hit? Let’s delve into what trends are shaping the industry.
Supporting Wealth Planning for the Next Generation
Over the next decade, between 30 and 68 trillion dollars will be transferred by families to their children. In the UK alone, estimates are $15.4 million over the next decade, according to a Russell-Cooke study. Succession planning by wealthy families and family offices is a hot topic in those rarified circles. But for many affluent families, wealth planning has not been priority. According to a report by Russell Investments, only 26% of families have a full strategy on wealth transfer, and once the transfer occurs, 90% of the heirs change advisors. In some countries, such as Switzerland, strict laws prohibiting advisors from contacting the heirs of a deceased client can eliminate communication. Sadly, 70% of families lose control of their assets after the transfer.