Alternative investments are becoming a critical part of wealth management, yet accessibility and operational complexity have slowed adoption. On the latest episode of #WealthTechToday with Ezra Group, InvestCloud CEO Jeff Yabuki discusses how the Private Markets Account (PMA) network is reshaping private market access—creating a standardized, scalable framework that seamlessly integrates alternatives into managed accounts. 

Key Takeaways from the Podcast: 

• Seamless Integration of Alternatives – How the PMA network allows private and public assets to be managed together in a single, dedicated sleeve within the managed account structure. 

• Expanding Access for Wealth Managers – The role of technology in enabling firms to offer private equity, private credit, and real estate alongside traditional investments. 

• Driving Industry-Wide Collaboration – How InvestCloud is working with asset managers, strategists, and wealth firms to simplify alternative investment distribution. 

“The PMA will enable the wealth management industry to benefit from the private markets through a combination of our leading technology, relevant models and top-tier partnerships with key leaders in the industry. We are focused on creating a network of connected capabilities to meet growing client demand for private market investments that allows our clients to prosper in this exciting and transformational time.”  

– Jeff Yabuki, Chairman and CEO, InvestCloud. 

With $3 trillion in assets and nearly 4 million models powered by InvestCloud, the PMA is designed to break down barriers and unlock new opportunities in private markets. Listen in to hear how InvestCloud is setting a new standard for alternative investments. 

Listen now: https://hubs.ly/Q036NWhT0 

Collaboration aims to enhance client engagement and streamline advisory services through innovative technology solutions

Los Angeles – January 8, 2025 – InvestCloud, a global leader in wealth technology and First American Bank (FAB), a regional financial institution with $7 billion in assets under management and 61 locations across Illinois, Wisconsin, and Florida, announced a strategic partnership to modernize FAB’s digital wealth management platform. This collaboration aims to significantly enhance client engagement by providing clients, prospects, wealth advisors, and relationship managers with a unified technology platform offering tailored insights and comprehensive support.

As part of this initiative, FAB is adopting a suite of innovative products designed to optimize the digital experience, including InvestCloud’s Client Experience, Prospect Experience, and Advisor Experience. Currently operating on a technology stack with multiple systems, FAB recognized the need to provide its clients and advisors with a unified and modern platform. Integrating with InvestCloud will transform the digital experience by consolidating investment data, reporting, and documents into one intuitive experience. The new platform will feature connected technology, making it mobile-friendly and allowing clients to engage with their financial information anytime, anywhere.

“We are excited to partner with First American Bank to transform their digital wealth management capabilities,” said Kapin Vora, President, Digital Wealth North America at InvestCloud. “This collaboration reflects our commitment to driving innovation in the banking sector, enabling advisors and clients to engage with their financial data seamlessly while enhancing the overall client experience.”

FAB’s decision to modernize its wealth management platform reflects its commitment to investing in digital experiences that resonate with its advisors and clients. This strategic move underscores the bank’s dedication to enhancing customer engagement and ensures clients benefit from modern technology and innovative solutions. By delivering on a seamless and intuitive interface, FAB aims to meet the evolving needs of its clientele, fostering deeper relationships and encouraging a more personalized approach to wealth management. Such modernization positions FAB as a leader in the financial services industry and aligns with its goal of delivering exceptional value to its customers with inspired experiences.

“We are thrilled to announce our partnership with InvestCloud, a strategic move that will significantly elevate our wealth management services,” said Jane Nagel, the bank’s Head of Wealth Management. “This innovative digital platform represents a substantial investment in cutting-edge technology and underscores our unwavering commitment to delivering an exceptional and personalized wealth management experience. We are dedicated to empowering our clients with the tools and resources they need to achieve their financial goals.”

InvestCloud powers connected experiences through human-inspired, technology-forward platforms that enable their partners and clients to work smarter, enrich relationships, and elevate financial outcomes. With its expertise in creating a Wealth Connected ecosystem, InvestCloud will help First American Bank distinguish itself from competitors and strengthen its position as a leader in digital wealth management.

About InvestCloud

InvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company’s clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisers and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud was named a CNBC World’s Top Fintech Company, a proof point of the company’s commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world.

InvestCloud.com | LinkedIn

About First American Bank

First American Bank is a full-service bank with $7 billion in assets and 61 branches and offices serving Chicago, Milwaukee, Miami, and Tampa. They are committed to creating solutions, providing exceptional customer service, and providing unmatched expertise in commercial banking, wealth advisory, and personal finance solutions.

InvestCloud Media Inquiries:
InvestCloud Communications

First American Bank Media Inquiries:
jnagel@firstambank.com

Enabling Alternative Investments To Be Held in a Fully Dedicated Sleeve Within the Managed Account Structure Represents Seismic Shift in Wealth Management 

Leading Technology, Relevant Models and Strategic Partnerships Combine to Open Access to Broader Set of Portfolio Diversification Opportunities for Consumers

Los Angeles, CA – December 19, 2024 – InvestCloud, a global leader in wealth technology, today unveiled the Private Markets Account (PMA), driving a transformation in the wealth management industry through an innovative managed accounts offering that enables easy and convenient management of alternative investments (alts) alongside traditional investments for wealth management firms across the country. 

The PMA marks a seismic shift in wealth management through a new, fully dedicated sleeve within the managed account structure geared to holding and managing alts for consumers. This breakthrough combines public and private assets in a single managed account platform, allowing for centralized management and seamless integration of alternative investments into portfolios, while enhancing financial goal achievement, expanded portfolio diversification and operational efficiency. 

This centralized point for holding, valuing and rebalancing alternative investments will be enabled by the largest platform combining public and private assets and the PMA Network, a connected ecosystem of asset managers, wealth managers, distributors and model creators. Through its industry-leading APL managed accounts platform, InvestCloud currently supports nearly 4 million models. 

“The PMA will enable the wealth management industry to benefit from the private markets through a combination of our leading technology, relevant models and top-tier partnerships with key leaders in the industry,” said Jeff Yabuki, Chairman and CEO of InvestCloud. “We are focused on creating a network of connected capabilities to meet growing client demand for private market investments that allows our clients to prosper in this exciting and transformational time.” 

The PMA combines industry-leading scale with original innovation to provide high-value capabilities to wealth managers to solve a long-standing industry challenge, reinforcing InvestCloud’s position as a trusted partner to the global wealth industry. With PMA, wealth managers and financial advisors can: 

• Manage a variety of private markets securities including private credit, private equity, real estate, operating companies, interval funds, non-traded REITs and BDCs. 

• Enable a holistic approach to asset allocation across public and private investments and have a single view and report of all investments in one place. 

• Support seamless rebalancing by managing the value flow between public and private securities and the complexities such as subscription frequencies, redemption frequencies and liquidity gates.  

• Discover and select strategist, home office or asset manager models and products for inclusion into their PMA with greater integration and intelligence. 

InvestCloud is the first SMA provider to enable a purpose-built sleeve within the largest separately managed account (SMA) platform in the United States, holding more than $3 trillion of assets across 10 million accounts. As private market assets are forecast to surpass $30 trillion globally by 2030, this new offering positions InvestCloud at the forefront of this dynamic shift in wealth management.  

According to a recent survey by Cerulli Associates, alternative investment managers report sourcing approximately 13% of assets under management (AUM) from retail channels and expect this to grow to nearly 25% of industry alternative assets in three years. 

“Managers are continuing to increase their focus on retail segments and build out a range of exposures – from intermittent liquidity products that target clients down market to offerings aimed at ultra-high-net-worth investors – and they are leveraging alternative investment platforms to scale doing so,” said Daniil Shapiro, Director, Product Development, Cerulli Associates. 

“The Private Markets Account and PMA Network from InvestCloud is more than an industry first. It’s the next step in our commitment to enabling a smarter financial future for wealth management,” said Yabuki. 

About InvestCloud 

InvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company’s clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisors and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud was named a CNBC World’s Top Fintech Company, a proof point of the company’s commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world. 

The Cerulli Report, “U.S. Alternative Investments 2024: Projecting Retail Alternative Investments Growth.” 

InvestCloud Website

InvestCloud LinkedIn

InvestCloud Media Inquiries:  
InvestCloud Communications

For regional banks, client expectations have been profoundly reshaped by national banks and consumer apps that offer seamless, personalized experiences. The shift towards more integrated digital interactions means that regional banks must rethink their approach to delivering cohesive and engaging client experiences. Disjointed client experiences can undermine retention and growth, making it essential for banks to address these gaps with a strategic focus on personalization and brand cohesion.

The Impact of National Banks and Consumer Apps on Client Expectations

National banks and consumer apps have set new standards for client engagement by offering highly personalized and intuitive digital experiences. Features like real-time account updates, tailored financial advice, and streamlined service interactions have become the norm, elevating client expectations across the industry. Regional banks now face the challenge of meeting these heightened expectations while maintaining their unique value propositions and managing significantly lower technology budgets.

To stay competitive, regional banks must deliver a cohesive digital experience that mirrors the seamless, user-friendly interfaces provided by national banks and innovative apps. This requires investing in technology that can integrate various touchpoints and provide a unified view of client interactions. Given that many regional banks may not have significant build budgets to develop these solutions in-house, partnering with innovative technology providers is crucial. Clients increasingly expect a frictionless experience that blends convenience with personalization, pushing banks to evolve their digital strategies. By leveraging external expertise and advanced technology platforms, regional banks can effectively meet these expectations and enhance their digital presence, creating a smarter financial future.

Providing a Unified, Personalized, and Branded Client Experience

A key to enhancing client retention and growth lies in offering a single, personalized, and highly branded view that reflects the bank’s value and community connection. Clients should feel a strong sense of belonging and recognition every time they interact with the bank, whether through digital channels or in-person services.

Implementing a digital platform that integrates account management, personalized financial insights, and community engagement can help create this unified experience. For example, a real-time dashboard that provides clients with relevant information and tailored recommendations can enhance their perception of the bank’s value. Additionally, incorporating elements of the bank’s brand identity and local community initiatives into the digital experience can strengthen client connections and reinforce the bank’s unique position. 

The Erosion of the “Neighborhood Advantage”

The growing demand for premium services has begun to erode the traditional “neighborhood advantage” that regional banks once enjoyed. As clients increasingly seek out sophisticated financial products and services, they are drawn to institutions that offer cutting-edge technology and comprehensive solutions. 

To counteract this trend, regional banks need to leverage technology to offer premium services that rival those of larger competitors. This might include advanced financial planning tools, personalized investment strategies, and exclusive access to financial products. By adopting technology solutions that enhance service offerings and deliver a high level of personalization, banks can maintain their competitive edge and appeal to a more discerning clientele.

Strategies for Enhancing Client Experience and Retention

To address the challenges of disjointed client experiences and drive retention and growth, regional banks should consider the following strategies: 

• Invest in Integrated Digital Solutions: Implement platforms that provide a seamless and personalized client experience across all digital touchpoints. This includes integrating account management, reporting, and communication channels into a unified interface. 

• Enhance Personalization: Utilize data and advanced analytics to tailor financial advice, product recommendations, and communication to individual client needs and preferences. Personalized interactions can increase client satisfaction and loyalty. 

• Strengthen Brand Cohesion: Ensure that the bank’s digital presence reflects its brand identity and community connection. This can be achieved through consistent messaging, localized content, and engagement with local initiatives. 

• Offer Premium Services: Develop and promote premium financial services that meet the evolving demands of clients. This could include advanced investment tools, bespoke financial planning, and exclusive product offerings. 
   

Conclusion

In a landscape increasingly defined by digital innovation and elevated client expectations, regional banks must address the impact of disjointed client experiences on retention and growth. By investing in integrated digital solutions, enhancing personalization, and reinforcing brand cohesion, banks can meet the demands of today’s clients and maintain their competitive edge. Embracing these strategies will not only improve client satisfaction but also drive long-term success in an evolving financial services market.

Navigating these challenges may seem daunting, but with the right approach and technology solutions, such as those provided by InvestCloud, regional banks can transform their client experiences and foster lasting, profitable relationships—ultimately creating a Wealth Connected environment that paves the way to a smarter financial future. 

InvestCloud reimagines RIA’s client experience through a unified digital platform designed to deepen client relationships and drive business performance and efficiency

Los Angeles, CA – November 14, 2024 – InvestCloud, a global leader in wealth technology, announced a strategic partnership with Registered Investment Adviser (RIA) Evoke Advisors (Evoke) to transform their digital experience. With InvestCloud’s Client Experience, Evoke’s clients, prospects, and third-party intermediaries will benefit from a significantly elevated and differentiated branded experience that features powerful, data-driven visualizations catering to the firm’s exclusive clientele.

As the top-ranked firm on Forbes’ 2024 list of “America’s Top RIA Firms” and one of the largest RIAs in Los Angeles, managing over $25 billion in assets (as of 9/30/2024), Evoke strives to set a high standard for serving institutions and ultra-high net worth individuals and families.*** Integrating Evoke’s existing solutions, including Addepar, into InvestCloud’s leading digital wealth management platform will enable Evoke to drive growth and operational efficiency while further enhancing and extending the high level of service their clients have come to expect. This strategic approach supports stronger client retention while enabling long-term organic and inorganic growth.

“We are excited to partner with Evoke, renowned for its exceptional client service and industry-leading advisors,” said Kapin Vora, President, Digital Wealth North America at InvestCloud. “Together, we’re delivering a client-first digital platform that redefines how advisors interact with their clients and prospects. We are empowering Evoke to personalize clients’ digital experience, enhance relationships, and ultimately drive organic growth through a prospect experience featuring personalized, curated content.”

The partnership will focus on delivering an elevated experience for clients, prospects, and third-party intermediaries through a unified technology platform that deepens client relationships and drives operational efficiency. The platform will provide clients with access to their financial data, use of a secure document vault, mobile access, intermediary access privileges, and an enhanced prospect experience.

“Our partnership with InvestCloud is pivotal in our strategy to deliver an elevated client experience,” said Jane Eagle, President and Chief Financial Officer at Evoke. “As the demand for streamlined access to financial information continues to rise, this collaboration merges Evoke’s current technology solutions with InvestCloud’s platform to enhance our growth and streamline operations. The platform will strengthen our ability to retain clients as well as reinforce the exceptional service our clients have come to trust.

With a focus on creating a Wealth Connected ecosystem, InvestCloud’s deep expertise in building seamless, integrated financial experiences will help Evoke differentiate itself from competitors and solidify its status as a market leader in digital wealth management.

About InvestCloud

InvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company’s clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisors and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud was named a CNBC World’s Top Fintech Company, a proof point of the company’s commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world.

About Evoke Advisors

Evoke Advisors, an SEC-registered investment adviser founded in 2019, currently manages $25.3 billion† in AUM, and was ranked #1 on Forbes’ “America’s Top RIA firms” list in 2022*, 2023** and 2024.*** Among other service offerings, Evoke, and its team of experienced entrepreneurs and investors, provides holistic and personalized financial planning and discretionary and non-discretionary investment advisory services to a variety of clients.

InvestCloud Media Inquiries:
InvestCloud Communications

*Source: The Forbes “America’s Top RIA Firms” list published by Forbes/SHOOK® Research, LLC (“SHOOK®”). Ranking published on October 25, 2022, and based on data as of December 31, 2021, as provided by SHOOK®. Evoke neither received from nor provided compensation to Forbes/SHOOK® with respect to this ranking.

**Source: The Forbes “America’s Top RIA Firms” list published by Forbes/SHOOK® Research, LLC (“SHOOK®”). Ranking published on October 10, 2023, and based on data as of March 31, 2023, as provided by SHOOK®. Evoke neither received from nor provided compensation to Forbes/SHOOK® with respect to this ranking.

***Source: The Forbes “America’s Top RIA Firms” list published by Forbes/SHOOK® Research, LLC (“SHOOK®”). Ranking published on October 8, 2024, and based on data as of March 31, 2024, as provided by SHOOK®. Evoke neither received from nor provided compensation to Forbes/SHOOK® with respect to this ranking.

For the 2022, 2023 and 2024 Forbes “America’s Top RIA Firms” rankings, Forbes accepts advisors who meet pre-determined minimum thresholds and acceptable compliance records. America’s Top RIA Firms ranking is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data.

The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients.

These rankings should not be interpreted as an endorsement and no ranking or award implies any level of skill or training. Rankings and recognition from Forbes are no guarantee of the advisor’s, or Evoke’s, future investment success. Evoke is not affiliated with Forbes/SHOOK®. Past performance does not guarantee future results.

In the highly competitive world of financial services, regional banks face the imperative of providing scalable, personalized services across the entire wealth continuum as they compete with RIAs and wirehouses. As client expectations evolve, institutions must balance cost-effective solutions for retail customers with bespoke services for high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals. This requires a strategic approach to managing generational wealth transfers, differentiating offerings for affluent clients, and converting relationships from other banking channels.

Cost-Effective Solutions for Retail and Emerging Affluent Clients

Retail and emerging affluent clients represent a significant segment of the wealth continuum, with growing expectations for high-quality financial services. Providing cost-effective solutions to this group is essential for fostering long-term relationships and loyalty.

Implementing scalable digital platforms can help manage these relationships efficiently. For example, digital onboarding and self-service portals streamline the account setup process and provide clients with easy access to their financial information. Self-service reporting, money movement, and self-directed trading features further empower clients to manage their investments and transactions independently. Additionally, offering financial education and curated content enhances the client experience by providing valuable insights and guidance. These solutions not only reduce operational costs but also make it easier to build and maintain lasting relationships with retail and emerging affluent clients.

Proactive Management of Generational Wealth Transfer

One of the critical challenges in wealth management is managing generational wealth transfers. Ensuring that assets are retained within the bank during these transitions requires a proactive approach to relationship management and estate planning.

Implementing robust succession planning and estate management tools can aid in this process. Technology can assist by initiating relationships with the next generation and providing automated engagement to keep advisors updated on important life changes. By offering comprehensive wealth transfer solutions and engaging clients early in their estate planning journey, banks can help clients navigate the complexities of transferring wealth to the next generation. Regular reviews and updates to estate plans, coupled with educational resources on wealth transfer strategies, can enhance client confidence and loyalty, ensuring that assets remain within the bank’s ecosystem.

Differentiated Solutions for HNW and UHNW Clients

High-net-worth (HNW) and ultra-high-net-worth (UHNW) clients require differentiated solutions to meet their complex financial needs and expectations. Competing with larger wealth management firms and the private client divisions of national banks necessitates offering bespoke services and exclusive benefits.

Customized investment strategies, personalized portfolio management, and access to unique investment opportunities can significantly differentiate a firm’s offerings for HNW and UHNW clients. Digital solutions serve as an extension of the white-glove service these clients receive in person, providing robust digital reporting tools that offer transparency and detailed insights into their investments. By integrating these digital tools with dedicated relationship managers and personalized service experiences, firms can ensure a seamless transition between in-person and digital interactions. This approach enhances client satisfaction and loyalty by combining the convenience of digital platforms with the high-touch, personalized care of traditional service.

Converting Clients from Other Banking Channels

Converting clients from other banking channels and making them ‘sticky’ and more profitable wealth clients involves providing value that extends beyond traditional banking services. 

Creating a seamless transition experience from other banking channels to wealth management services is crucial. This can be achieved through integrated digital platforms that allow clients to easily access and manage their wealth in one place. Offering introductory financial consultations, personalized wealth assessments, and incentives for transitioning clients can also drive engagement and conversion. By demonstrating the value and benefits of wealth management services, banks can turn casual banking relationships into long-term, profitable wealth management partnerships.

Conclusion

The need for scalable service across the entire wealth continuum is a critical consideration for modern wealth management firms. By implementing cost-effective solutions for retail and emerging affluent clients, proactively managing generational wealth transfers, providing differentiated services for HNW and UHNW clients, and converting clients from other banking channels, financial institutions can enhance their service offerings and strengthen client relationships. Embracing digital transformation and leveraging advanced technology platforms, such as InvestCloud’s comprehensive suite of solutions, can help banks meet these demands and achieve long-term success in a competitive market.

Navigating these challenges requires a strategic approach and the right tools. With InvestCloud’s innovative solutions, firms can streamline operations, deliver personalized client experiences, and build enduring, profitable relationships across the entire wealth continuum—creating a smarter financial future that is truly Wealth Connected. 

For regional banks and the entire wealth management industry, attracting and retaining top advisory talent is becoming increasingly challenging. As firms vie for high-caliber professionals, the need for competitive products and modern technology is more critical than ever. The rising attrition rates among advisors, combined with a shift in demographics, necessitate strategic approaches to ensure both recruitment success and long-term retention.

The Competitive Landscape: Attracting Top Talent

Attracting top advisory talent has become more difficult in an environment where firms are aggressively pursuing the best and brightest. Top wealth management firms are leveraging their competitive product offerings, robust support systems, and lucrative compensation packages to entice experienced advisors. For regional banks looking to compete effectively, enhancing their value propositions with state-of-the-art technology platforms is crucial. Regional banks must not only match the technological capabilities of larger institutions but also demonstrate how these tools can drive superior client service and operational efficiency.

In today’s competitive environment, prospective advisors are increasingly drawn to firms that offer advanced digital tools and innovative technology platforms. These tools not only streamline operations but also enhance client interactions and enable advisors to work more efficiently.  
 
Investing in modern technology solutions can make regional banks more appealing to top professionals, showcasing a commitment to staying at the forefront of the industry and providing advisors with the resources they need to excel. 

The Challenge of Advisor Attrition

Advisor attrition is accelerating as the industry experiences increased mobility and competition. The ease of moving between firms, combined with aggressive recruitment tactics and attractive compensation packages, has heightened the challenge of retaining valuable advisors. For regional banks, retaining top talent requires a proactive and technology-focused approach. 

Retention strategies must center around creating a technologically advanced environment that supports advisors’ needs and enhances their productivity. Offering cutting-edge technology platforms that streamline processes, improve client interactions, and enable smarter management of their practice can significantly impact advisor satisfaction and retention. Beyond competitive compensation and growth opportunities, integrating modern technology into the workplace helps create a supportive and rewarding environment. Addressing the evolving needs of advisors, such as flexibility, work-life balance, and access to advanced tools, can help reduce attrition rates and foster a more engaged and loyal team.

Addressing the Demographic Shift: Recruiting Younger Advisors

The average age of financial advisors is nearing retirement, creating a significant gap in the industry. For regional banks to address this challenge, focusing on recruiting younger advisors who are adept with modern technology is essential. Younger professionals seek roles that offer technological innovation and career development support.

To attract and retain younger advisors, regional banks should invest in state-of-the-art technology platforms that enhance their ability to serve clients efficiently and effectively. Modern tools and systems, such as advanced Client and Advisor Portals, CRM platforms, financial planning software, and digital communication tools, are vital for appealing to tech-savvy recruits. Providing ongoing training and development opportunities also helps younger advisors thrive and contribute to the bank’s success. 

Leveraging Technology to Enhance Recruitment and Retention

In today’s competitive environment, leveraging technology is crucial for both recruiting and retaining advisors. Regional banks that invest in technology solutions that streamline operations, improve client interactions, and support advisor productivity will find themselves better positioned to attract top talent. Providing advisors with cutting-edge tools and resources can enhance their ability to deliver exceptional client service and achieve their career goals. 

Partnering with innovative technology providers can further increase a regional bank’s competitive edge. Solutions that offer advanced analytics, seamless integration, and enhanced client engagement can differentiate a bank in the recruitment process and contribute to higher advisor satisfaction and retention.  

Conclusion

The challenge of advisor recruiting and retention in wealth management requires a multifaceted approach, especially for regional banks. By enhancing product offerings, addressing the competitive landscape, focusing on the needs of younger advisors, and leveraging technology, regional banks can improve their ability to attract and retain top talent. Investing in these strategies not only addresses current challenges but also positions regional banks for long-term success in a dynamic and competitive industry.

While these challenges are considerable, leveraging advanced technology solutions from InvestCloud can empower regional banks to attract top talent, enhance advisor satisfaction, and drive sustainable growth. With the right tools and strategies, regional banks can navigate the complexities of advisor recruitment and retention, setting themselves up for success in a competitive market while contributing to a smarter financial future through Wealth Connected. 

Market consolidation is rapidly reshaping the financial services landscape, and regional banks are at the forefront of this transformation. As they acquire and integrate diverse institutions, these banks face significant challenges in delivering seamless customer experiences while managing infrastructure complexities. This transformation introduces a host of infrastructure issues, highlights the impact of legacy technologies, and underscores the necessity for digital solutions that achieve scalability and cost efficiency—paving the way toward a smarter financial future. 

The Impact of Bank Acquisitions on Infrastructure 

Bank acquisitions are a cornerstone of market consolidation, designed to expand market reach and diversify service offerings. However, these mergers often result in intricate ecosystems with disparate systems. Each acquired entity brings its own technologies, processes, and data structures. Integrating these varied systems into a cohesive infrastructure is no simple task. 

For example, a regional bank acquiring a smaller community bank gains valuable customers and market share but also inherits legacy systems and platforms that may not communicate effectively with the existing infrastructure. Integrating these legacy systems can lead to fragmented data and inconsistent reporting, complicating the consolidation process. Furthermore, maintaining and upgrading outdated systems can strain resources and impede the ability to innovate. These challenges underscore the critical need for a unified, modern technology approach to streamline operations, enhance data integrity, and support scalable growth in a competitive landscape. 

Legacy Technology: A Barrier to Modern Wealth Management 

Legacy and core banking technologies often stand in stark contrast to the innovative solutions required for a modern wealth management experience. Many regional banks still rely on outdated systems that are ill-equipped to handle the demands of contemporary financial services. These legacy systems can hinder efforts to offer hyper-personalized investment solutions, limit scalability, and stifle the ability to adapt quickly to market changes. 

Legacy platforms may lack the flexibility to integrate seamlessly with advanced client and advisor experiences and dynamic financial planning tools. Without this flexibility, banks struggle to offer a comprehensive view of a client’s financial situation or deliver personalized investment advice in real-time.

This puts them at a disadvantage compared to more nimble RIAs or wirehouses who are leveraging cutting-edge technology to meet evolving customer needs and enhance advisor productivity. 

The Critical Role of Digital Solutions in Driving Scalability and Efficiency 

To remain competitive in a digital-first world, regional banks must evolve beyond traditional models that rely on physical branches and manual processes. Digital solutions offer a path to scalability and operational efficiency, automating routine tasks and providing a flexible platform that can grow alongside the bank.  

For instance, digital onboarding processes can streamline account creation and reduce operational costs, while actionable insights can drive strategic decision-making. Embracing digital transformation is not just about keeping up with competitors; it’s about setting a foundation for long-term success and resilience in a rapidly changing market. 

Leveraging Technology Blueprints from National Banks 

Regional banks can find valuable guidance in the technology blueprints of national banks that have successfully navigated digital transformation. National banks often have the resources to invest in sophisticated technologies and can serve as models for regional institutions looking to modernize their operations. By analyzing and adapting these blueprints, regional banks can implement best practices and technological solutions that align with their unique needs and constraints. 

A regional bank might adopt a modular technology approach that allows for incremental upgrades and integrations, minimizing disruption while modernizing their infrastructure. Additionally, partnerships with fintech firms can provide access to advanced tools and platforms that enhance customer experiences and operational efficiency. 

Conclusion 

As the pace of consolidation accelerates, regional banks face the dual challenge of managing complex infrastructure and modernizing legacy systems. By embracing digital solutions and leveraging insights from national banks, these institutions can navigate the complexities of consolidation, enhance their service offerings, and achieve greater scalability and efficiency. The path forward requires a commitment to technological innovation and a strategic approach to integrating and evolving in a rapidly changing ecosystem. 

Navigating these challenges may seem daunting, but with the right strategies and partners, such as InvestCloud, regional banks transform obstacles into opportunities for growth. InvestCloud’s commitment to enabling a smarter financial future and it’s Wealth Connected approach ensures that institutions are empowered to meet the demands of the modern market, driving innovation, integration, and long-term success.

InvestCloud’s fully integrated platform set to significantly boost advisor efficiency, enable growth and scale for New Zealand’s premier advisory and asset management firm, enhancing client engagement at every stage of the investment lifecycle

London, October 17, 2024 – InvestCloud, a global leader in wealth technology, announced today that FirstCape, the leading wealth advice and asset management firm in New Zealand, has selected InvestCloud to transform the wealth management experience FirstCape delivers for advisors and their clients. A comprehensive multi-phased digital transformation journey, this technology forward initiative is geared to redefine how FirstCape delivers financial services, focusing on boosting advisor efficiency and offering a single platform for client engagement, experience, and compliant advice at scale.

FirstCape was formed earlier this year through the consolidation of JBWere NZ, Jarden Wealth, Harbour Asset Management, and BNZ Investment Services to create the premier wealth management advisory and asset management firm serving clients in New Zealand. The new firm, which now boasts more than 120 advisors and over NZ$50bn in assets under management and advice, has embarked on a digital transformation to reimagine its client and advisor experience throughout the entire investment lifecycle.

The first phase of FirstCape’s digital transformation was the implementation of InvestCloud’s Portfolio Manager and Order Capture solutions for Jarden Wealth. These key components establish the foundation for an enhanced, fully-integrated platform that empowers advisors, and also improves the client and advisor experience. With Portfolio Manager, Financial Advisors are  able to monitor and manage client portfolios with deeper insights, allowing for tailored investment proposals. By streamlining the process, advisors can deliver more accurate and compliant advice at scale, all while maintaining a personalized approach for each client. Order Capture offers a seamless interface for trading across various asset classes. Boosting operational efficiency, Order Capture allows advisors to act faster and focus more on client needs, resulting in a more dynamic, responsive wealth management experience.

“We are thrilled to see the tangible success of our partnership with FirstCape as they embark on this modular digital transformation,” said Christine Mar Ciriani, President of Digital Wealth International at InvestCloud. “By leveraging our full suite of innovative front-office solutions, we are helping FirstCape create a robust digital backbone that will drive their growth, streamline advisor efficiency, and elevate client experiences. We are committed to supporting FirstCape’s journey as they are the leading wealth management firm in New Zealand.”

FirstCape’s transformation prioritizes advisor efficiency. Future phases of the transformation will introduce enhanced Client & Advisor Experiences and Client Lifecycle Management (CLM) & Onboarding solutions, offering a fully integrated, scalable platform that will strengthen client engagement.

“We formed FirstCape with a stated intention of enhancing our client offering,” said Malcolm Jackson, CEO of FirstCape. “Integrating InvestCloud’s tools that streamline portfolio management and order execution is part of delivering on that promise. We continue to be focused on providing a complete suite of services tailored to every client’s unique needs at whatever stage of their investment life cycle.”

This digital transformation will position FirstCape at the forefront of the wealth management industry in New Zealand.

About Investcloud

InvestCloud, a global leader in wealth technology, aspires to enable a smarter financial future. Driving the digital transformation of the wealth management industry, the company serves a broad array of clients globally, including Wealth and Asset Managers, Wirehouses, Banks, RIAs, and Insurers. In terms of scale, the company’s clients represent more than 40 percent of the $132 trillion of total assets globally. As a leader in delivering personalization and scale across advisory programs, including unified managed accounts (UMA) and separately managed accounts (SMA), the company is committed to the success of its clients. By equipping and enabling advisors and their clients with connected technology, enhanced intelligence, and inspired experiences, InvestCloud delivers leading digital wealth management and financial planning solutions, complemented by a dynamic data warehouse, which scale across the complete wealth continuum. In 2024, InvestCloud was named a CNBC World’s Top Fintech Company, a proof point of the company’s commitment to innovation and client success. Headquartered in the United States, InvestCloud serves clients around the world.

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About FirstCape

FirstCape is a group of leading wealth management and asset management companies. Its mission is to help its clients achieve their financial goals and aspirations by growing and protecting their wealth.

The companies that make up the FirstCape Group are JBWere New Zealand, Jarden Wealth, Harbour Asset Management and BNZ Investment Services Limited (the issuer and manager of all wealth products distributed by BNZ including the BNZ KiwiSaver Scheme).

Together its constituent businesses are responsible for more than NZ$50bn in funds under management and advice. It has 14 offices located across New Zealand and more than 120 financial advisers.

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