Augmenting the Wealth Managers of the Future: How to Leverage Data and Insights for Personalised Service and Advice

In recent years technological advancements, changing client expectations and global economic dynamics have continually shifted the financial landscape. As a result, data and insight has emerged as a vital tool for empowering wealth managers to make informed decisions and deliver personalised financial services.

This demand has driven the global WealthTech solutions market, which has grown at a compound annual growth rate (CAGR) of 14.7% to reach $5.42 billion in 2024, and is forecast to reach $9.43 billion by 2028. Key trends highlighted by an annual WealthTech solutions market report include the adoption of AI and machine learning, and importantly the adoption of big data analytics.

Why such demand for data?

By surfacing and analysing large volumes of structured and unstructured data, wealth managers can build a comprehensive view of market trends, customer behaviours, potential risks and valuable investment opportunities to build tailored financial solutions that meet individual client needs, appetites, and goals.

Personalisation has always been a cornerstone of wealth management, but as we move into 2025 the demand for customised financial strategies is set to increase exponentially. A recent survey by Deloitte found that 76% of asset managers expect to increase their offerings of customised products over the next three years.

But there’s a caveat…

At a time when access to real-time data and insight is vital to wealth manager success, too often market, client, and portfolio data is scattered across different systems, leaving them struggling to gain a single source of the truth. This impacts agile decision making by making it difficult to identify opportunities, spot risks, and design tailored investment strategies.

What does an advanced data-led approach to personalised wealth management look like?

From prospecting to onboarding and ongoing management, leading wealth management firms are turning to a single data orchestration platform to not only improve service quality, but also drive competitive edge by adopting a smarter, data-first approach to managing and growing client relationships.

Let’s look at the benefits…

1. Find the right customers – segment clients according to ideal profiles, financial objectives, and risk profiles
2. Single customer view – combine personal data, financial behaviour, market and asset performance data, with a deep understanding of customer preferences, risk tolerance, investment goals and even sustainability concerns
3. Personalised advice – harness holistic insights to design portfolios and tailor specific fund recommendations aligned perfectly to individual goals and risk appetites, and continuously finesse based on customer profile changes, economic shifts and market conditions
4. Personalised engagement – real-time insights combined with a deep 360-degree understanding of customer needs allow for timely outreach and opportunities that are always laser-focussed on individual client needs
5. Risk management – data technologies are playing a key role in helping wealth managers identify and mitigate risks – PEPs and sanctions, UBO data, adverse media, identity verification and so on, which can assist in assessing risk in real-time, adjusting portfolios appropriately.
6. Efficiency and productivity - significantly reduce the time required to research and analyse a company, and instead focus efforts on building comprehensive advice based on advanced data-driven decisioning. Harnessing data and insights also empowers wealth managers to scale-up, and actively target and advise a broader client base at a lower cost
7. Grasp emerging opportunities – ESG considerations continue to grow in prominence (a study by Preqin found that ESG will play a 77% more significant role in investment decisions by 2025). The ability to harness ESG scores, risk data, adverse media ESG performance insight etc. in investment decisions will deliver clear competitive advantage.

Wealth managers that can grasp these benefits and embrace emerging trends will be best positioned to cement their place as trusted advisors and thrive in the years ahead. In fact, Forbes recently described a future-ready wealth manager as one that can stay “agile and adapt to the new realities of the financial landscape by continually providing exceptional value to their clients and help them navigate an increasingly complex world of wealth management.”

Something also backed up by Deloitte who state that the successful wealth managers of the future will be those who can effectively blend human expertise with technological innovation, providing tailored solutions that meet the diverse needs of an increasingly sophisticated investor base.

How FullCircl can augment the wealth managers of the future

FullCircl’s solutions (in particular SmartBanker, SmartOnboard and W2 Global Data) can help wealth managers align data-driven insight’s with advanced analytics for a client-centric approach. Augmenting the expertise in delivering highly personalised advice and services to build trust, enhance customer experiences, improve outcomes, mitigate risks and foster long-term relationships.

• Targeted customer acquisition: identify untapped potential and establish meaningful relationships with new prospects. Harness actionable insights that enable personalised strategies that boost acquisition, customer loyalty and drive growth.
• Enhanced client onboarding: automate and enhance KYC/KYB and AML compliance activities and automate screening by integrating data from multiple sources – this identifies potential risks earlier and streamlines the onboarding of high value client whilst ensuring regulatory compliance.
• Proactive relationship management: surface real-time insights – matched, analysed and verified – to monitor portfolios, anticipate changes and opportunities, provide tailored advice and foster experience-based relationships.  
• Risk management: customisable rules and alerts, alongside PEPs, sanctions and adverse media screening and advanced identity verification help identify and mitigate risks that could impact regulatory non-compliance and reputational threats.
• Improved operational efficiency and lower cost to service: save time and resources by automating data and insight collection and analysis, giving wealth managers more time to focus on client interactions and strategic planning.

A best practice case study in data-driven personalisation

FullCircl has been working with one of the UK’s largest wealth management businesses, helping its team boost personalisation in the provision of investment solutions, portfolio management, wealth planning and advisory services.  

Their private and intermediary clients have unique requirements when it comes to structuring their wealth, estate planning, investment structuring, tax planning, future business exit and succession planning. As well as philanthropy, charity investments, and increasingly alignment with environmental, society and governance (ESG) considerations.  

FullCircl assisted the team in a number of methods:

• Finding new business owners to target: Access to data and insight on over 5 million companies and their ownership structures, using our graph technology and rules engine to match and filter companies and individuals based on specific financial parameters.
• Reasons to engage: Contextual and actionable news and social media insights, as well as business and market changes that will resonate with a business owner’s wealth objectives and preferences. FullCircl worked with the business to develop bespoke engagement signals unique to their needs.
• Access advanced company and individual data for prequalification and onboarding checks: Group structure, PEPs and sanctions, UBO data as well comprehensive and verified company and financial data, such as M&A activity and fund-raising activities.
• Identifying priorities to grow and protect wealth: Company and individual insights as well as market news provides new opportunities to cross-sell and upsell-services, as well as respond quickly to changing needs.
• Collaborate with the wider business: Helping the business as a whole respond to the needs of high net-worth business owners and the companies they operate.

And the results speak for themselves…

78% of the team report that FullCircl has helped them create new prospects, progress opportunities and close business. 75% of wealth managers believe we’ve also helped them save up to 2 hours per week, and as a result 88% of wealth managers believe the ROI of FullCircl meets or exceeds expectations.

Heard enough?

To learn more about how FullCircl can help your wealth managers boost performance and drive competitive edge, get in touch with a member of our banking success team for a demo today.