How to Future-Proof your Business in the Wealth and Asset Management Industry

The financial services landscape has experienced an unrelenting period of unpredicted, accelerated transformation in recent years that continues to place growing demands upon wealth and asset management firms. In this current environment, it’s important for finance CFOs and directors of firms in the wealth and asset management industry to be able to adapt to these changes and future-proof their business against trending challenges. Read on to learn more about these trends and what your firm can do right now to address the challenges these trends bring. Additionally, you can download our free whitepaper “How to Future-Proof Your Wealth and Asset Management Business Against Three Ballooning Trends”.


Trend 1: Digital transformation efforts continue to accelerate and expand.

Digital transformation can be defined as rethinking the way your business operates within the scope of technology. It is akin to business resilience or, in other words, future-proofing your business to prepare for the next unforeseen event. It’s about making your business agile and efficient with the help of technology like Sage Intacct

Digital transformation has emerged as a fundamental requirement for firms in the wealth and asset management industry given today’s unprecedented torrent of disruption, increasingly competitive market, and growing number of tech-savvy clients. With increased demands comes increased need for information to be available immediately to make informed, data-backed decisions. 

What can you do? 

The easiest way to digitally transform your business is to migrate to a modern, flexible financial system that can support all your firm’s current and future digital needs. Accounting systems like Sage Intacct — a true cloud solution specialized in helping wealth and asset management firms, REITs, and Family Offices — can help you with all your financial and business needs. It seamlessly integrates to more than 200 third-party applications so you can digitally transform any area of your business. 


Trend 2: Shrinking margins are forcing finance operations to become significantly leaner and more efficient.

Margins shrink as generational wealth shifts. The younger, tech-savvy investors are embracing new investing platforms that reduce their fees and their reliance on established firms. 

What can you do? 

CFOs in the investment and wealth and asset management industry must focus on operationalizing their finance efforts and building more efficient organizations. They need to increase their finance team’s efficiency while reducing the need for additional headcount or third-party contractors. With Sage Intacct, you can reduce audit times by up to 50% while providing a clear audit trail and direct access to all reports. You can also accelerate your closing process by 25–50% or more by automating manual processes. 


Trend 3: Constantly morphing cybersecurity threats can permanently damage the reputations of firms they successfully penetrate.

It is becoming increasingly commonplace to hear about big security breaches. In some instances they can cost millions of dollars and irreversible reputation damage. This threat has prompted strict regulatory oversight into the ways wealth and asset management firms store and share financial information. 

What can you do? 

It is better to take a proactive approach rather than a reactive one and risk reputational damage. You can protect your data by ensuring you have complete visibility into your audit trails and by governing data access so people only see the data they need to see. Sage Intacct meets the most stringent of security mandates with biometric access controls for production data, 128-bit encryption for all data transmission, and continuous backups of transaction data. 

Implementing Sage Intacct, a modern, cloud-based financial accounting system can help you stay ahead of these trends and ensure that your wealth and asset management firm is future-proofed. It puts you in a position to mitigate risk that an outdated system can pose and welcomes changes in the financial environment. 


If you’d like to learn more, download our free whitepaper “How to Future-Proof Your Wealth and Asset Management Business Against Three Ballooning Trends”. 
Interested in future-proofing your business? Book a free discovery with us and we can help you get started.