February 25, 2019

Overcome digital transformation challenges for wealth management

2 min read

Digital transformation is a strategic priority for most wealth management firms, yet the wealth industry continues to lag behind in terms of digital adoption.

68% of wealth managers say learning about and keeping up with new technology is the top challenge they face”, according to a Digitalization of Wealth Management report by Thomson Reuters.

Staying on top of what’s new in tech is a challenge for wealth firms, but so is dealing with existing technology. Some of the biggest obstacles to digital transformation include issues with legacy systems and managing disparate data sources.

Here’s how wealth management firms can overcome two technology barriers to digital innovation.

Replacing rigid legacy systems

Ask wealth firms what they perceive as the biggest hurdle to transformation and most will agree that it's legacy technology -- how to effectively update, integrate or replace it.

According to CapGemini in its World FinTech Report 2018  “most infrastructure investments were stop-gap solutions not designed for compatibility with the latest technologies.”

Many legacy systems are not interoperable. The different systems can’t readily exchange and make use of information, and they’re also not scalable. Moving beyond legacy systems can be difficult and costly, but is definitely necessary for firms to remain competitive.


At PureFacts, we’ve helped a number of our clients digitize their legacy systems. Recently, we migrated a large wealth management firm’s on-premise reporting solution to a cloud-based environment. Our statement solution was quick to deploy, simple to operate, and readily scalable. It reduced their operational costs, increased the effectiveness of their IT processes, and reduced risk.


Aggregating disparate data sources

Integrating data from multiple sources and systems that can’t talk to each other makes digital innovation difficult, if not impossible. We recently worked with a large Canadian bank on a data integration challenge for their wealth management fees. Their operations were being hampered by multiple fee calculators, inconsistent calculation methodologies, and the inability to generate meaningful reports from systems that didn’t share information and data effectively.


We developed an entirely new approach to calculating wealth management fees for them. We consolidated all of the company’s data from various portfolio management, trading and custodial systems into a central repository with our data warehousing technology. We aggregated all their data into one new fee platform, which enabled them to realize their key business objectives of growing revenue, decreasing costs, and reducing risk.

At PureFacts, we take great pride in our data warehousing capabilities. We seamlessly aggregate data from multiple sources with flawless accuracy. This approach enables a firm to do advanced analytics, extract insights for business intelligence, and create more engaging client experiences.


Today, every aspect of the wealth management industry is being transformed by digital. It’s imperative that firms work towards digital integration to remain relevant, create growth opportunities, lower their operating costs, and improve client experience.


PureFacts is your fintech expert with wealth management software and custom digital solutions. We combine the technical capabilities of a systems integrator with the creative expertise of a digital creative agency under one roof. We can partner with your firm to develop solutions that optimize your operations, drive revenue, and help you deliver exceptional client experiences. Contact us to discuss how we can propel your digital transformation.