Modernizing Wealth Management For What's Next

By Steve Kuo and Catherine Quinn

The wealth management industry is approaching an inflection point. Digital transformation, automation, and an information surplus make clients feel increasingly capable of managing their own financial health. Further, the transfer of an estimated $13.2 trillion globally from the Baby Boomer generation to their spouses and children will force a reexamination of what is ‘good’ service and what is ‘great.’ Over the past several years, Simatree has helped a wealth management firm with $60B+ assets under management & advisory (AUM&A) mature their data and technology and drive strategic alignment to meet this moment.

Data & Technology

This client came to us with a challenge that's all too familiar in financial services: data scattered across multiple systems, reporting that depended on manual effort, and limited visibility into the metrics that matter most. Their teams were spending significant time maintaining processes rather than acting on insights. Something had to change.

We started by laying the right foundation. Using Microsoft Azure as the anchoring technology, Simatree designed and built a cloud-based enterprise data platform — establishing a unified data governance framework, reference architecture, and data management best practices to support the entire organization. Automated data quality checks were implemented across their core systems, so the operations team could take targeted corrective action and continuously improve data quality over time.

We delivered a full dimensional data warehouse that brought all of these capabilities together, giving every part of the business access to accurate, consistent, and timely reporting. The result is a firm that can scale with confidence, knowing their data infrastructure is built to support both organic growth and future acquisitions.

Growth through acquisition is central to many RIAs' strategies and this client was no exception. The process of integrating a new company's client and account data was historically slow and error-prone. Simatree worked closely with their integrations team to document, analyze, and automate that process reducing manual effort, accelerating timelines, and ensuring high-quality data from day one.

This is what it looks like when data becomes a true business asset.

Strategy & Alignment

Rapid business growth and numerous acquisitions resulted in a myriad of programs and initiatives at the business unit level. While individual efforts had merit, there was no unifying strategic framework to ensure all were driving towards a common goal. Simatree facilitated the firm’s inaugural strategic planning process, which not only enabled the RIA to effectively prioritize and coordinate across all business units but also more effectively communicate its long-term vision to investors.

To build the plan, Simatree conducted interviews with leaders across the firm to understand current state strengths and challenges, as well as future state opportunities. To further inform plan development, the team analyzed client and financial data, and conducted a competitor and market landscape analysis. The team then facilitated a leadership offsite where, though a series of interactive activities, leaders aligned on vision, goals, initiatives, ownership, and metrics for the firm.

A strategic plan, however, is just a document. To ensure it was actualized, Simatree designed, launched, and managed a centralized project management office (PMO). The PMO governed all strategic plan initiatives, codified standard project management approaches and tools, and provided ad hoc project management support for high complexity initiatives. After one year, eight initiatives are complete with another 30+ underway.

The Self-Reinforcing Power of Data & Strategy

Simatree understands that data and strategy go hand-in-hand. The work Simatree has done to improve data accessibility and quality at this RIA will allow increasingly insightful analytics. In turn, these analytics will enable more effective strategy development and in-the-moment feedback on the effectiveness of specific strategic initiatives.