Time is becoming one of the most valuable assets in wealth management. Across EMEA, firms are facing rising pressures as portfolios become increasingly complex, client expectations continue to evolve, and market conditions remain volatile. Technology helps firms meet these changing demands by enhancing operational efficiency — and, as a result, technology has become a direct driver of competitive advantage.

Yet, many firms are limited by outdated legacy systems that are no longer fit for purpose. The UK’s Financial Conduct Authority (FCA) reports that 92% of financial services companies still rely on legacy technology, with 78% of their data stored on‑premise.¹ These systems are often difficult to maintain, integrate or adapt, and firms can find themselves with inefficient “Frankenstein” systems combining incompatible workflows and processes.² Indeed, a study by Broadridge found that 46% of executives believe legacy technology is hurting their firm’s resilience.³  

Technology can help firms reclaim time and gain a competitive edge, making a successful digital transformation a vital next step for many firms.

The hidden cost of outdated systems

Outdated legacy systems can create time-consuming processes and increase the risk of error. Data is often fragmented across multiple custodians and stored in inconsistent formats, making even straightforward requests take longer than they should to resolve. To build a complete picture of the portfolios in their care, advisers can spend hours with manual spreadsheets, checking for errors and logging into multiple systems.

This inefficiency affects the quality of client service. Delays in producing accurate reports or analysis can lead to client dissatisfaction, particularly as clients now expect on‑demand access to their information. 

It can also directly impact client experience. As Benjamin Akesson, Investment Advisor at Saranac Partners, explains: “A lot of our clients are multi‑banked and might have up to nine different custodians. They’d spend a lot of time logging into each portal or trying to consolidate analysis manually. Now they’ve got it available at their fingertips through the client portal.”

Time is a competitive advantage for wealth managers 

In the wealth management industry, time can give firms a significant advantage. For leading firms, the ability to deliver rapid, accurate insights and analysis is imperative — helping wealth managers react to market changes quickly, build client confidence and deepen relationships. The Charles Schwab RIA Benchmarking Study found that top‑performing firms — those that more often leverage modern technology — spend 25% less time on operational work per client and 10% more time on client service.⁴ This time dividend allows firms to focus on higher‑value activities: tailoring investment strategies, identifying new opportunities and strengthening client engagement.

Belgian firm Bird&Bee modernised its technology by transitioning to Addepar, and saw a measurable shift in productivity. Founder Tanja Michiels said: “I use Addepar constantly — daily. Entering a private fund transaction takes me less than a minute. It saves significant time, particularly when inputting a new investment. I can do that in just a few clicks now.” These efficiency gains have allowed Bird&Bee to double the number of clients it serves while reducing manual analysis work by 97% and freeing capacity equivalent to a full‑time employee.

For Akesson, the advantage goes beyond productivity: “A client could ask us about their exposure to a specific country or a concentration risk. Before, we’d have to pull data from multiple sources and piece it together. Now we can do that within Addepar very quickly — even share the views so clients can self-serve through the portal.”

Choosing Addepar as a strategic partner

Addepar is a technology solution that can help give advisers back time to do what they do best. Automated data aggregation eliminates the need for manual consolidation across custodians, integrating alternative investments seamlessly. And advanced analytics and flexible dashboards provide timely, relevant insights — helping firms act decisively in dynamic markets.

Marc Graveney, COO at London & Capital, says: “The partnership with Addepar enables us to deliver an efficient, flexible and comprehensive picture of each client’s unique investments and overall wealth, while staying lean through greater operational efficiency.”

Rick Bains, Head of Technology at Saranac Partners, adds: “Our legacy system had shortcomings when it came to our reporting process, especially for complex portfolios including alternative investments. Addepar streamlined the whole process and hugely improved the ability to aggregate data across liquid and illiquid assets, providing a holistic view of portfolios with a world‑class reporting tool that was highly customisable for our various bespoke client needs.”

Outdated legacy systems are a drain on time. Firms that embrace modern technology position can boost efficiency, deliver insights faster and dedicate more time to what matters most — providing best-in-class client experiences and delivering more for the portfolios in their care.  In a business where time is the ultimate competitive resource, that advantage is decisive.

To learn more about how Addepar can help your firm modernise operations and reclaim valuable time, connect with us.

How can wealth managers prepare for digital transformation?

  • Locate, audit and organise your data: Conduct a thorough review of your existing data and identify what historical transactional information you will need to transfer to your new platform. Addepar can provide the data points we need ahead of the project kick-off, so you can get ahead of the game.

  • Establish a clear team and roles: Appoint a dedicated internal team to oversee the project, with representatives from all key business areas. Having the right team in place will really help ensure that all tasks have a person with appropriate experience and skills, which will help drive the project forward.

  • Dedicate resources and time: Successful adoption relies on buy-in from the team. Ensuring  your team has sufficient bandwidth and time allocated for the digital transformation will help ensure a smooth and seamless transition. 

  • Identify workstreams for improvement: Identify processes you want to streamline before your project and flag these during the design phase of the project. Addepar has dedicated teams to guide firms through the implementation process. This team has extensive Addepar knowledge and they can provide valuable insights and best practices that are tailored to your firm's unique situation.

References

  1. Legacy technology in UK financial services, Financial Conduct Authority, 2023.

  2. Just how much of a problem is legacy tech for financial services?, Financial Times, 2023.

  3. Legacy tech is potential wealth sector vulnerability – study, WealthBriefing, 2024.

  4. Charles Schwab RIA Benchmarking Study, 2024.

  5. Wealth management profit multiplier: Power of modern advisor tech, ThoughtWorks, 2023.