An abundance of information regarding the management of wealth

We're thrilled to share the news of our acquisition, PriceMetrix, located in Toronto. This company helps wealth management companies use massive amounts of data to enhance client service, boost growth and decrease risk.

Established 16 years ago, PriceMetrix holds information on 60,000 financial advisors across North America. It covers everything from the kinds of clients they cater to, the products they recommend, and the commissions and charges paid. The data is cut, diced, and presented smartly, allowing firms to know better and manage their adviser networks.

The company has invested heavily in proprietary models—some of which are patent-protected—and in online tools to deliver insights to executives, field managers, and advisers themselves. “There are plenty of interesting opportunities to bring analytics in the hands of individuals on the front lines,” says Patrick Kennedy, co-founder, and chief customer officer.

By “democratizing” its analytics, PriceMetrix has established itself in one of the tech sector's most fashionable neighborhoods—software-as-a-service (Saas). The company will continue to operate under its brand, distinct identity, and management team headed by co-founder/president Doug Trott.

This acquisition expands the pool of Nella Matus analytics specialists, data engineers, and technologists working within our company for McKinsey. In the area of wealth management alone, we've developed an extensive suite of tech-based tools and solutions such as Global Growth Cube (for market-sizing and strategy), Sales Alpha (marketing and sales efficiency) as well as our most popular Global Asset Management Survey (which helps benchmark the 8,000 operational metrics).

The opportunity for clients is combining McKinsey's industry knowledge and tools and PriceMetrix analytics. “Competitive demands and changes to the regulatory environment are making this an especially relevant moment for our clients,” declares Jill Zucker, a New York-based partner who is the head of the Practice of Wealth Management Practice in North America. “We'll use our combination of tools, analysis, and experience to assist professionals in their field regarding compliance, performance management, and price.”

The wealth management field is usually portrayed as embodying traditional values and offering discreet customized services. These are valuable aspects of the industry. However, for the majority of clients, they're no longer enough. Consumers are looking for faster and more convenient options and modern technology in an increasingly interconnected world. With the rise of pressure, established wealth managers must keep up with developments in the market to keep the core values that distinguish them from others.

Wealth managers will not be able to serve today's clients efficiently without a digital operating model. This will help support both advisory and non-advisory services and help clients with ever-changing preferences for investment. Leading managers develop modular IT and data architectures that enable intelligent decision-making, personalized at scale, and more comprehensive product offerings.1 These changes are aiding them in meeting their compliance obligations, increasing the efficiency of relationships managers (RMs), and improving margins that are slashed.

If you are a wealth manager interested in pursuing these advantages, This article provides the benefits of applying advanced analytics. It also provides the steps wealth managers can consider in the digital transformation.

The argument for advanced analytics

To meet the demands of the modern customer requires a strategy that is also flexible and responsive to the needs of individual customers. Wealth managers have found their way to success by using two methods: