Mix together retiring baby boomers, an increase in the number of mass-affluent Americans and better bottom lines at financial services institutions, and what do you get? A spike in wealth-management technology spending. According to Alois Parker, an analyst with Boston-based Celent Communications who recently coauthored a report on the subject, tech spending on wealth management is on the rise as firms try and position themselves for a slice of the baby boomer pie. To get that slice, financial institutions are binding together the various links in the wealth management chain from the front office to the back office, while simultaneously integrating horizontally across asset-class silos so managers can gain a complete single-screen view of their clients' holdings.
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