The latest technology news in the wealth management sector from around the world.

Refinitiv
Global market data firm Refinitiv has launched Refinitiv Digital Investor, adding to its suite of wealth management offerings.

The offering gives firms the opportunity of bringing digital services to the market more rapidly, and provides users with account information, workflow tools, news and insights about the sectors they invest in.

"The launch of Digital Investor speaks to our business’ appreciation of the industry’s ongoing priorities and looks to address these needs with a highly flexible solution," Joe Mrak, global head of wealth management at Refinitiv, said.

The need for wealth management firms to speed up digital offerings has been thrown into sharper relief by the pandemic, which has hammered conventional ways of working. Refinitiv recently spoke to this publication about how it has coped with the pandemic and its wider strategy for the wealth industry.

“The global pandemic has emphasized the important role digital engagement plays in wealth management today, enabling clients to feel close to the institution and advisors who manage their wealth, even if in-person meetings are not possible," Alois Pirker, research director, Aite Group, was quoted by Refinitiv as saying.  

"When heightened fear in the financial markets is paired with great limitations to meet in person, traditional wealth management service models are being put to the test. As the dust settles, the outbreak will bring digital engagement in financial services to a new level of appreciation and awareness," Pirker said.

Another industry commentator, Will Trout, head of wealth management at Celent, said: “The acceleration of the digital learning curve in the wake of the pandemic has increased client expectations for service and portfolio advice. Investment in workflow, analytics, trading and other lifecycle technology can help invigorate the client-advisor relationship and break tradeoffs between customization and scale.”

Over the last year, Refinitiv has built a number of solutions for the wealth space, such as strategic acquisitions (Scivantage) and partnerships, including: SigFig, MarketPsych, Appway, StoneCastle and Sberbank to add Digital Advice Technology, MarketPsych Indices, Automated and Customized Advisory and End-Client Workflows, and Enhanced Cash Management Solutions to clearing and self-clearing broker-dealer clients.