The field is wide open for technology vendors as decision-makers at wealth management firms are broadly unable to differentiate between the various products on the market – despite the flurry of upgrade activity in recent years.

Having surveyed technology and operations specialists globally for a new research report, WealthBriefing found that the vast majority were unable to rate any of the major technology systems on the market. Shockingly, in several cases north of 90 per cent of participants were unable to give a view on a particular product.

To put this finding into context, the survey also found that over 80 per cent of firms have made a systems upgrade in the past five years. Furthermore, over half of the participants reported that they have carried out a “beauty parade” or assessment of technology providers in the past two years.

The marketing departments of tech firms may well bemoan these facts, but - looking at the findings more positively - they indicate a huge opportunity for those vendors able to articulate the unique selling points of their products. Anecdotally, many industry participants have expressed doubts to this publication over whether some of the systems on the market are tailored precisely enough for the wealth management business model, as opposed to generalist banking or asset management. For their part, technology vendors are increasingly looking to emphasise that their products are indeed ideal for wealth management purposes, so it seems that perhaps they may just need to work harder to get this across.

The full findings of the research report, which was produced in association with Advent, will be revealed at two high-profile Breakfast Briefing events in Zurich and London on 18 and 19 July – the former at the Baur au Lac Hotel and the latter at the prestigious Carlton Club. Attendance to both of these events is free as part of WealthBriefing member benefits and they have already attracted a huge amount of interest from senior industry executives. Limited places remain, so please register your attendance without delay here for the Zurich event and here for the London event.