Over the past year there has been an evolution in how the wealth management platform is defined, with an increasing appetite for an enterprise-wide single infrastructure solution that combines technology and services into a completely integrated front-to-back service offering, according to a new report by Celent, the financial research and consultancy firm.

The report, Driving Efficiency Through Wealth Management Platforms, said that firms are looking to gain efficiency by reducing the number of vendor relationships and combining technology and services into a unified offering with a few key strategic partners.

Celent identified a number themes driving increased interest and investment in outsourcing services and wealth management technology platforms.

"As a result of stringent regulations, increased client demands, an increasing number of channels, greater transparency requirements, and an increased focus on risk, wealth managers have focused on lowering costs and reducing turnaround times, while improving efficiency and creating a holistic view of clients. A pillar of this strategy is integration of data, channels, people, and processes," Celent said.