Wealth management is an industry that continues to evolve, and firms must contend with different items. Reporting doesn’t only mean client statements and information, it can also involve regulatory reporting and internal research.
Wealth management is a data-driven industry and as data becomes readily available, your firm can use it to your advantage. This article will go over some of the various reporting needs you may encounter, and how reporting software can alleviate some of the pain points associated with each.
Month-End Reporting
One of the first items you’ll encounter is month-end2485 reporting files. Many firms will analyze on a monthly basis. This can be anything from portfolio growth, client growth and various expenses. If your firm is smaller, these data points may be generated semi-automatically, but you are left with aggregating the data.
By having a robust wealth management reporting software, you can automate the process to the point of clicking a button and the report becomes available. This gives you more time to analyze the information instead of aggregating it. Also, you can rest assured the data is accurate and eliminate human error.
Audit Reporting
Another reporting task that tends to take up a chunk of time is auditing information. Audits tend to be annual and many audit firms ask the same questions year over year. Once your firm is established you have the ability to anticipate what they’ll be looking for. From there, you can take that information and create an audit report that’s generated at a click of the button.
Similar to month-end reporting, this eliminates the need to spend copious amounts of time aggregating data. Also, you can rest assured the information you’re reporting is accurate. As your firm grows, you’ll have endless data points that will want to be examined.
Decision Making
The last item to consider when evaluating your reporting software is how you make decisions within your firm. Many firms use various reports to make decisions on what products to offer, how their business is doing and where to cut costs. If you’re a smaller firm, you may do this manually and that takes time and can lead to human error.
As with the first two, having robust reporting software gives you the ability to customize and automate important data points. This is great for boards or c-suite individuals because they want information quickly to make decisions. Ultimately freeing up time and resources to make important decisions.
Reportwa is a software that can help take your firm to the next level. If your firm is growing, it’s important to have software in place that will grow with you, eliminating the need to update the technology every few years. Feel free to reach out if you have any questions or want to know more about implementing Reportwa within your firm.
