Accenture, a global IT firm based in Dublin, launched a digital platform for advisors that consolidates their workflow throughout the entire client relationship and enables them to access it in one place.
Wealth Navigator is used during the onboarding process, when advisors submit critical information about their clients, including the account type and the individual's goals. The advisor can then use the system to go through compliance verification, including anti-money laundering requirements, the firm said.
Advisors then submit suitability information, including risk tolerance and recommended asset allocation. Once the client is approved, the system then provides personalized recommendations for the specific client, according to Accenture.
“Out of the box it creates a much more personalized experience for the advisor and how they view their book of business,” said Scott Reddel, managing director and wealth management lead and head of the North America Wealth Management practice at Accenture. “[It] digitizes or drives efficiency as much as possible and frees up an advisor and helps them actually deliver advice.”
Wealth Navigator will consolidate advisors' workload so they can spend time with their clients, according to Reddel. It also simplifies an advisor’s work and limits the amount of new technology they must acclimate to, he added.
“They’re continuing to struggle with the amount of new capabilities—digital and technical—that firms are rolling out to them,” he said. “It’s not really aligned with how they do their business so they’re looking for something that can really simplify things and help them scale.”
Wealth Navigator allows an advisor to input as much information about their client as possible and enables the advisor to manage the client’s entire financial situation.
“The ones that benefit the most from it are the ones really driving full-service wealth where you’re accessing not just investing, but banking and other products where the workflows are more complex,” Reddel said.
Accenture is offering the product to its wealth management clients. Reddel declined to comment on the cost and said the firm will not sell it to individual advisors.
“To make sure we can manage the product, for the most advisors, we’ve held out going direct to advisors because we want to make sure there’s the right kind of controls around the product,” he said.