TCS Wealth Advisory Solution

Challenge

Financial advisors rely on research to devise investment strategies for their clients.

With clients increasingly demanding bespoke asset-allocation recommendations, financial advisors at wealth management firms and private banks often find it challenging to assimilate the ever-growing volume of research material to arrive at informed decisions. This impacts their productivity and the quality of the investment advice they provide. Industry firms, therefore, recognize the need for an intelligent and reliable solution that financial advisors can leverage to provide customized investment recommendations.

TCS' Wealth Advisory Solution harnesses the power of digital technologies (big data and analytics, mobility, and social) to help financial advisors improve investment advice and productivity and maximize their client's portfolio returns. The solution analyzes large volumes of (structured and unstructured) information and provides the advisors with custom investment recommendations for each client through a tablet-based application.

Overview

Wealth management firms are looking to enhance their financial advisors' effectiveness to drive business growth.

Advisors face the risk of spreading themselves too thin as they meet clients regularly, review individual portfolios, analyze new investment avenues, and service customer inquiries. With limited time at hand, financial advisors constantly struggle to analyze an exhaustive list of research reports. While many wealth managers have deployed different types of financial advisory software to facilitate process automation and mobility, only a handful of solutions enable advisors to formulate customized portfolio strategies by leveraging big data and analytics. 

TCS' Wealth Advisory Solution's recommendation engine enables a financial advisor to make better-informed investments for clients by factoring in a given client's investment policy statement constraints, the client's existing portfolio, historical transactions, and other key deterministic, stochastic, and judgmental factors.

The tablet-based solution visualizes the capabilities of big data and analytics engines by providing recommendations to the financial advisor through different views. This feature enables the financial advisor to easily review a short list of personalized recommendations for both discretionary and non-discretionary portfolios. The app also provides features that enable the financial advisor to collaboratively discuss portfolios with the client and make a joint investment decision in case of a non-discretionary portfolio.

Benefits

The solution can be tailored to a firm’s investment philosophy.

Wealth managers and private banks can benefit from:

• Improved client portfolio returns: Enable clients to realize higher returns on their investment portfolios by offering suitable and tailored recommendations that best meet their risk-return objectives

• Increased client retention: Enhance customer satisfaction through better relationship management, thus driving customer loyalty and advocacy