Case Study

Spotlight on Wealth Management Solutions – Spectrum© Solutions for Wealth and Risk Management

Financial services institutions today operate under a changing landscape of converged financial businesses, fierce competition, and increasingly educated, demanding and technologically savvy customers. The battle for clients and their share of wallets has seen the emergence of complex products, in addition to high interdependence of different types of financial services. Wealth management is the response of banks to gain competitive advantage and offer that something extra to customers.

The concept of wealth management embodies a holistic view of the financial atmosphere, which the client operates in, and enables the wealth manager to identify key goals that the client can then better meet. There is a shift in focus now as financial institutions move from selling products to providing consultative advice to clients. Advisors now provide personal financial planning and manage individual life-cycle events of the client. Its basic definition covers advice on loans, investments and insurance to give a broad picture of how individuals should best deploy their financial resources. A broader picture may include tax advice, estate planning, business planning, charity foundations and other financial needs.

Wealth management should encompass planning and management of the whole cycle of the client’s financial life, from wealth accumulation right through to wealth distribution.

A key player in the provision of a comprehensive platform in the wealth management of financial solutions in Malaysia is Symphony’s Spectrum© suite. Spectrum© is an integrated software and service solution covering financial planning, financial product distribution and portfolio management. Spectrum© has a distinct advantage of being a local company, with vast experience in successful implementations across countries and financial sectors. With a strong local support team and powerful alliances with major technology industry players, Spectrum© has built a reputation among Malaysian financial institutions as the preferred solution for wealth management.

Currently, our Spectrum© supports Unit Trust, Bancassurance & Structured products through all our major areas of wealth management, comprising:

  • e-Advisor© (Front-end Financial Planning system)
  • e-Manager© (Back-end Nominees system)
  • e-Director© (Back-end solution for Unit Trust Management Companies)
  • e-Protector© (Front-end Bancassurance Sales Tools)
  • e-Guardian© (Back-office Bancassurance system)

Nevertheless, it must be remembered that although technology is an enabler and facilitator in helping financial institutions take on the wealth manager’s role, it is also an interplay of the human, processes and IT that will ultimately create a successful wealth management provider.