IIFL Wealth Management in India won Most Innovative Digital Offering at the PBI Global Wealth Awards 2022 for a new WhatsApp for Business tool and its crucial Altiore platform that gives clients access to better data and services. Relationship managers (RMs) can use an Insights platform to pull data for presentation as well. An automatic sync to the firm’s system of record ensures all the new platforms and analytics are updated as a matter of course.
Headquartered in Mumbai, IIFL Wealth Management has more than 900 employees, with a 90% retention rate, and a presence in five [RHIPW1] major global financial hubs, plus 24 locations across India. It is the investment and financial advisor to more than 6,800 families in the ultra and high net worth (U/HNW) segments, with Assets under Management (AuM) per RM of US$160.79 million last year.
The Indian company is a firm believer in a digital first approach. Consequentially, it has designed a new ecosystem and aligned core to more easily deliver a fully data-centric operation to its clients and RMs. For example, Altiore is a new platform with analytics at its heart that gives clients an aggregated view of their entire net worth, along with exhaustive and industry leading data, graphs, reports and so on across the entire portfolio. Information about each asset class and specific advisors is available at the touch of a button. Altiore provides:
A 360-degree view of clients’ portfolios.
Offers data-rich dashboards, to aid faster and more nuanced decision-making.
Monitoring, alert and tracking tools.
Portfolio evaluation capability.
When a client wants to talk to an RM, there is a new WhatsApp for Business tool that can be used to schedule a review, or to answer any queries at any time. It can also be used to request product information, statements and so on, which can be supplied automatically, enabling more productivity internally at IIFL Wealth Management .
The Insights platform can provide data on the go to RMs, bringing them detailed analytics across the spectrum of asset classes held by clients in their portfolios as a way to help them make fast decisions. A scheme’s performance, liquidity within the portfolio, past performance, and so on is also easily accessible. Other benefits of the technology refresh project undertaken at IIFL Wealth Management accrue from enhanced:
Monitoring: the ability to track portfolio guidelines, manage risk dynamically, and deep dive into portfolio hygiene to ensure programmes and pre-stated wishes are being adhered to is now simpler to achieve.
Granularity: Insights, Altiore and the new technology stack at IIFL Wealth Management collectively provide deeper, more relevant analytics. More granular data in each asset class and across the entire IT estate of the firm to the various client or RM end points, enables better service, satisfaction, risk mitigation and opportunity spotting. The improved digital offering allows: o Quicker views of best and worst performing investments across asset classes.
o Easier comparisons for RMs versus nuanced benchmarks.
o Helps relationship teams ensure that clients adhere to their Investment Portfolio Statements and identifies outliers, if required, that may need corrective action.
Look through analysis: on holdings to better understand exposures related to market cap, sector exposures, credit quality of underlying paper, total exposures held directly and indirectly, and many more data points, all helps RMs to assess the risk in portfolios more accurately. Mutual funds, for instance, can be hard to granularly interrogate unless appropriate data is accessible about the underlying instruments. Portfolios can be complex, especially for UNHW families, so providing easier, faster data is always a good thing.
Available liquidity: in a portfolio, including upcoming liquidity, can help clients to better plan deployments in advance, in a more structured manner. Being able to spot opportunities in advance, rather than being reactive, is always preferable.
Data security is in-built into IIFL Wealth Management’s innovative new digital offering, as you would expect with any wealth manager, and confidentiality for its UNHW and indeed all other clients, is a guiding principle of the firm. Technology adoption doesn’t change that basic fact; indeed it can strengthen it.