Many financial institutions have spent the past several years investing significant staff time and dollars in a quest for an ideal and feature-rich wealth platform. At the same time, technology providers were attempting to offer the industry the one-stop platform of choice.
For financial institutions, a considerable proportion of their investment has centered on the attempt to add incremental capabilities and features to their legacy mainframe back office systems. These systems were designed during a time when the financial advisor/client relationship revolved much more around transactions involving individual securities, and when advisors stayed close to their terminals and conveyed information to clients over the phone.
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