Key Features to Look for in Wealth Management Software

What are the key features that you need in your wealth management software? A robust security system, remote communication channels (including an app!), AI-powered product recommendations, and an AI assistant for your relationship managers. Why do you want to look for these particular features? Find it out!

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What to Look for in Wealth Management Solutions?

The better your wealth management software, the better services you can offer to affluent clients. Therefore, it’s vital to look for solutions that come with innovative, cutting-edge features. But what should you look for? Here’s a list!

Excellent Security

Data security in wealth management is an aspect you cannot overlook. Any leak can cause irreparable damage to your bank’s reputation, destroying what you have been building for decades. Therefore, the first key feature you should look into in a wealth management system is security.

Firstly, you should decide between cloud and local solutions. The former are typically more secure since they are placed on external servers with better cybersecurity systems, and they eliminate the local attack surface. If you made a choice here, you should also consider:

  • Data encryption methods – How is data encrypted when sent or stored? Are the methods most up-to-date? Perhaps the solution uses blockchain to ensure maximum data protection.
  • Updates – How regularly is the solution updated? Patching is the only way to upgrade security, so if the updates are rare, your wealth management solution might not stay up-to-date with the latest threats.

Communication Channels and Banking Integration

Affluent clients desire excellence and convenience. To ensure the latter, you need wealth management software that merges various channels, creating a seamless customer journey between them.

In practice, this means that you should look for solutions that:

  • Centralize data – Such solutions eliminate data silos and enable your RM to use the most up-to-date information no matter which channel the customer approaches your institution.
  • Various communication channels – While your wealth management software should enable traditional communication via phone calls and at physical branches (or meetings), it should also contain remote options, such as video calls and messages.
  • Mobile app – You cannot embrace convenience without using the most convenient tool – a smartphone. Therefore, you should look for wealth management solutions that come with a mobile app, both for the clients (to make it easier for them) and your relationship managers (to let them communicate with the client even when they are on their way to meet them).

AI-Powered Product Recommendations

Whether it’s general banking or wealth management, AI proves to be an indispensable help for product recommendations. You can use AI models to analyze your client’s behaviors and find products aligned with their needs and preferences – ones that truly resonate with the client.

Additionally, AI can help you predict churn and react on time, which is an extra asset. Therefore, artificial intelligence tools are a key feature of the wealth management software you should be looking for.

AI Assistants

While AI assistants in customer support are a major help, you can also benefit from them in wealth management solutions. The use of generative artificial intelligence helps your relationship managers streamline their communication with the clients, hence improving their productivity and building customer satisfaction.

Such assistants must be integrated with other key features of the wealth management software. Why? Only then are they fully beneficial for your bank. Take, for example, an assistant integrated with AI product recommendations. Such a combination provides your RMs with intelligent recommendations at the right time during their interactions with customers via chat. This way, they don’t have to access any other modules and can quickly provide the client with potential assets to add to their portfolio.

LiveBank – Containing All the Key Wealth Management Features You Need

Our LiveBank platform comes with all the key features you’re looking for in wealth management software. With its well-encrypted communication, secure API, AI features, and a mobile app, it’s the go-to solution for your relationship managers that will help you deliver the best customer experiences to your affluent clients and improve the operational efficiency of your whole wealth management team. Contact us today and discover how our solution can revolutionize your bank.


The finest wealth management software needs to be powered by artificial intelligence and naturally integrated into your banking systems. With new technologies emerging, we are bound to find more features that will further improve the whole financial sector, including working with affluent clients. What will the future bring in particular? This remains to be seen in the upcoming years.

You might also read: The Future of Wealth Management: Emerging Technologies and Trends