Wealth management firms must provide clients with secure, reliable access to their financial data – including investments, financial planning, taxes, retirement planning, and estate planning – in order to provide valuable services and information. This data comes from multiple sources and is often stored in multiple platforms, presenting a challenge to wealth managers who need real-time aggregated views of their clients’ portfolios.
By offering a wealth management integration solution – unifying the data into a holistic portfolio management system – wealth management firms can deliver a consolidated, real-time view of complex portfolios while keeping financial data secure. This translates to increased data reliability, transparency, and security as well as providing improved decision making which in turn delivers happier clients and wealth managers.
Unified Financial Views Enhance Client Engagement
High net worth clients require an aggregated overview of their investments and accounts; however, aggregating financial information from diverse systems increases risk. Outdated data acquisition practices like screen scraping threaten data security by requiring individuals to share their online banking credentials with multiple applications to allow access to financial information.
Screen scraping scripts often break down when banks update login pages or implement new security measures, leading to inaccurate or incomplete data extraction. Additionally, screen scraping bots can generate a high volume of traffic to banking websites, slowing down systems and disrupting client engagement.
With Ninth Wave’s integration-enabling platform , wealth managers can offer a unified, real-time view of all assets through secure, permission-based API connections. These connections enable data sharing across apps, aggregators, and other third parties, delivering flexible, open access to account, investment, and transaction data while eliminating the risks associated with screen scraping.
Clients can view their complete financial picture in one place. They can initiate and monitor transactions within their preferred applications, creating an enhanced user experience that builds trust and deepens client engagement without compromising data security.
By replacing screen scraping with secure wealth management integration, wealth managers and their clients are confident knowing their all financial data is accurate and secure. Clients have complete control over their banking credentials and access to their financial data.
Strengthening Compliance and Reducing Operational Burden
As regulatory requirements evolve, wealth management firms must adapt to open finance needs without increasing operational risk. The Ninth Wave Platform simplifies compliance by providing a single, scalable point of connectivity for external data. This centralization reduces the operational challenges associated with managing multiple integrations and enhances compliance oversight. By adopting this streamlined approach, wealth managers can address new regulatory demands — such as those outlined in CFPB Section 1033 — without compromising security or efficiency.
A Scalable Future for Wealth Management
Managing numerous individual integrations can strain IT resources and hinder innovation. Connecting wealth managers to a broad ecosystem of digital solutions through a single, secure interface simplifies the technology landscape, reducing maintenance costs and ensuring firms remain agile in response to changing market conditions and client needs.
By leveraging a forward-thinking approach to wealth management integration, firms can allocate resources more effectively, focus on high-value client service, and maintain a competitive edge in an increasingly digital environment.
Ninth Wave’s Platform Facilitates Seamless Wealth Management Integration
Ninth Wave provides a turnkey solution for securely and reliably deploying, managing, and scaling financial data exchange. The Ninth Wave Platform is a single, secure access point for all external data-sharing traffic, delivering accessible and secure connectivity to all financial applications. It eliminates the time and cost required for internal IT teams to build and maintain connections while eliminating screen scraping and its inherent security risks. Ninth Wave also avoids storing user or account data, giving complete data permission control to the user.
Ninth Wave Wealth Management Integration Enhances Client Experience
Providing wealth management clients with a seamless digital experience requires a strong, secure foundation for data integration. The Ninth Wave Platform enables wealth management firms to consolidate financial data securely and efficiently in one location, while enhancing client engagement and strengthening data security. Ninth Wave helps wealth management firms react faster and more effectively to new challenges and opportunities, enabling them to better serve their high net worth clients.
Ready to transform your client experience and streamline operations? Learn how Ninth Wave’s wealth management integration solutions can help you lead the next generation of digital wealth services. Contact us today to learn more.
About Ninth Wave
Ninth Wave delivers secure, seamless, and standardized data connectivity to fintechs and financial institutions of all sizes, through a single point of direct integration to a universal suite of open finance APIs. With configurable controls, visibility, and insights into all data sharing and data acquisition connections between aggregators, third-party apps, and internal applications, Ninth Wave empowers financial institutions and their customers with access and oversight to their connected apps, enabling secure data exchange in a holistic and scalable open finance ecosystem. Offering solutions for retail and commercial banks, wealth managers, credit card issuers, tax providers, and more, Ninth Wave provides unparalleled connectivity and universal compatibility to complex information systems, unlocking innovation, potential, and performance for your data. Contact us to learn more about Ninth Wave’s secure data connectivity features. Empowering open finance. At scale, at last.
