More NewsWealth Management Firms Expect Improvements From Outsourced Services

Wealth Management Firms Expect Improvements From Outsourced Services

68% of private client wealth managers in the UK outsource to third party administrators (TPAs), yet 54% would consider taking outsourced processes back in-house, according to a recent e-survey jointly sponsored by Financial Objects and Microsoft, and conducted by Summerson Goodacre. 75% of survey respondents stated that they felt improvements could be made to outsourced services, particularly in the mid-front office functions of asset management, client reporting, and performance and trade execution. Furthermore, while outsourcing is deemed to deliver more cost benefits, when it comes to the quality of client service, insourcing was overwhelmingly favoured. Quality and cost were deemed the most decisive factors for wealth management firms looking to outsource and the TPAs surveyed also cited this as the most important aspects their clients look for. When asked about pricing model preferences, most wealth management respondents opted for a hybrid of fixed fee and volume based. While most TPAs said they offer this, most also offer pricing models with additional charges for ad hoc user requests, which – in stark contrast – is the pricing model wealth management firms least prefer.

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