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At the core of successful advisory practices lies a modern portfolio management system. Today’s systems help advisors efficiently manage and prioritize client communication, assess positions and history, rebalance as necessary, and generate reports. When these tasks are completed promptly, both productivity and profitability rise.
Seamlessly running in the background, a portfolio management system (PMS) optimizes portfolios, ensures compliance, and facilitates better decision-making with reliable and relevant data. Advisors can then focus on clients relationships and tailor financial plans.
“A modern PMS must transcend traditional functionalities to cater to the evolving needs of wealth management professionals,” says Annik Voyer, Product Leader at Croesus, the PMS leader in Canada. “It should deliver a comprehensive, efficient, and secure platform that simplifies and optimizes the daily activities of wealth managers.”
As feature-rich and customizable solutions emerge, advisors are increasingly demanding more from their PMS. These advanced solutions provide deep functionality and interface with other tools to enhance the user experience and streamline the operations.
“To truly stand out, you require a system that embodies six crucial elements: power of calculation, reliability, customization, security, comprehensiveness, and interconnectivity,” says Voyer.
Empowering advisors with an all-in-one solution
Voyer says it’s important to think of a PMS as part of an ecosystem, which explains why Croesus has prioritized integration with other suppliers’ tools. The goal is to provide a better experience to the advisors who use the system by streamlining their workflow. It is, of course, much more efficient when advisors don’t need to rekey information into different systems or switch between systems to accomplish essential tasks.
“We know investment advisors and wealth professionals lose a ton of time daily managing administrative tasks. We want to free up their time, allowing them to focus on their clients and expand their reach and engagement with new ones,” Voyer says.
In the end, Croesus is dedicated to providing an all-in-one solution. It includes everything from dashboards indicating where an advisor should focus daily, to different modules like customer relationship management and customizable out-of-the-box reports. Meanwhile, the Croesus user experience team strives to ensure the applications are ergonomic and intuitive.
“We support various workflows, business types and user preferences. As a result, our PMS is customizable at every level from the firm level down to the individual user level. It’s an exceptionally flexible solution,” adds Voyer. “We’re committed to simplifying portfolio management without compromising on power, friendliness, or security.”
Because of its deep expertise, the Croesus team sometimes recommends adjustments to an advisor’s workflow to improve processes and efficiency. This is part of our partnership model and can enhance the benefits a firm derives from the portfolio management system.
A technology partner
Drawing on 36 years of experience developing wealth management solutions that are used to manage more than $1.7 trillion in assets, Croesus has built a PMS that currently supports more than 15,000 professionals in their daily tasks. This system integrates seamlessly with back-office operations and third-party products.
To develop this solution, the WealthTech consulted very closely with clients to understand their needs and pain points. Throughout the process, Croesus continues to check in, seeking insights for refinement. Treating clients like partners dates back to Croesus’ earliest days.
“When Croesus first started in 1987, it was really by sitting down with an investment advisor and building a custom solution that didn’t exist at the time,” Voyer says. “We have different ways of gathering information, including discussing with super-users at any level. We do user testing of our concepts so that, even before we develop features, we have a better understanding of whether new features will meet the needs of our users.”
She adds, “We’re dedicated to working hand in hand with firms and our values put the users, and their firms at the centre.”
Supporting the community with an annual commitment
Croesus’ impact extends beyond the world of wealth management. Every year, for more than a decade, the company has fulfilled a commitment to donate 0.5% of its revenue to charitable causes. In 2023, funds were disbursed to 60 distinct associations and foundations with missions related to environmental protection, mental health, physical health, and education.
At the same time, Croesus continues to look for creative new ways to stretch technology to improve efficiency, security, and client satisfaction for wealth management professionals. In the end, the mix of ingenuity and collaboration benefits advisors’ clients — those investors across the country working hard to save for their future.
“Our longstanding commitment to excellence and innovation along with our deep knowledge of the wealth management industry and our users have helped us build a solution that empowers users and helps them cater to the needs of investors.”
