Selecting the appropriate platform is crucial for external asset managers (EAMs) aiming to enhance operational efficiency, ensure compliance, and deliver superior client service. Well-chosen software can streamline portfolio management, facilitate seamless client interactions, and provide robust reporting capabilities. But how do you choose the right solution?
In this article, we focus exactly on this problem. It will help you understand what to look into and select the best platform for external asset managers available on the market. We will also consider your individual goals and preferences, as they significantly impact which platform will work best for you.
Finding the Best Platform for External Asset Managers
So, what do you need to look into to make the right decision? Here is our overview of the key components and efforts you need to analyze and make to find the best platform for external asset managers.
Functionality and Features
Firstly, the platform should contain all the features your business needs. These can vary depending on the scope of your operations, but look for solutions that include:
- data consolidation modules,
- portfolio management modules,
- client relationship management (CRM) module,
- compliance monitoring,
- automated, AI-powered reporting and analytics.
Integration Capabilities
Your new platform might be the best in theory, but it won’t even be good if it cannot operate in your existing IT ecosystem. Therefore, you also have to look into its integrations to determine whether it can be merged with your other software components.
Sometimes, it might be worth giving up on a certain existing solution to get a better platform, but that’s not always the case—you need a thorough analysis to determine what sacrifices you can make and assess potential benefits.
User Experience
Sooner or later, you’ll know your new platform inside-out, but this cannot be said about your new employees. Thus, you have to invest in a platform with a good UX.
This will reduce your implementation costs (as you will need fewer hours of training) and make it easier for your new staff members to work with the platform. Although UX might seem insignificant in this case—it isn’t the most important feature—bad UX can generate stacking technology debt.
Vendor Support and Cybersecurity
Finally, you have to audit the cybersecurity of your chosen platform and learn more about the level of support provided by the vendor. Even the best solutions won’t protect your data if they aren’t updated regularly, so ongoing maintenance is the defining trait of platforms that you want to be interested in.
Conclusion
As you can see, finding and selecting the best platform for external asset managers won’t be a quick and easy process. On the contrary, it will require multiple evaluations, analyses, and audits. However, this time is an investment that will pay off in higher productivity and client satisfaction. Thus, it is a time well spent—you know what to look for, so it is time to find the platform tailored to your needs.
