Asset growth strategies will continue to be one of the main goals for firms in 2010 as they struggle to reduce costs by improving advisors’ productivity, says SunGuard chief operating officer Blaine Maxfield. The software and services technology firm recently highlighted 10 trends in wealth management for this year. Maxfield added that communication will increase transparency, and will help managers “solidify their role as a trusted advisor.”

Here are the 10 trends in wealth management, as identified by SunGuard.

  1. More investors are seeking advice as economic conditions remain uncertain.
  2. Service will persist as a key differentiator for advisors to attract and retain clients.
  3. Automation will remain critical to profitability, productivity and the ability of firms to serve clients as a trusted advisor.
  4. Increased client communication and online self-service tools will help strengthen relationships between the network of investors and their advisors.
  5. Firms will require data aggregation and systems integration for efficiency and growth.
  6. Regulatory requirements and demands for transparency will drive the need for firms to monitor risk at both the client and corporate levels.
  7. A shift to open architecture and Software-as-Service (SaaS) solutions will help firms increase transparency and accelerate time-to-market.
  8. Selective outsourcing will become an attractive alternative for firms looking to reduce costs and maintain or increase service levels.
  9. Trading, retirement and financial planning needs will continue to grow globally, particularly in emerging markets such as India and China.
  10. Establishing the right mix of services, products, client segments and technology will help define the leaders in wealth management.