Traditional asset managers aim for a minimum capital requirement of 200,000 to 300,000 euros for which personalized investment advice is provided. However, a recent report found that 60% of these high net worth individuals are unhappy with the level of personalization provided and 33% are uncomfortable with the high costs. These trends signal the need for a transformation of the current way of working. A transformation in which technology and the smart use of data are central.
Maxim Piessen, Product Manager VELMA:
“Automated personalization was introduced by major tech companies (Amazon, Netflix, Facebook, …) and has become an integral part of most aspects of daily life. In wealth management, however, more personalization equals a greater time investment for the advisor. VELMA puts the technology that is being used by the big tech companies in the hands of the asset manager to create a better customer experience for their clients.”
Advisers devote a large part of their time to finding new clients and figuring out investment ideas for existing ones. Based on customer and product data, VELMA’s machine learning models provide new actionable insights. For example, these models identify prospective clients and give advisors information that can better cater to their needs and create new business, while also providing the ability to provide new investment ideas for existing clients every day. The platform is available as of today at sandbox.velma.ai where users can take part in a comprehensive product tour that guides them through all aspects of the platform.