There is clearly greater demand for a more objective, holistic relationship from a trusted advisor. As a result, banks, brokerage firms, investment firms, and insurance companies are converging across their traditional disciplines to pursue the coveted role of primary advisor. Already, many firms have responded to these market drivers, beginning the transition from a product, commission or transaction-based model to a more diversified, consultative and fee-based revenue model, in an effort to attract the affluent. Such a transition requires consolidated financial planning and portfolio management, reporting, and a holistic view of the client-all of which is facilitated by new applications and technologies.

In order to succeed in the wealth management arena, advisors must be able to build meaningful relationships, and bind clients to the firm. This mission is best served with a single, integrated wealth management framework for managing the clients' diverse assets. Our solution framework allows the advisor to access the advice and investment processes in an interconnected environment, without having to continuously switch between tools.

Integrated Wealth Management Framework (IWMF) helps our customers capture the management of opportunities, investments, operations, and clients, as well as includes integration and regulatory compliance and surveillance capabilities.

Wealth management professionals need to be able to aggregate, allocate, optimize, and monitor client portfolios, and rely on a solution's capabilities for collaboration, workflow, and report generation so that they can improve their client service and strengthen their client relationships.

In this context, technology can become both the stimulant and the enabler for firms transitioning to the wealth management services model. Taksheel's solution framework (IWMF) supports financial services institutions around the world in serving high net worth clients and helps meet the needs of private/retail banks, brokers and financial advisors, asset managers etc. The IWMF solution framework spans front-, middle-, and back-office operations, serving both individual and institutional investors, and supporting all the functions across the wealth management cycle.

Taksheel's IWMF is composed of a set of pre-fabricated, software components in the Wealth Management space. It is a cost effective, customizable application that gives us competitive edge by enabling efficient and effective service delivery and management through several modules.

IWMF is built on contemporary service oriented architecture (SOA), thus offers flexibility and scalability with ease of integration, deployment and maintenance. Built on a concept of working with and integrating with third party products, IWMF is able to offer a "best of breed" approach in the following areas:

» CRM/Contact Management
» Account Aggregation
» Client Prospecting/Sales
» Financial Planning & Advice
» PM Accounting/Reporting
» Compliance
» Document/Data Repository

Its highly flexible modular component structure and rapidly deployable low cost implementation distinguish IWMF from the rest. In addition, customers can pick and choose from these components, which are compatible with their existing software.

IWMF can be implemented across the entire spectrum of services offered by the institutions in the financial services industry. Here is the list of players in wealth management space who can benefit from the features offered by IWMF.