Do you agree with me when I say that money-, time- and nerve-saving portfolio management software (PMS) is the wish of many independent asset managers?
There is a way you can keep track of your client assets, meet regulatory requirements, easily create simulations and investment proposals, and on top of that, not forget your clients' birthday. Is this the wish or the reality of a PMS? Well, not every PMS meets the necessary requirements. Read the tips below on what to look for when choosing a suitable PMS.
The following 10 important tips are crucial when choosing a PMS
(based on an article by Martin Schwizer in sphere.swiss).
(based on an article by Martin Schwizer in sphere.swiss).
#1: Necessary requirements
Make a detailed analysis of the various functions that meet your requirements . This way you can quickly determine the quality of a PMS and see if it is suitable for you.
#2: Identify priorities
Before you decide on a PMS, you should first identify and consider your priorities. Which processes are most important to you? Which processes can be automated most effectively with a PMS? The PMS must meet the requirements that are most important to you.
#3: Compare different providers
Allow enough time when choosing your PMS, after all it is an important and costly decision. Therefore, compare different providers. Only when you are sufficiently informed should you make a decision.
#4: Ask for practice tests
Ask the software provider for an illustration or a test phase of the PMS. This can be a real situation with one of their custodian banks or a simulated client book integrated in the software. Ideally, you test your favoured providers over a period of two to three months. The test phase will give you very good insights into the cooperation with the provider as well as the quality of the bank data and software delivered.
#5: Integration of the PMS
A PMS can also only be ideally deployed and used if it is integrated into the operational process in a targeted manner. You should not underestimate what steps are necessary after you have decided on your desired PMS.
#6: Costs deliver performance
As with most other systems, more money means more performance. Think long-term. Where will you save more money, time and nerves? Which system brings more value for you and your company in the long term?
#7: Rely on a customer service
Make sure that the software provider is also competent and offers reliable customer service. This should be available to you at all times and help you with any problems.
#8: Consider external requirements
Make absolutely sure that your chosen PMS meets the requirements of the custodian banks and that there is an interface. Because only then can portfolios be managed properly.
#9: Flexibility of the PMS
The PMS should definitely offer updates or options for implementing plug-ins so that the PMS is always up-to-date and can react flexibly to changes in the market.
#10: Importance of CRM
A CRM should also definitely be integrated into the PMS. After all, portfolio management is very much based on comprehensive customised customer care. Therefore, opt for a PMS that allows you to do both.
Conclusion
A PMS must not only contain various functions for you as a user, it must also meet external requirements (databases, legal regulations, etc.). Take your time when choosing a PMS. In the end, however, choose a system that will bring you the most added value in the long term.
Do you have any questions?
If you have further questions about portfolio management software or software in general (e.g. CRM or archiving software) - no problem! I am very happy to make a contribution to helping you meet the current challenges.
Contact our David Kraus our Digital Officer. He will be happy to advise you. Learn more about the benefits of IGUV-IT consulting.