When asked about the business areas their technology supports, respondents remain most likely to use technology tools to support portfolio management, cited by 75% of respondents (versus 73% a year ago), financial planning (73%/77%) and compliance (57%/58%).

Managing technology-related issues in a wealth management firm can be challenging. This year, the greatest challenge cited by respondents is keeping on top of tech changes and managing the tech stack. That choice, mentioned as either extremely, very or somewhat challenging by 75% of respondents, was offered for the first time in this year’s survey. Second most important (73%) was integrating the components of the tech stack, which was virtually identical to last year’s 74% response.