Genpact said it is growing its digital capabilities in wealth management by partnering with Advizr.

New York City-based Genpact, which provides business process management and services, is branching out further into wealth management by partnering with Advizr, the digital financial planning firm.

“The need for greater scalability and control, combined with a shift to goals-based advice, is causing the global wealth management landscape to seek new solutions,” Genpact said. “Urgency for such solutions is increasing in the wake of proposed fiduciary legislation that is expected to drive a fundamental shift towards the transparency and alignment of interest among advisors, firms, and investors to better focus on the long-term financial welfare of clients of fee-based programs.”

The Genpact OpenWealth-Advizr solution allows wealth management firms to provide financial advice to clients digitally, through the “traditional advisor-guided relationship” or a mix of both, it said. (OpenWealth is Genpact's wealth platform.)

The solution is aimed at clients such as banks, trusts, private client organizations and broker-dealers, who may, for example, be seeking to broaden their client base to include mass affluent or emergy wealthy individuals.

Family Wealth Report asked Genpact a couple of questions about the move:

Why the firm is branching out more to wealth management?

Genpact expanded its OpenWealth business into in the UK in August 2015, following the initial US acquisition from Citibank earlier in the year. The addition of OpenWealth significantly expands Genpact’s capabilities for the financial services industry, especially wealth management administration, which is a very dynamic space and a strategic investment and growth area for Genpact globally.

The platform includes state-of-the-art technology and operations administration services in the wealth management market, adding specialized domain expertise to Genpact’s banking, financial services and insurance business.

Can you please tell me a little more about the nature of the partnership in terms of how it is going to work exactly?

Genpact OpenWealth provides an end-to-end managed account platform that supports portfolio management and customization, investor suitability, householding, rebalancing, tax optimization, trading, performance, reporting, and compliance management – with integrated administration services.

The agreement with Genpact OpenWealth and Advizr will allow Genpact to integrate the latest, and most user-friendly planning technology with our already comprehensive managed account platform. The integration provides many advantages and opportunities; it delivers goals-based planning to wealth managers in an integrated manner that links the plan to the investor’s portfolio and the portfolio to the plan, continuously tracking performance against goals. 

The integrated solution also expands their reach to a broader market and under-served demographics, including the mass affluent and emerging affluent and Millennials.  Most importantly, the partnership offers firms a platform to deliver advice as an interactive digital experience, traditional advisor guided experience, or a hybrid experience, enabling wealth managers to compete with the many disruptive robo technologies, while remaining highly client-centric.