Many wealth management firms want to transform how they work, using technology to do so, but lack a strategic framework for doing so successfully, the US firm says.

Skience, a financial services solution and consulting provider, has launched a strategic planning framework for digital transformation.

Called its Wealth Management Cloud Technology Blueprint, Skience said the methodology is available as part of its consulting services offering. It can be employed as a stand-alone process or incorporated as part of a larger implementation project. 

The offering is designed to help wealth management firms clearly articulate and unify their optimal data, integration, business process automation, and advisor and investor user experience strategy, Skience said in a statement last week. 

For many wealth management firms seeking to elevate the client experience and introduce internal efficiencies, digital transformation has emerged as a strategic priority. However, the absence of a cohesive strategy may lead to data being confined to separate parts of a business, resistance from staff and systems that don’t link to each other, Skience said.

“Successful transformations tend to hinge on buy-in at all levels of a wealth management organization,” Sanjeev Kumar, chief executive at Skience, said. “We’ve designed Blueprint to manage this, collaborating closely with a wide array of internal stakeholders throughout the entire process. This can help lay the groundwork for a shift in mindset and pave the way for a smooth transition.”