What new markets did the Archway deal open up for SEI,
and vice-versa, and what additional markets are you exploring?
What business synergies have you been able to achieve now that
SEI and Archway have become one?
Prior to the acquisition, SEI was already successfully delivering private wealth solutions to firms throughout the wealth management space, from family offices and intermediaries who serviced the family office space to ultra-high net worth individuals themselves. Now that Family Office Services, formerly Archway, is wholly integrated into SEI, we are able to offer an even more robust solution to large, complex investment management, private wealth management and private banking organizations. Using the technology, knowledge and infrastructure from a myriad of internal units, we can curate a highly-tailored solution for the benefit of the client and their underlying investors.
A lot of changes are happening in wealth management - can
you share any thoughts about the trends that you think are going
to be important and, in particular, any that perhaps aren’t
getting much attention at the moment?
Digitization isn’t necessarily new, but it has certainly accelerated as a result of the pandemic. Wealth management firms are seeking digital means of communicating, meeting and sharing, and this ultimately comes down to two things. The first is the increasing strength of the client voice as they demand easier ways to access their financial information. Particularly in the high net worth space, customization and personalization is going to be even more important: treating the client first, second and third.
The second is the growing need, or even imperative, to meet this demand, by using new technologies, APIs and data sources to give the client what they want, when they want it and how they want it. Firms that are unwilling to move in that direction, or don’t have the resources or management support, will risk losing their clients to another firm that has already embraced technology as a means to better service their clientele.
What does “success” looks like for SEI Family Office
Services going forward?
Success for SEI Family Office Services isn’t a checklist. When we first formed as Archway Technology Partners in 2002, success was growing our business and building out our technology. As our business took root and we were adding clients and regularly enhancing the technology, there was a new measure of success: client satisfaction and retention. Then success became growing our team. But at no point did any of these things taper off or become less important. These continue to be core success metrics, but today our horizons are broader than they’ve ever been.
Success is not just selling family office services solutions or chasing top-line revenue via discrete transactions. Instead, success is crafting a fitted solution using the right combination of technology and services across SEI’s entire solution suite, to ultimately give clients and their investors the best possible experience.
As we approach our fourth year as a part of SEI, the family office services business is becoming an increasingly integral part of every family office and wealth management solution across SEI’s markets.