The platform provides users with integrated applications to effectively manage their responsibilities in the wealth management industry, such as daily workflows, compliance review infrastructure, performance reporting, CRMs and document management.

The platform is mounted on CRM system Salesforce and will help Conshohocken, PA-based WealthCloud to grow its usage amongst trust companies, estate attorneys, banks, RIAs and family offices. Details of the investment were not disclosed.

“Key benefits of the platform include an integrated experience that promotes client confidence, reduces potential client flight risk and increases productivity and profitability,” the firm’s chief executive, C Richard Corl, said.

“WealthCloud is an innovative trust and investment administration solution breaking the existing paradigm, where old legacy back office outdated systems are dinosaurs.” It should be noted however that the issue is complex, as legacy systems can be costly and time-consuming to replace, for example. It has been estimated that a considerable number of industry players still operate on legacy operating systems.

WealthCloud made its move to secure the investment at a time where two-thirds of clients in the wealth management industry would consider leaving their provider if they were not supplied with an integrated digital experience, Corl claimed.