The San Francisco-headquartered company set out three rules which it said managers should adopt to enable them to focus on core activities:

Firstly, managers should have a robust portfolio management system to integrate know-your-client processes, client relationship management and market data, and which offers web and mobile reporting; secondly, managers should track investment decisions so they can be justified immediately to a client, and thirdly, offer personalized access to advanced market analysis, product information and investment ideas.

“Technology can go a long way in helping wealth managers ensure they meet clients’ increasingly demanding criteria in terms of communications,” Advent said in a report, entitled The Increasingly Demanding Nature of High Net Worth Investors.

The report referred to recent research by organizations such as KPMG and Scorpio Partnership, the consultancy, pointing out that clients want a personal touch from wealth managers, they are becoming more demanding of financial products to suit their needs, and becoming more urban and mobile.

“Clients expect to be given a holistic view of their assets. They want reports across all banks, custodians and asset classes. Having a portfolio management system that consolidates all of a client’s holdings automatically is a precious asset for wealth managers in this situation, saving time and reducing errors,” the report said.

The report noted a finding by Scorpio stating that the richest “future wealthy” with more than $4 million have on average four devices and spend more than 48 hours a week on the web.